Bill Gates Is No Longer the Richest Man in the World
There are very few things that $78.5 billion can't buy you. Unfortunately for Bill Gates, the title of richest man in the world is one of them.
Amancio Ortega, best known as the founder of Zara, inched past Gates when shares of Inditex (Zara's parent company) went up 2.5 percent Wednesday. It was an increase which equated to $1.7 billion for Ortega. He is now worth an estimated $79.5 billion.
This isn't the first time Ortega's won the world's richest designation. Back in October 2015, Inditex shares soared, and he claimed the title. But the stocks quickly fell, and Gates returned to the top of the list.
It is anticipated that the honor will continue to change hands as the stock market fluctuates over the coming months.
However, it should be noted that Gates's impressive philanthropic legacy has greatly impacted his fortune, with Forbes estimating he has donated $31 billion in his lifetime. If Gates had kept the money for himself, no one would even come close to his net worth.
He may not be the world's richest man, but that's quite the consolation prize.
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