Washington - Amancio Ortega, owner of Spanish clothing and accessories brand Zara has replaced legendary US investor Warren Buffett as the third richest person in the world.
According to the Bloomberg Billionaires Index, Ortega's fortune has increased 32 per cent this year, rising to 44.6 billion dollars.
Ortega passed Berkshire Hathaway chairman Buffett, whose fortune sits at 43.3 billion dollars, News.com.au reports.
According to the report, the unstoppable rise in Ortega's wealth is largely due to his successful expansion into China and other emerging markets, with Zara's parent company Inditex boosting its profit for 12 consecutive quarters.
Ten richest people in the world according to the Bloomberg Billionaires Index were:
1. Grupo Carso owner Carlos Slim- 74.2 billion dollars
2. Microsoft founder Bill Gates - 63.0 billion dollars
3. Inditex founder Amancio Ortega - 46.6 billion dollars
4. US investor Warren Buffett - 45.7 billion dollars
5. Oracle co-founder Larry Ellison - 39.5 billion dollars
6. Ikea owner Ingvar Kamprad - 37.0 billion dollars
7. Koch Industries co-owner Charles De Ganahl Koch - 35.6 billion
8. Koch Industries co-owner David Hamilton Koch - 35.6 billion dollar
9. Christy Walton, widow of Walmart founder's son John T. Walton - 29.7 billion dollar
10. Walmart founder's son Jim C. Walton - 28.7 billion dollars
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