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Zara owner named world's second-richest person

Spanish retail mogul Amancio Ortega is now worth $71.5bn (£46.6bn), and has taken second place in Bloomberg’s ranking of the world’s richest people for the first time.

Ortega owns 59% of Inditex, the world’s largest clothing retailer which runs chains including Zara, Massimo Dutti, Bershka, and Pull and Bear. His fortune has risen by 17% or $10.4bn (£6.7bn) in the past year.

Inditex operates more than 6,600 stores and had a turnover of €18.1bn (£13.2bn) in the year to the January 31.

Microsoft co-founder Bill Gates remains the world’s richest person, worth $85.5bn (£55.7bn).

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