12:47 GMT02 July 2020
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    Co-founder of the Microsoft Corporation, Bill Gates, has been overtaken as the world's wealthiest person by Zara founder, Amancio Ortega.

    Amanicio Ortega, the founder of retail shop Zara, has finally managed to overtake Bill Gates as the richest person in the world.

    Ortega, managed to pip Gates to the No.1 spot because his net worth is now US$85 billion, giving him a US$200 million edge over Mr. Gates. 

    The Zara clothing shop founder has already held the top position three times before, but was always overtaken as the leader within 24 hours.

    This is the first time the fashion owner has been able to hold on to the top spot. 

    Amazon CEO Jeff Bezos held the top spot briefly in August 2017, but has now fallen to third place with US$82 billion.

    ​​The company's flagship store, Zara is a household name, but Ortega also owns other companies such as Zara Home, Massimo Dutti, Bershka, Oysho, Pull and Bear, Stradivarius and Uterque. 

    Ortega started his career as a store clerk and then went on to start Inditex with his ex-wife Rosalia Mere in 1975.

    The pair managed to grow the business, and the brand is well known internationally.

    Ortega, who was born in Leon Spain did not graduate from high school and reportedly went 25 years without taking a vacation.

    He stepped down as chairman of the company in 2011, but continues to go into the office every day. 


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