Europe's richest man owns 59 percent of Inditex, the world's largest clothing
retailer and owner of the Zara chain. Through his closely held investment companies, Ortega also owns office and retail property in major cities throughout Europe and the U.S. Since 2001, he has earned 2.5 billion euros in dividends. He stepped down as Inditex chairman in 2011.
Apollo Global Management LLC, which has raised $3.9 billion to buy distressed European assets, is hunting for hotels and resorts in Spain as tourists from across Europe help pull the country out of a two-year recession.
Inside Inditex SA’s concrete-and- glass headquarters in the Spanish town of Arteixo, a lithe woman slips into a dress that a seamstress working amid buzzing sewing machines stitched together just minutes earlier. A half circle of designers -- looking like models themselves -- nod approval.
Amancio Ortega, the world’s third- richest man, widened his lead over billionaire fast-fashion rivals Stefan Persson and Tadashi Yanai last week, as strong performance from his Inditex SA gave further rise to a fortune that has risen more than 57 percent since the March 2012 debut of the Bloomberg Billionaires Index.
The world’s 200 wealthiest people added $59 billion to their collective wealth this week as Amancio Ortega, the 77-year-old founder of the Zara clothing chain, recaptured the title of world’s third-richest person from Berkshire Hathaway Inc. chairman Warren Buffett.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Fomento de Construcciones y Contratas SA, a Spanish building company, may sell its Picasso Tower in Madrid to Amancio Ortega, Inditex SA’s biggest shareholder, Expansion reported, without citing anyone.