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Amancio Ortega's fortune surpasses 60bn

Source: El Pais - Tue 17th Mar 2015
Amancio Ortega's fortune surpasses 60bn

Amancio Ortega, founder of the Zara clothing store chain, reached a new financial milestone when his fortune moved past the 60 billion mark for the first time on Monday.

Spain's wealthiest man is now even richer thanks to the rising share price of Inditex, the textile giant he created in 1985. The Galician-born Ortega holds a 59.29 percent stake in the group, whose shares were trading at a historic high of 28.81 on Monday.

This raised his fortune from an estimated 59.55 billion on Friday to 60.75 billion on Monday, according to Bloomberg.

In June 2014, Inditex split every share into five to make them more affordable. In October 2012 one company share was selling for more than 100.

The Monday upsurge reflects investor optimism ahead of the company's corporate earnings report, due out on Wednesday.

Inditex's total revenue in fiscal year 2013 was 16.72 billion despite the strength of the euro against the dollar, the ruble and the yen.

Analysts are expecting Inditex to post sales of around 18.31 billion and profits of around 2.49 billion for fiscal year 2014, Bloomberg reports.

Inditex, one of the world's largest fashion retailers, controls eight brands, including Zara, Zara Home, Pull & Bear, Bershka and Oysho. It has over 6,460 stores in 88 countries.

But Ortega's wealth now rests on something more than Inditex. His property firm, Pontegadea, also holds real-estate assets worth over 4.7 billion.

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* Spain's richest man buys EU491 Mln London property

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