American business magnate Bill Gates is no longer the richest man in the world. At least for now, as the financial ratings of the world’s wealthiest people can change in a flick of a hand.
Bill Gates net worth of $77.4 billion was superseded by Amancio Ortega, who is the founder and chairman of the Inditex fashion group. It is the parent company of Zara clothing and retail shops, as well as Massimo Dutti, Pull&Bear and other brands.
According to a report by Forbes the shares of Inditex jumped by 2.5% on Wednesday, which translates to an added $1.7B in just a single day of trading.
Amancio Ortega net worth is around $78B, slightly higher than Microsoft’s founder Bill Gates.
But what can one do with $78B that one can’t with $77.4B?
A report by the Independent shows us the contrasting personalities of Bill Gates and Amancio Ortega who swap positions overnight as the richest man in the world.
While Gates, best known for his contributions to the personal computer revolution, has been very active with his charitable ways, running his own Bill and Melinda Foundation, Amancio Ortega has a reputation for being extremely frugal.
Bill Gates has been ranked as the richest man in the world for 17 out of 22 years. While he has been criticized for his business strategies that tend to monopolize its respective sector, described as being anti-competitive, he’s somehow made up for it by donating massive amounts to charities and projects mainly aimed to make a difference all over the world.
It is estimated that Gates have spent around $28 billion through his foundation since 2013. His goals are varied, ranging from fighting poverty, development of vaccines, agriculture, energy, etc.
“Money has no utility to me beyond a certain point.” Bill Gates said, on why he gives so much to helping people.
On the other hand, Amancio Ortega is known for being a simple man. Too simple, in fact, that he doesn’t even wear expensive clothing, nor products from his own shop Zara, and sticks to his usual office uniform.
He eats at the same canteen with his employees, following perhaps a routine not too far from his early days as a store clerk before he opened his first Zara store with his Rosalía Mera.
No known picture of him was ever published until 1999, as he is known to protect his private life and rarely speaks before the press.
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