No.↓ 7th Richest Man In The World
Name↓ Amancio Ortega
Net worth (USD)↓ $31.0 billion increase
Sources of wealth↓ Inditex Group
Net Worth $31.0 billion increase
The richest man in Spain, Amancio Ortega, had a net worth of thirty one billion United States dollars in 2011 ($31 billion USD). Ortega, along with his Inditex Group stake, owns properties in cities like Madrid, Lisbon, and London. Other sources of wealth for Ortega include ownership in a horse jumping league, a stake in a professional futbol (soccer) league, and several stock investments.
At the age of 14, Ortega moved to A Coruna, Spain due to the relocation of his father for his railway worker job. Ortega began working in shirt stores, where he became intrigued with fashion. It was through these small store ventures that Ortega learned the life lesson of interacting with the customer directly. This would become a trend in all of Ortega’s stores to cut out outside distributors. In 1972, Ortega founded Confecciones Goa, making bathrobes, before creating Zara in 1975.
Inditex Group owns the popular brands Zara, Massimo Dutti, Stradivarius, Bershka, and Pull and Bear. Ortega stepped down at the age of 75 from his chairman position of Inditex. There are currently over 5,000 stores in 78 countries mostly throughout Europe. The first store opened in 1975, under the Zara brand name. Inditex was co-founded with Ortega’s ex wife Rosalia Mera.
Zara has over 1,000 stores around the world and is the flagship brand of Inditex Group, which is majority owned by Amancio Ortega. The brand is innovative and ever changing, bringing more than 10,000 new designs in a calendar year. Zara usually takes less than a month to design and bring a new product to the store, which represents one of the smallest turn times in the retail industry. Possibly not known to many American shoppers, Zara is famous for spending zero money on advertising, turning its profits into opening new stores, relying heavily on word of mouth. Zara sells men’s, women’s, and kid’s clothing in its stores. The chain entered the United States in 1989.
Although he is the seventh richest people in the world, Ortega manages to keep a low profile and stay out of the public eye. Ortega lives in an apartment and is rarely photographed. While at work and at home, Ortega will not be seen wearing a tie, but most likely his standard blue jeans and a t-shirt. Ortega does not like giving interviews to the media or financial magazines. Ortega’s wedding was rumored to be the last time Ortega wore a tie.