Amancio Ortega was born into a poor family in Spain on March 29 1936 to a railway worker father and a homemaker mother. After financial hardship he started working at an early age to support his family. At the age of 13 Ortega worked as a delivery boy at a clothing store. Later he became an assistant at a tailor shop where he learned the intricacies of the clothing business. This experience laid the foundation for his entrepreneurial ambitions. Founding Zara In 1963 Ortega launched his first business producing bathrobes which gained traction. Building on this success he opened the first Zara store in 1975 catering to rich customers. Over the years Zara became synonymous with fast fashion offering trendy and affordable clothing. In 1985 Ortega established Inditex the parent company of Zara which also owns seven other retail brands including Pull&Bear Bershka Massimo Dutti and Stradivarius. Today Inditex has over 7400 stores worldwide generating $34.1 billion in revenue last year. Ortega holds a 59% stake in the company. Global Expansion Between 1988 and 1990 Ortega expanded Zara’s presence to Portugal France and the United States. Inditex continued its growth by acquiring other brands and launching new ones. In 2001 Inditex raised $2.7 billion through an IPO enabling further expansion. By 2010 the company operated in 77 countries with over 5000 stores. Amancio Ortega Net Worth Ortega has received more than $10 billion in dividends since 2001. He wisely reinvested these earnings into premium office and retail properties across major cities in Spain the United States and Europe. In September 2016 Ortega became the world’s richest person for some time. With a net worth of $105 billion Ortega surpasses Indian billionaires Mukesh Ambani and Gautam Adani and his wealth has grown by $3.95 billion this year. Ortega is renowned for his innovative business strategies. Unlike competitors Inditex spends less on advertising relying on the brands reputation and quality to attract customers. This approach has made Zara one of the world’s most trusted fashion brands. In 2011 Ortega stepped down as chairman of Inditex though he remains actively involved in the business. His daughter Marta Ortega Perez is expected to take over leadership in the future. Marta started her career as a salesperson within the company learning the business from the ground up.