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Latest Richest Person In The World Emerged As Spanish Retailer Defeats Bill Gates!
Move aside, Bill Gates.
Amancio Ortega, cofounder of Spanish retailing giant Inditex, is now the richest person on the planet, with a $200 million edge over previous leader Bill Gates.
Ortega has held the top position three other times, but he has always relinquished the lead within a day. Most recently, he surpassed Gates on Tuesday, after shares of Inditex—the parent company to fashion chain Zara—rose just over 1%. But by the end of the afternoon he was $100 million behind the Microsoft cofounder.
Then, on Wednesday, Ortega regained the top spot. As of 12:05 pm Eastern Time, he was richer than Gates by a modest margin of $200 million.
Ortega, 81, is now worth an estimated $85 billion, according to Forbes’ real-time rankings of the world’s billionaires. His net worth is up $1.2 billion in the last month, but his ascent has also been aided by declines to the fortunes of Gates and Jeff Bezos, who have each held the title of world’s richest at some point this summer.
Bezos’ net worth has dropped by more than $4 billion in the last month as Amazon shares have fallen from a record high. Gates’ fortune declined earlier this month after a filing with the SEC revealed that he donated $4.6 billion worth of Microsoft stock to his foundation in June. That gift was first reported by Bloomberg.
Ortega became the richest person in the world for the first time in October 2015, but he lost his spot to Gates in less than 24 hours. He regained the lead in September 2016, but was quickly overtaken by Gates once again.
A former store clerk, Ortega founded Inditex with his late ex-wife, Rosalia Mera, in 1975. They grew the business into an international powerhouse that now has a market capitalization of more than $100 billion.
A resident of Spain, Ortega no longer has a day-to-day role at the company. He has recently focused on diversifying his fortune with a host of global investments, and he has poured huge sums into international real estate. He typically collects over $400 million in dividends from Inditex every year. Much of that cash is spent on property investments in New York, Madrid, London and elsewhere.
Despite that diversification, Ortega still holds more than 80% of his wealth in Inditex shares. As the stock has ticked up over the years, his net worth has followed suit.
Source : Forbes.
China has announced a sharp increase in tariffs on US imports, raising the rate from 34 percent to 84 percent, in response to new American trade measures that came into effect on Wednesday.
The decision, confirmed by China’s finance ministry, will take effect from 12:01 p.m. on Thursday. It follows the imposition of sweeping new US tariffs under President Donald Trump, including a hefty 104 percent duty on certain Chinese goods.
“The tariff escalation against China by the United States simply piles mistakes on top of mistakes and severely infringes on China’s legitimate rights and interests,” the ministry said in a strongly worded statement, warning of “firm and forceful” countermeasures.
Beijing has long opposed the increasing use of tariffs as a tool in trade disputes, and accused Washington of undermining the multilateral rules-based global trading system.
In a related move, China’s commerce ministry also announced it would blacklist six American artificial intelligence companies, including Shield AI Inc. and Sierra Nevada Corporation. The companies were accused of either supplying arms to Taiwan or collaborating with the island on military technology.
Chairman of the House of Representatives Committee on Federal Roads Maintenance Agency (FERMA), Engr. Aderemi Oseni has expressed deep sorrow over the passing of former Oyo State Governor, Dr. Omololu Olunloyo, describing his death as a monumental loss to the people of Oyo State and Nigeria at large.
In a condolence message made available to the press on Sunday, in Ibadan by his media aide, Idowu Ayodele, the lawmaker eulogised the late elder statesman as a distinguished scholar, consummate public administrator, and one of Nigeria’s most intellectually gifted leaders whose legacy would continue to inspire generations.
Dr. Olunloyo, who served as governor of Oyo State during the Second Republic, was reported dead at the age of 89. He was widely respected for his brilliance, administrative acumen, and unmatched depth in mathematics and public discourse.
Oseni noted that the late governor’s contributions to the development of Oyo State, particularly in the areas of education, governance, and intellectual engagement, are indelible footprints in the sands of time.
“We have lost a gem. Dr. Olunloyo was not just a leader, he was a father figure and a repository of wisdom. His demise is a personal loss to me and all lovers of progress and excellence in our society,” he stated.
While commiserating with the Olunloyo family, the people of Ibadan, and the entire Oyo State, he prayed for the peaceful repose of the departed soul and urged all to take solace in the rich and impactful life he lived.
Member representing Ibarapa East/Ido Federal Constituency in the House of Representatives and Chairman, House Committee on Federal Roads Maintenance Agency (FERMA), Engr. Aderemi Oseni has extended his heartfelt congratulations to Chief Sulaimon Ajeniyi Ajewole and other members of the Central Council of Ibadan Indigenes (CCII) executives on their re-election.
Chief Ajewole was returned as the President-General of the apex Ibadan socio-cultural association, alongside other members of the executive council, who were all given the mandate to continue piloting the affairs of the association for another two-year term.
In a congratulatory message issued through his media aide, Idowu Ayodele, Oseni described the re-election of the Ajewole-led team as a reflection of the trust and confidence reposed in their leadership by the Ibadan indigenes at home and in the diaspora.
He commended the CCII leadership for its unwavering commitment to the progress, unity, and cultural advancement of Ibadanland while expressing optimism that the renewed mandate would further propel the association to greater heights.
“The re-election of Chief Ajewole and his team is not only a testament to their sterling performance over the last term but also an affirmation of their capacity to continue serving the interest of Ibadan indigenes. I extend my warmest congratulations and best wishes for a more impactful tenure,” he said.
The lawmaker further assured the CCII of his continued support for any initiative geared towards the development of Ibadanland and the preservation of its rich heritage.
The CCII is renowned for its pivotal role in mobilising Ibadan sons and daughters towards the socio-economic development of the65 ancient city and beyond.
