What Is The Net Worth Of Amancio Ortega?
Amancio Ortega is a Spanish businessman with a net worth of $70.5 billion as of 2022. He is the founder and former chairperson of Inditex fashion group, best known for his line of Zara clothing and accessories.
He is the sixth richest person in the world and the second richest person in Europe. His business empire can be compared with magnates such as Jeff Bezos, Jack Ma, Mukesh Ambani. He is right behind Carlos Slim in the top 10 richest people list.
Net Worth Details: Career And Income
Ortega began his business career selling quilted bathrobes in 1972, under the company Confecciones Goa. Since then, he has become one of the wealthiest and most powerful people in the world with a net worth of $67.5 billion.
He founded the first Zara store on 1975 with his wife in Galicia, Spain. The shop began as a seller of look-alike high-end products.
He changed the design, manufacturing and distribution process to reduce lead times and quickly follow new trends, which he called “instant fashions”.
Amancio Ortega for Zara
The company expanded to the international market first in 1988 from Porto, Portugal. It entered the US in 1989 than countries all across Europe and Asia.
Zara’s revenue had risen by 2.17% in 2019 to an amount of $18.9 billion and has 10,000 stores worldwide.
Inditex was created in 1985 as a holding company for Zara and it’s several branches. It is a retailing industry and holds several subsidiaries.
The company follows a similar business model to Zara, introducing new fashion products each week rather than investing largely in a new fashion season.
These are the market details of Inditex:
|Operating Income||$4.4 billion|
|Net Income||$3.5 billion|
|Total Assets||$21 billion|
|Total Equity||$14 billion|
|Number of Employees||162,450|
These are its subsidiaries:
- Pull & Bear
- Massimo Dutti
- Zara Home
Inditex is the largest fashion group in the world and operates in 93 markets worldwide.
Ortega announced his retirement as the chairman of Inditex in 2011 and asking vice-president and CEO Pablo Isla to take his place. As of 2016, he owns around 60% of the company.
Charity And Tax
In 2012, Ortega donated $22 million to Caritas Internationalis, a Roman Catholic relief organization. He also donated $333 million to fight cancer across Spain, which was used to purchase 440 machines to detect the disease. As a result, the number of stereotactic radiotherapy machines in public hospitals in Spain has risen from 20 to 70.
However, the political party, Podemos attacked the Zara owner stating,
“The public healthcare system cannot accept donations from Amancio Ortega. It should be funded with taxes. The same ones Inditex avoids and evades. €600 million in three years.”
There is no proof that Inditex, the parent company of Zara has avoided tax through legal means. Inditex rejects the accusations made by the political party saying that the study was “seriously” wrong.
Amancio had to pay back taxes from 2001 to 2003 amounting to around $42.5 million. Back then Ortega had sold $1.5 billion worth of Inditex shares which he invested on family-run firms. Such family investments are generally tax-exempt in Spain as a way to promote business activity but the High Court argued Ortega financial advisers had actually set up “an artificial family network” and the clothing magnate would have to pay the taxes on earned assets.
How Is Amancio Ortega’s Lifestyle? Assets-House And Cars
Amancio owns a massive skyscraper in Madrid. Until, 2007, it was also the tallest building in Madrid. Currently, it is the fifth-largest building in Madrid and the tenth-largest in Spain.
Amancio’s skyscraper in Madrid
These are the figures of his building:
|Area||771,772 square feet|
|Size per Floor||124.67 x 164,04 ft|
|Daily Visitors||1,500 people|
He also owns the Epic Residences and Hotel in Miami, Florida.
The Personal Life Of Amancio Ortega
Amancio Ortega was born on March 28, 1936, in Leon, Spain, to parents Antonio Ortega Rodriguez and Josefa Gaona Hernandez from the province of Valladolid. He grew up in Leon and at the age of 14, dropped out of school and moved to A Coruna because of his father’s railway job.
Shortly after, he found a job as a shop hand for a local shirtmaker called Gala and learned to make clothes by hand. The shop still sits in the same corner of downtown A Coruna.
Relationships And Family
Ortega married Rosalia Mera in 1966, who helped him build his Zara business, however, the couple broke up in 1986. He has three children with Mera; Sandra Ortega Mera, Marcos Ortega Mera, and Marta Ortega.
Amancio Ortega with his wife
He married his second wife Flora Ortega in 2001, with whom he lives in A Coruna.
Ortega keeps a very low profile and is known for his modest life. Until 1999, no photo of Ortega had been published and he has only given 3 interviews so far. He doesn’t wear a tie and typically puts on a simple uniform, which is not of Zara.
Age & Height
Amancio Ortega is 85 years old and has a height of 173 cm or 5 feet 6 inches.