The $57-Billion Fashion Mogul You’ve Never Heard Of

The owner of fashion store Zara chooses to live a simple life

   

Amancio Ortega is the founder and owner of Zara, a Spanish based clothing and accessory retail store, but to most people this is likely the first time they have seen his name.

Ortega is rarely seen in public and has only ever given three interviews in his life, which likely isn’t what people expect from one of the richest men in the world, who is worth $57 billion. Ortega started out small. He was born in 1936 to a railroad worker and housewife, and is the youngest of four. He picked up a job in Galicia working for a local shirt maker, and when the economy was booming in 1972 he opened his own business. Ortega hired thousands of housewives, who were also skilled seamstresses, to make bathrobes for his company, GOA. After he saved up enough money, Ortega opened his first Zara store in 1972, reports Celebrity New Worth.

Unlike most billionaires Ortega likes to live a simple life. He lives in a seaside house (that has no personal security) near A Coruña with his wife. The billionaire wears a simple outfit of blue blazer, open-necked white shirt and gray pants. None of which is made by Zara. Ortega doesn’t have a private chef, but instead chooses to eat his meals at the Zara company cafeteria with his employees. Ortega does own a private jet, but rarely uses it due to his fear of flying, reports Celebrity New Worth.

Ortega retired from Inditex (the company he founded to run his businesses) in 2011, but still holds a 59-percent stake in the company. It is likely that Ortega’s daughter, Marta, will one day take over her father’s businesses, reports Celebrity Net Worth.


Article printed from InvestorPlace Media, http://investorplace.com/2013/07/the-57-billion-fashion-mogul-youve-never-heard-of/.

©2014 InvestorPlace Media, LLC

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