Amancio Ortega: The World’s Second Richest Man
Whether it is earning over $60 billion or having a portfolio of the world’s leading fashion brand, Amancio Ortega is a name that resonates the world over. This is the legendary story of a self-made Spanish billionaire, who rose from nothing to become the second richest man in the world.
Amancio Ortega is one of the wealthiest individuals on the planet. Currently the second richest man in the world, he has a net worth of over $60 billion, due largely to his founding role in the hugely successful fashion corporation, Inditex.
Early Life
Ortega was born on March 28, 1936 in Busdongo de Arbas, a small village in the northern region of Leon, Spain. He came from humble beginnings, with a family of six children, and his father working as a railway worker.
At the age of ten his father abandoned his family, leaving Ortega to care for his five younger siblings, and working at a textile shop to support them. During this time, he developed an interest in the business world, which would later become an instrumental factor in his rise to business success.
The Founding of Inditex
In 1975, after several years of honing his business acumen, Ortega founded Confecciones Goa, a women’s clothing workshop that he transformed into the eminent Spanish clothing company, Inditex Group.
Prior to its launch, Ortega recognized that fashion was transitioning from the high-end market towards more accessible, premium-quality fashions—an opportunity he seized and quickly turned into a profitable venture. His name quickly became synonymous with fashion and sound business practice.
Today, Ortega is the Chairman and majority shareholder of Inditex, which manages more than 8,000 stores in over 90 countries. It includes a range of leading fast-fashion brands such as Zara, Massimo Dutti, Pull and Bear, Oysho, and Stradivarius.
Philanthropic Endeavours
One of the lesser known aspects of Ortega is his philanthropic efforts. He puts tireless effort into numerous charitable causes, donating his time, money and resources towards educational and scientific research.
Ortega has funded a range of philanthropic initiatives, such as renovating a chapel in La Toja, a Spanish town near the site of Zara’s headquarters. He has further sponsored several award ceremonies, academic scholarships and visiting professorships, such as a visiting economics professor from Johns Hopkins University.
Accolades & Awards
In 2015, he earned the Pierre Boucicaut Award from the Parisian Association of Textiles. He was awarded the gold medal of the Spanish Confederation of Entrepreneurs in 2017 and received an honorary degree from the University of Oviedo in 2014.
Amancio Ortega’s incredible success story has cemented his place in the wealthy elite. From humble beginnings he has constructed a global industry, portrayed as the world’s second highest-earning man and is a charitable figure who continues to pursue philanthropic causes.
Ortega has shown that no matter one’s background, it is possible to achieve the highest level of success. His story serves as an inspiration for entrepreneurs everywhere and is a testament to the power of imagination, hard work and sheer determination.
