Spanish clothing magnate Amancio Ortega, 79, who is the owner of Zara clothing over took Microsoft founder Bill Gates for the first time ever in the Forbes rich list.

According to Forbes, the elusive multibillionaire founder of European clothing retailer Zara smashed Bill Gates to become the wealthiest, with a fortune of $79.8 billion (€71.83 billion or £51.84 billion). Bill Gates’ estimated net worth is $79.5bn.

According to Forbes, Ortega’s wealth rose by 5.3%, another $4 billion, over the last 24 hours. That’s partly down to a surge in Inditex shares, the parent company that owns Zara.

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