How Amancio Ortega Achieved a Net Worth of over $65 Billion
Amancio Ortega isn’t a name that shows up a lot in English media. In part, this is because he is a very private man, meaning that he prefers to stay out of the spotlight. However, it should also be mentioned that he is a Spanish businessman, meaning that his businesses receive less attention from English media than those of his English-speaking counterparts for obvious reasons. With that said, not showing up a lot isn’t the same as not showing up at all, which can be attributed to the fact that Ortega is either the richest or one of the richest people on the entire planet depending on when the question is being asked.
What Is Amancio Ortega’s Current Net Worth?
In short, Ortega’s current net worth can be measured in the high tens of billions. However, the estimates for said figure can see a fair amount of variation, as shown by the fact that one estimate from September of 2018 puts it at $68 billion while another estimate from August of 2017 puts it at $85 billion. The whole thing is further complicated by the fact that these estimates are not necessarily contradictory with one another, seeing as how much of his wealth is presumably tied up with stocks that see a fair amount of movement even within relatively short periods of time.
How Did Amancio Ortega Reach His Current Net Worth?
As stated earlier, Ortega is a very private man. As a result, there isn’t a lot of information about his private life that can be found out there, which is perhaps unsurprising when he has agreed to be interviewed by a total of three journalists so far in his lifetime. For that matter, it wasn’t until 1999 that a photograph of him was published for interested individuals to see, which is why he is often better-known to them through his cartoon portrait.
Regardless, Ortega was born in a place called Busdongo de Arbás, which can be found in the Spanish province of Leon. When he was still in his teens, he took a job with a local shirt-maker, with the result that he learned how to make clothes by hand. Eventually, Ortega turned this skill into a business of his own, as shown by the founding of Confecciones Goa in 1972. Later in 1975, Ortega and his first wife opened the first Zara store, which has gone on to become the main brand of Inditex, the single biggest fashion group that can be found in the entire world.
Nowadays, Ortega is no longer involved in the day-to-day operations of Inditex. That came to a close in 2011, which was when he retired from said corporation. However, it is important to note that he remains the owner of Inditex with approximately 60 percent of the controlling shares. Based on the fact that Inditex has more than 19 billion Euros’ worth of assets as well as more than 23 billion Euros’ worth of revenues on an annual basis, it seems safe to say that much of Ortega’s wealth is tied to the value of his shares. Unfortunately, this means that his net worth probably changes on a regular basis because the share price changes on a regular basis, which is one more complication for the people producing the estimates to concern themselves about.
Besides this, it is interesting to note that Ortega is said to have a preference for a simpler lifestyle. For example, he is said to have eaten the same food as his workers from his corporation’s cafeterias. Likewise, he tends to dress simply in a blazer, a shirt, and trousers. With that said, this isn’t to say that he isn’t willing to spend large amounts of money when it suits him, as shown by his purchase of the Madrid skyscraper called the Torre Picasso as well as his 20 million Euro donation to a Roman Catholic relief organization called Caritas Internationalis.
Final Thoughts
Summed up, Ortega’s ownership of the single biggest fashion group in the entire world means that the primary source of his wealth isn’t exactly a grand mystery for the ages. Moreover, his continuing ownership of said corporation means that he will remain one of the richest people in the entire world, though it is interesting to note that he has moved into the richest position from time to time whenever relevant factors line up just right. Something that will likely continue for the foreseeable future.
