Amancio Ortega, the 76-year-old Spanish founder of retailer Inditex which owns clothing brand Zara, has bumped Warren Buffett off his perch as the world's third richest man.
The Spanish tycoon's fortune rose $1.6bn to $46.6bn yesterday, according to the Bloomberg Billionaires Index, following gains of 3.8% for Inditex share prices. As a result, Ortega's fortune has now superseded the Berkshire Hathaway chairman's fortune of $45.7bn. Buffett has been number three on the index since its inception on 5 March. Ortega's fortune has grown by 32% this year ($11.4bn) despite Spain's economic woes. Spain's GDP fell 1% in the second quarter year-on-year and was down 0.4% on the first quarter, while its borrowing costs have soared well over 7% on 10-year governm...
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