Amancio Ortega, Zara Founder, Becomes World's Third-Richest Person, Overtaking Warren Buffett

08/08/2012 02:55 pm ET | Updated Aug 08, 2012
  • Bonnie Kavoussi Master's student in economics, the University of Michigan

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:

The 10 Richest People In The World

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