Amancio Ortega Gaona Net Worth
Amancio Ortega Gaona has an estimated net worth of $70 billion. He is a Spanish business magnate best known as the founder of the Inditex fashion group, the parent company of the famous ZARA fashion brand, which operates more than 6000 stores in over 65 countries. Ortega, who collects more than $400 million in dividends each year, has invested in an ever-growing real estate portfolio that includes buildings in New York, Miami, London, Barcelona, Chicago, and Madrid.
In 2011, Ortega announced his retirement from Inditex Group, the parent company of the Zara chain. The following year, he donated about 20 million euros to the Roman Catholic charity Caritas Internationalis.
Today, the Inditex Group includes Zara and several other well-known brands such as Zara Home, Massimo Dutti, Oysho, and Pull and Bear. The company employs over 90,000 people. Ortega is also the proud owner of Torre Picasso, the tallest skyscraper in Spain, valued at $536 million. He also has his own equestrian center and a private jet.
To calculate the net worth of Amancio Ortega Gaona, subtract all his liabilities from his total assets. Investments, savings, cash deposits, and any equity he has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.
Here’s the breakdown of his net worth:
|Name:||Amancio Ortega Gaona|
|Net Worth:||$70 Billion|
|Monthly Salary:||$10 Million|
|Annual Income:||$400 Million|
|Source of Wealth:||Entrepreneur|
Amancio Ortega was born on the 28 th of March, 1936 in Busdongo de Arbás, León, Spain. Ortega was the last of four children. His family was very poor, his father worked as a railway worker and his mother a maid. His parents’ income was hardly enough for them to afford some basic items.
This was likely the reason Ortega couldn’t go further with his education. When Ortega was 13, his family moved from Leon to La Coruna. In La Coruna, Ortega dropped out of high school and began to work for a shirtmaker; it was during this period that he learned the art of apparel making.
At a young age, Ortega dropped out of school and worked in various stores and tailor stores. He observed the path of products from producers to consumers and saw the need to cut out the middlemen to maximize profits.
Soon, Ortega started making his own products, he started with bathrobes; he would buy cheap but quality fabrics from Barcelona and use them to make quality bathrobes which were sold at very affordable prices.
He was assisted by his siblings and partner, Rosalia Mera, who would later be his wife. In 1963, Ortega founded his own company, Confecciones Goa, which made and sold bathrobes. In 1975, Ortega opened his first Zara store. It was an instant success.
Zara was known for selling high-quality products at fair prices. The success of the first Zara store encouraged Ortega to open more stores across Spain. Their prices were not the only factor that led to Zara’s success, speed was also a contributor.
Ortega was able to provide customers with unique designs faster than any other retail outfit; new designs could go from runway to shop floor in less than three weeks. In 1985, Ortega created Inditex, as a holding company for Zara as well as other smaller brands. Ortega holds close to 60% shares in Inditex.
The Inditex Group owns several renowned brands besides Zara. Some of these include Massimo Dutti, Zara Home, Stradivarius, Bershka, Oyosho, and Pull and Bear. The Inditex Group has over 92,000 employees.
Part of Ortega’s business strategy was to produce clothing in fewer quantities and for his stores to change their stocks twice every week, this helped to cut down on inventory and shipping costs.
Despite his wealth, Ortega lives an unbelievable simple and private life. Until 1999, no photograph of him had ever been published. When he made his first public appearance in 2000, in preparation for his company going public, it made headlines in the Spanish financial newspapers.
He goes to the same coffee shop every day and eats in the company’s cafeteria with his employees. He never wears a tie; his typical outfit is a simple uniform of a blue blazer, white shirt, and grey pants, none of which are Zara products.
He had granted interviews to only three journalists ever and rarely shows up for public events. His private life has been so private that even the actual date of his first marriage remains unknown. He is said to be a workaholic who did not take a holiday in 25 years.
He is married to his second wife, Flora Pérez Marcote, who once worked with the Inditex group. They have a daughter who is rumoured to be Ortega’s successor. He also has two children from his first marriage.
Personal Life & Wife
Amancio Ortega was born in Busdongo de Arbás, León, Spain, on March 28, 1936, the youngest of four children of Antonio Ortega Rodrguez and Josefa Gaona Hernández. He spent the first years of his life in León. Due to his father’s work, he left school at the age of 14 and moved to A Corua.
Ortega married his first wife, Rosala Mera, in 1966. In 1986, the couple divorced. After that, the businessman married his second wife, Flora Pérez Marcote, in 2001. Ortega has three children: Sandra Ortega Mera, Marta Ortega Pérez and Marcos Ortega Mera.
He famously keeps a low profile and would probably not be recognized dining in any American restaurant. For this reason, very little is known about Ortega, other than his business activities.
3 Success Lessons From Amancio Ortega Gaona
1. The benefits of Privacy
I have heard many celebrities say they wish they could exchange their fame for a little bit of privacy. They yearn for those times when they could walk on the street without being harassed by paparazzi; they wished they could still take their families out to the park without being accosted by overly enthusiastic fans who want to take photos or want to have a chat.
The price celebrities pay in return for their fame is enormous, sometimes eating so deep into their private lives that it almost runs them mad.
Their personal or family matters become juicy headlines in tabloids. But people like Amancio Ortega need no fear such mutilation of character by these newshounds.
He has successfully managed to keep his private life private and so he has little to worry about as regards the paparazzi. If only celebrities and societal figures would try to emulate Ortega, and strive to keep their private lives private, rather than uploading every photo of their lives on social networks, they would live much happier and longer lives, and divorce a little less than what is obtainable.
2. Cutting out the middlemen
I run a business too, and one of my great priority is to strategize a means of cutting out the middlemen and selling directly to my customers. I did the Math and I discovered my profit is being cut by as much as one third or even half by my selling to middlemen instead of consumers.
Amancio Ortega recognized this fact quite quickly so he developed a business model where he could deliver directly to the customers rather than passing through middlemen.
So not only was he producing, he was also retailing, hence maximizing profits.
3. Giving customers what they wanted as fast as they wanted it
There is an old adage that says “customer is king”, whoever fails to treat his customer as king would no sooner would be out of business.
From the onset Ortega treated his customers as kings; he purchases quality but affordable fabrics, makes nice outfits with them, and sells them to customers at pocket friendly prices.
He was able to take designs from the runway and make them available in his stores for prices that the ordinary person can afford. For Ortega, it was all about satisfying the customers, and in the end it paid off.
Amancio Ortega Gaona Quotes
“On the street, I only want to be recognised by my family, my friends and people I work with.”
“We cannot limit ourselves to continuing on the path we have already opened and once again we will have to be enthusiastic and exacting in order to convert ideas and projects into reality in a world that is advancing at great speed.”
“More than 12,000 people from many different countries currently make up our group. This diversity is synonymous with open-mindedness and flexibility, and pushes us to continue evolving, with enthusiasm and perseverance, towards new projects.”
“One thing hasn’t changed – the innovative spirit and urges for improvement that was the driving force back then.”
“The customer must continue to be our main centre of attention, both in the creation of our fashion collections and in the design of our shops, of our logistical system and of any other activity.”
“We were facing with confidence the test of putting our capacity for profitable growth in the long term to the scrutiny of investors. That confidence was based on the trust that arises from the shared effort in a project in which all those taking part believed and continue to believe with absolute sincerity.”
“Putting our capacity for profitable growth in the long term to the scrutiny of investors.”
“The main advantage of our model: flexibility to adapt our offer to market demands.”
“The creation of new chains and the widening of our product ranges is our response to the new opportunities of the environment.”
“The primary goal of satisfying the appetite for fashion of our numerous customers worldwide. This requires a constant quest for innovation, creativity and cultural involvement at all international levels.”
“We must be able to retain talent, keep our staff motivated and recruit new individuals in the company at a fast pace, and to achieve at the same time for the company a fresh look and the required ambition to be the driving force enabling us to meet new and ambitious purposes.”
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