Spanish retailer Amancio Ortega set to become World's Richest person

The 81-year old Spanish business tycoon and former chairman of Inditex Fashion Group is fast closing in on Microsoft Corporation co-founder Bill Gates as World's Richest person.

Business of Fashion reports via the Bloomberg Billionaires Index that Ortega's fortune has risen an impressive 117% compared to the 36% rise for Gates since 2012 when Bloomberg Index debuted making the Spanish retailer fast closing in on Bill Gates.

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According to Business of Fashion, "Ortega is $2.2 billion behind the Microsoft Corp. co-founder with a net worth of $83.3 billion" making him (Amancio Ortega) the "newest challenger to Bill Gates’ position as the richest person in the world" Bloomberg Billionaires Index also confirms this.

BOF reports that Amazon.com Incorporation founder Jeff Bezos ranked third briefly in July with $82 billion with networth risen at 353%.

Dubbed the wealthiest retailer in the world, Ortega is currently (2017) the richest person in Europe according to Forbes Magazine and till now the second richest in the world.

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Zara currently manages up to 20 clothing collections a year. It is the world's largest apparel retailer.