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Despite Domestic Economic Pain, Spanish Retail Tycoon Is Europe's Richest Man - Index
Tom Burroughes
14 June 2012
The 76-year-old founder of Spanish retailer Inditex has become Europe’s richest man, according to the Bloomberg Billionaires Index, an ironic result given the woes of the Spanish economy. Amancio Ortega’s wealth rose by $3.8 billion to $39.5 billion on 13 June, the index showed. That places the owner of the Zara clothing chain above Sweden’s Ingvar Kamprad, who has an estimated net worth of $37.2 billion, and France’s Bernard Arnault, who finished the day at $22.7 billion. Ortega became the fourth-richest man in the world by adding $4.6 billion to his fortune so far this year. The only people richer are Mexican telecommunications tycoon Carlos Slim, Microsoft co-founder Bill Gates and Berkshire Hathaway chairman Warren Buffett. The Bloomberg Billionaires Index is based on market and economic changes and reporting by the US-headquartered news service.