Bill Gates is no longer the richest man in the world, at least presently.
The Microsoft founder has been outstripped by Amancio Ortega, the famously frugal Spanish founder of clothing chain Zara, according to the Forbes real-time billionaires list.
Mr Ortega’s net worth increased to $78b billion on Saturday, overtaking Gates’ estimated net worth of $77.4bn .
Mr Ortega was born the son of a railway worker and left school at 13 to work in a clothing shop. He founded Zara with his ex-wife before launching the Inditex fashion group, of which he is chairman.
While he may be the richest man in the world, he reportedly lives a modest lifestyle, eating lunch with his employees in the staff canteen, buying coffee from the same cafe he has visited for years and dressing in the same blazer/shirt combo – neither of which are said to be from Zara.
Mr Ortega is guarded about his private life and rarely grants interviews to the press.