Everyone shopping at Zara or any of its sister shops has contributed to making its owner the second richest person in the world.
Spanish retail magnate Amancio Ortega has knocked Warren Buffett out of second place on the Bloomberg ranking of the world´s richest people.
Mr Ortega has amassed a fortune worth $71.5 billion, according to the index, compared to Warren Buffett's $70.2bn. Bill Gates of Microsoft retains top position as the richest person in the world, with a fortune worth $85.5 billion.
Mother company Inditex is the largest clothing retailer in the world and includes Zara, Massimo Dutti, Bershka, Stradivarius and Pull and Bear.
Mr Ortega owns 59% of the company. His wealth has increased by $10.4 billion last year alone. Most of his fortune stems from property and he has been on a buying spree since Inditex went public in 2001 which has brought him more than $3 billion in dividends.
Inditex operates more than 6,600 shops around the globe. Its clothing is made predominately in Morocco, China and Turkey, although much production is still in place in Portugal and Spain.
Mr Ortega’s father was a railway worker. He was born in 1936 in northern Spain and began working when he was 13 for a shirtmaker in A Coruña. In 1972 he set up a company selling quilted bathrobes and in 1975 he opened his first Zara shop in Galicia.
Warren Buffett’s declining worth is due mainly to his philanthropy. He has vowed to donate most of his fortune before he dies.
