Zara’s Owner Just Overtook Warren Buffett As The Second Richest Man In The World

With a net worth of $71.5 billion, Amancio Ortega, the boss of fashion brand Zara, has surpassed Warren Buffett and is now the second-richest person in the world.
Ortega is only behind Microsoft founder Bill Gates who has a net worth of $85.5 billion, while Buffett is number three with a net worth of $70.2 billion.

Zara is known for its trendy and relatively cheap item and his ascendancy shows the world’s affinity for cheap clothes. That, of course, does not take away the fact about Ortega’s brilliance as a businessman.

 It should be noted however that Buffett’s philanthropy is partly responsible for his decline on the list,although the stocks of some of his investments like Coca-Cola also fell.

Ortega’s net profit from his business has however grown by 5% from the previous year.

He plans to open 480 more stores this year to add to the 6,600 already in existence in 88 countries in the world.