Money

This Guy Has Surpassed Bill Gates to Become the Richest Person on Earth

Zara founder Amancio Ortega overtook Bill Gates as the richest man in the world on Wednesday, after shares of his retail giant Inditex jumped 2.5% and boosted his fortune by $1.7 billion in a single day. But by Friday morning at 10 a.m., Inditex shares had dipped 2.8%, knocking Ortega’s net worth down to $77.8 billion. Gates was again the richest man on Earth, a title he has held for 17 of the last 22 years. Forty-five minutes later, Ortega was ahead. Then 10 minutes after that, Gates was back in the lead.

Easy come, easy go. Such is life at the top of the Forbes billionaires list, where tycoons can gain or lose hundreds of millions of dollars, even billions, in a matter of minutes. The fortunes of both Gates and Amancio Ortega Gaona will continue to fluctuate up and down as shares of their companies rise and fall.

For Ortega, the only stock that really matters is Inditex, the parent company to Zara, Massimo Dutti, Pull&Bear and other brands. A former store clerk who opened his first Zara store in 1975, Ortega holds roughly $70 billion of his $77.8 billion fortune (as of 11 a.m. Friday) in Inditex shares.

Those shares pay Ortega massive dividends, nearly $900 million per year before taxes. He has used that cash to build an expansive real estate portfolio that includes landmarks in marquee cities like London, New York, Berlin and Madrid.

For Gates, no one stock can affect his fortune quite so dramatically. The Microsoft co-founder has been selling off shares of the software company for years and now holds an estimated $11 billion worth of Microsoft stock.

Source: Forbes

Peace Quarters

Peace Quarters is a woman-focused media publishing platform which started in 2017. The platform focuses on everyday love and lifestyle demands along with its focus on astrology, science, and health. Peace Quarters has a growing community of up to 200,000 Facebook followers and millions of monthly visitors. Any content published under the name Peace Quarters on our platform is a piece submitted by our staff writers.

Leave a Comment
Share
Published by
Peace Quarters

Recent Posts

Prose vs Function of Beauty: The Ultimate Battle for Healthy Hair

How many times have you walked past the hair care aisle and the words “hair… Read More

3 weeks ago

The Best Grocery Destination Is Walmart Cheaper Than Kroger?

No one can deny the sky-high inflation rate going on in America these days. Especially… Read More

1 month ago

Five Things to Know Before Moving to Austinfrom California in 2024

It’s no secret that California is one of the most expensive states in which to… Read More

2 months ago

Pandora Plus vs Premium: Which Subscriptionis Worth the Price?

When it comes to music, Pandora is a long-standing name in the competition for musicstreaming… Read More

2 months ago

World best online banks of 2024

The greatest online banks combine cheap rates, minimal costs, manageable regulations, and cutting-edge technology. Compared… Read More

2 months ago

The Definitive Guide to Securing Your Dental Health

Understanding the Importance of Dental Health Why Dental Health Matters Dental health is an integral… Read More

8 months ago