Fast Fashion Makes Zara Owner Second Richest; Buffett Falls

Amancio Ortega is now the second-richest person in the world after his investments surged and Warren Buffett's dipped.
SMS
Fast Fashion Makes Zara Owner Second Richest; Buffett Falls

Warren Buffett is no longer the second richest person in the world. That title now goes to Amancio Ortega, the founder of clothing retailer Zara. 

At 79 years old, Ortega is now worth $71.5 billion, according to Bloomberg's list of the world's richest people.

This is the first time Buffett has been knocked down a notch from Bloomberg's list since it launched in 2012. 

Ortega owns a majority of Inditex, the world's largest clothing retailer that encompasses Zara, Massimo Dutti, and Pull&Bear, and he's as much known for his effect on the fashion world as he is for the brands he owns.

An industry analyst once credited Zara with breaking up "a century-old biannual cycle of fashion" and paving the way for modern high-end brands to release several more collections each year.

That's because the fast-fashion retailers stock items just weeks after their inception and replace them with fresh designs just as quickly. 

Ortega's fortune has risen by $10.4 billion in the last year alone. 

Also contributing to Ortega's rise is Buffett's decline. Buffett has seen his valuation dip by $3.6 billion over the last year. That is partially because of the weakening share price of American Express and Coca-Cola, which are major companies for Buffett's investment firm. The Oracle of Omaha is still worth a cool $70.2 billion. (Video via Fortune)

But unchanged atop Bloomberg's list, Microsoft founder Bill Gates remains the richest person in the world with $85.5 billion.

This video includes images from Getty Images.

Featured Stories
Then-Labor Secretary Thomas Perez addresses the 10th annual Make Progress National Summit

Democrats Vote For Tom Perez To Make Their Party Great Again

People watch election returns

The New Democratic Party Chair Has A Tall Task Ahead

Trump in Oval Office

Leaked Government Document Seems To Be At Odds With Trump's Travel Ban

Want to see more stories like this?
Like Newsy on Facebook for More Business Coverage