What is Amancio Ortega net worth?
|Net worth||$78 billion|
|Full name||Amancio Ortega Gaona|
|Date of birth||28 March 1936|
|Company||chain of Zara clothing|
Amancio Ortega net worth 2022: Amancio Ortega Gaona is a Spanish billionaire businessman. He is the founder and former chairman of Inditex fashion group, best known for its chain of Zara clothing and accessories shops. Amancio Ortega net worth $78 billion, making him the second-wealthiest person in Europe after Bernard Arnault, and the thirteen-wealthiest in the world. For a brief period of time in 2015, he was the richest man in the world, surpassing Bill Gates when his net worth peaked to $80 billion as Zara’s parent company, Inditex’s, stock peaked.
Early life and education
Ortega was born in Busdongo de Arbas, León, Spain. He left school and moved to A Coruña at the age of 14, due to the job of his father, a railway worker. Shortly after, he found a job as a shop hand for a local shirtmaker called Gala, which still sits on the same corner in downtown A Coruña, and learned to make clothes by hand.
In 1972, he founded Confecciones Goa to sell quilted bathrobes.
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In 1975, he opened his first Zara store with his wife Rosalía Mera.
In 2009, Zara was part of the Inditex group (Industrias de Diseño Textil Sociedad Anónima), of which Ortega owned 59.29%, and aside from over 6,000 stores included the brands Zara, Massimo Dutti, Oysho, Zara Home, Kiddy’s Class, Tempe, Stradivarius, Pull and Bear, Bershka and has more than 92,000 employees.
His public appearance in 2000, as part of the warm-up prior to his company’s initial public offering on the stock market in 2001, made headlines in the Spanish financial press. However, he has only ever granted interviews to three journalists.
In 2011, Ortega announced his imminent retirement from Inditex, parent company of the Zara chain, stating that he would ask Inditex vice-president and CEO Pablo Isla to take his place as head. In 2012 Ortega donated about €20 million to Caritas Internationalis, a Roman Catholic relief organisation.
He purchased the Torre Picasso skyscraper in Madrid. He also purchased the Epic Residences and Hotel in Miami, Florida.
In July 2017, for its second edition of the AEF awards, the Spanish Association of Foundations awarded Amancio Ortega in the 2017 Philanthropic Initiative category.
He also donated 300 million euros to fight cancer across Spain, which were invested in the purchase of 440 machines to detect the disease. As a result of this, the number of Spanish public hospitals equipped with stereotactic radiotherapy machines has risen from 20 to 70.
However, these decisions were not unanimously welcomed and were criticized by some political parties like Podemos. Recently, news indicate that he has bought the Troy Block complex, known to the public as one of the buildings where Amazon Seattle has its headquarters.
It was revealed in July 2020 that Ortega’s property holdings, through his investment company Pontegadea, were worth $17.2 billion. Ortega is the executive chairman of Pontegadea, and real estate assets in his portfolio include Manhattan’s Haughwout Building and Southeast Financial Center.
In 2019, the company completed a $72.5 million deal for a downtown Chicago hotel, which followed purchases of a building in Washington’s central business district and two Seattle office buildings.
Ortega was reported to have lost $10 billion as a result of the coronavirus pandemic.
Ortega is very private about his personal life, as of 2012 he has only given three interviews to journalists. Ortega is very reclusive and keeps a very low profile. Until 1999, no photograph of Ortega had ever been published.
He likes to dress simply, refuses to wear a tie, and typically prefers to wear a simple uniform of a blue blazer, white shirt, and gray trousers, none of which are Zara products.
He is mostly spotted being driven around in a black Mercedes-Benz S-Class (W221) and a black Mercedes-Benz GL-Class (X166). He owns two yachts “Drizzle” and “Valoria B” as well as Gulfstream G650 and Bombardier Global Express private jets.