Amancio Ortega Net Worth: Zara Owner Still 8th Richest Person Despite Fashion Store Closures

Amancio Ortega has a net worth of $65.3 billion. He is one of the richest men in Europe despite several losses recently.

Ortega is a major owner of Inditex, the largest clothing retailer in the world. It’s main face is Zara but it also features other fashion brands such as Pull&Bear, Bershka, Massimo Dutti and Stradivarius. Inditex has over 7,500 stores spread globally.

Zara recently announced that it is shutting down at least 1,000 stores worldwide in the next two years due to the changes brought by COVID-19. The store revealed some changes moving forward, including focusing on an integrated and online store to cater to current consumer demands.

Shoppers remain wary over safety concerns and this effectively brought down foot traffic in malls. Stores under Inditex are not the only ones that are suffering, as Forever 21, Pier 1, Papyrus, A.C. Moore, Macy’s, and Sears have all announced store closures at some point, per Fast Company. Even Victoria’s Secret stores and J.C. Penney branches are affected.

Despite the setback, Ortega remains one of the wealthiest in the world. Aside from Ortega, only LVMH’s Bernard Arnault & family is included on the richest list from the fashion and retail industry.

Ortega managed to leverage the success of Zara and invested in other businesses. He has several properties that can be found in Madrid, London, Miami Beach, New York City, Chicago, and Seattle. The Spanish billionaire enjoys a life away from the limelight and often gives little chance for interviews to the press.

According to Business Insider, he temporarily unseated Bill Gates as the richest person in the world in 2015. Due to the variations of his business, the Zara founder typically earns $400 million in dividends per year. Despite losing $351 million and counting, due to the crisis, Ortega remains ahead of India’s Mukesh Ambani and Google’s Larry Page in the money rankings.

Other billionaires even gained during the pandemic. The entrepreneurs whose businesses can be classified as essential during lockdowns increased their net worth despite the uncertainties. Business owners need to adapt quickly to the changing times and put more focus on online retail as consumers prefer not leaving the house during the pandemic.

Zara gained popularity even though the company claims it does not spend on advertising. The store offers fashionable items in different price points easily afforded by common shoppers. One of its most influential but not official endorsers is Kate Middleton who was seen wearing Zara on some occasions. Middleton is not officially signed by the company to wear its clothes.