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.
The world’s 300 wealthiest people added $15.6 billion to their collective net worth this week as the Standard & Poor’s 500 Index and Dow Jones Industrial Average closed at record highs amid optimism that the economic recovery will accelerate.
Inditex SA, the world’s largest clothing retailer, reported first-quarter profit that topped analysts’ estimates as the Zara owner kept a rein on expansion costs by relying more heavily on e-commerce for growth.
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.
Occidental Hotels & Resorts, the hotelier owned by billionaire Amancio Ortega and Spain’s second- largest bank, has attracted interest from companies including AMResorts and Playa Hotels & Resorts, two people with knowledge of the matter said.
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.
Amancio Ortega Gaona, already the world’s fourth-richest person based on the success of his Zara fashion retail stores, has quietly amassed a real estate empire worth as much as $10 billion and is emerging as a formidable competitor for prime properties from London to Beverly Hills.
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.