Warren Buffett no longer is the third-richest person in the world.

Amancio Ortega, the founder of both Zara and Inditex, which owns the Spanish retailer, overtook Buffett as the third-richest person in the world on Tuesday, according to Bloomberg.

On Tuesday, Ortega's net worth rose to $47.4 billion, according to the Bloomberg Billionaires Index, thanks to Inditex's stock price closing at a record high.

But don't feel bad for Buffett. He still is worth $45.4 billion, according to the Bloomberg Billionaires Index: roughly 567,000 times more than the median American household is worth.

Check out the 10 richest people in the world, according to the Bloomberg Billionaires Index:

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  • 10. Jim Walton

    Walton is a Walmart heir. Estimated net worth as of August 8, 2012: $28.7 billion (Bloomberg Billionaires Index).

  • 9. Christy Walton

    Walton is a Walmart heir. Estimated net worth as of August 8, 2012: $29.8 billion (Bloomberg Billionaires Index).

  • 8. David Koch

    Koch is executive vice president at Koch Industries and a powerful Republican donor. Estimated net worth as of August 8, 2012: $35.6 billion (Bloomberg Billionaires Index).

  • 7. Charles Koch

    Koch is co-owner, chairman, and CEO of Koch Industries. He is a powerful Republican donor. Estimated net worth as of August 8, 2012: $35.6 billion (Bloomberg Billionaires Index).

  • 6. Ingvar Kamprad

    Ingvar Kamprad is founder and owner of IKEA. Estimated net worth as of August 8, 2012: $37.3 billion (Bloomberg Billionaires Index).

  • 5. Larry Ellison

    Larry Ellison is co-founder and CEO of the software company Oracle. Estimated net worth as of August 8, 2012: $40.1 billion (Bloomberg Billionaires Index).

  • 4. Warren Buffett

    Warren Buffett is chairman and CEO of Berkshire Hathaway. Estimated net worth as of August 8, 2012: $45.4 billion (Bloomberg Billionaires Index).

  • 3. Amancio Ortega

    Amancio Ortega is founder of Inditex, which owns Zara. Estimated net worth as of August 8, 2012: $47.4 billion (Bloomberg Billionaires Index).

  • 2. Bill Gates

    Bill Gates is co-founder of Microsoft and the U.S.'s richest man. Estimated net worth as of August 8, 2012: $63.3 billion (Bloomberg Billionaires Index).

  • 1. Carlos Slim Helu

    Carlos Slim Helu is a business magnate in telecommunications, mining, and banking. He is the world's richest man. Estimated net worth as of August 8, 2012: $74.1 billion (Bloomberg Billionaires Index).