Bloomberg Billionaires Index

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#7 Amancio Ortega $66.3B

Random fact: Quit school at age 13 to work as errand boy for a clothing shop.

Overview

Ortega owns 59 percent of Inditex, the world's largest clothing retailer. The Arteixo, Spain-based company is parent of Zara and eight other retail brands, operates more than 7,000 stores and had revenue of 23.3 billion euros ($25.7 billion) in the year to January 2017. He also owns premium office and retail properties worldwide.

As of April 23, 2018:
Last change -$738M (-1.1%)
YTD change -$9.00B (-11.9%)
Industry Retail
Biggest asset ITX SM Equity
Citizenship Spain
Age 82
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Amancio Ortega's net worth of $66.3B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Ortega's fortune is derived from a 59.3 percent stake in Inditex, the world's largest clothing retailer. He controls his stake through Arteixo, Spain-based holding companies Pontegadea Inversiones and Partler 2006, according to Inditex's 2016 annual report.

Since the company's 2001 initial public offering, Ortega has received more than 6.8 billion euros ($8.2 billion) in dividends, based on an analysis of company filings and Bloomberg data. Much of that cash has been spent on commercial properties in Europe and the U.S. through closely held entities, Pontegadea and Partler. His real estate assets are valued using the average price-to-book value multiples of three publicly traded companies: Fonciere Lyonnaise, Eurocommercial Properties and Realty Income.

The book values of Pontegadea and Partler were updated on Aug. 30, 2017 using the 2016 annual reports filed with Registradores de Espana.

He acquired three properties with a combined value of $469 million through Pontegadea in 2017, according to data from Real Capital Analytics. This analysis assumes he paid cash for the buildings, which are included as a separate asset since their value aren't reflected in the company's 2016 results.

He also controls 21.6 percent of A Coruna, Spain-based Grilse, which owns an equestrian center in Spain and other commercial properties. The rest of the company is owned by his wife Flora and daughter Marta. Grilse is valued using its total 2016 assets, according to private company database, Orbis.

A liability is included to reflect property purchases and an analysis of dividends, insider transactions, taxes and market performance.

A person familiar with Ortega's fortune, who asked not to be identified because his finances are private, said that Bloomberg's net worth calculation was in line with the billionaire's holdings.

Biography

Birthdate: 3/28/1936
Family: Married, 3 children

Born in 1936 to a railroad worker and housewife in northwestern Spain, Ortega started working in a clothing shop in the city of La Coruna at age 13. In 1963, he started making women's bathrobes with his siblings and soon-to-be-wife Rosalia Mera, who stitched some of the first items by hand in their home.

He opened the first Zara store in 1975. A decade later, he incorporated the chain into a holding company named Inditex. He and Mera separated around the same time and ultimately divorced; she was Inditex's second-largest shareholder until she died from a brain hemorrhage in August 2013. From 1988 to 1990, Ortega expanded to Portugal, France and the U.S., and in the decade that followed, he introduced the Pull&Bear and Bershka brands and acquired Massimo Dutti and Stradivarius. Inditex raised 2.4 billion euros ($2.7 billion) in a 2001 public offering. The company had more than 5,000 stores in 77 countries by 2010.

Ortega has invested much of his dividend income over the past decade in office and retail properties in major cities in Spain, the U.S. and elsewhere in Europe. Since he stepped down as chairman in 2011, speculation has grown that daughter Marta Ortega Perez, who started her Inditex career as a salesperson, will someday take the reins of the company.

Milestones
  • 1936 Amancio Ortega Gaona is born in Busdongo de Arbas, Spain.
  • 1963 Founds clothing maker with siblings and future wife Rosalia Mera.
  • 1975 The first Zara store opens in downtown La Coruna, Spain.
  • 1985 Inditex is founded, incorporating Zara and manufacturing units.
  • 1988 Zara opens its first store outside Spain, in Porto, Portugal.
  • 2001 Raises 2.4 billion euros in Inditex's initial public offering.
  • 2010 Inditex opens 5,000th store, bringing presence to 77 countries.
  • 2011 Steps down as Inditex's chairman, naming Pablo Isla to the post.