Tag: Bill Gates

  • Photo: Buhari meets, applauds Bill Gates, Dangote for service to humanity in Nigeria

    Photo: Buhari meets, applauds Bill Gates, Dangote for service to humanity in Nigeria

    President Muhammadu Buhari on Wednesday applauded the contributions of Bill and Melinda Gates Foundation, and Aliko Dangote Foundation to humanitarian and developmental activities in Nigeria.

    Meeting with the duo at the sidelines of the 74th United Nations General Assembly in New York, the President said they have touched humanity in many positive ways, and congratulated them “for achieving what you had set out to do.”

    According to a statement by the Special Adviser on Media and publicity, Chief Femi Adesina, the President added “Thanks for deriving pleasure in helping people. Congratulations to you for returning part of your wealth to the people in diverse ways. Whatever we save in areas in which you have intervened, we can deploy to other areas like building of infrastructure,”

    On agriculture, in which Alhaji Dangote makes huge investments, the President noted that farmers were very happy in Nigeria now, “as we have made fertilizer available, cut the price by half, and given many other incentives. They have no regret going back to the lands. The more we invest in agriculture, the better for us.”

    Mr Gates congratulated President Buhari “for assembling a cabinet that excites us,” saying he was pleased that one of the priorities of the administration was human capital development, of which health, nutrition and education are key components.

    Noting that Bill and Melinda Gates and Aliko Dangote Foundations keep track of Nigeria’s attainments on Sustainable Development Goals (SDGs), as enunciated by the United Nations, he submitted that they were encouraged that there was improvement in reduction of child mortality.

    “Every local government area has better health/education situation today than in year 2000. We are delighted about that. Nigeria is our biggest commitment in Africa. It’s only in India we do more in the world,” Mr Gates said.

    On polio eradication, he said Nigeria reached a zero wild polio virus free milestone for three years in August, noting that the next six months were critical, so that the country could finally be declared polio free.

    Alhaji Dangote appreciated the Nigerian military for helping with vaccination in the theatres of war while fighting insurgency, thus adding to the advances in the country’s polio status.

  • Bernard Arnault ousts Bill Gates to become world's second richest

    Bill Gates has been unseated as the second richest man in the world, losing the position to Bernard Arnault, the chairman and CEO of LVMH.
    In the latest ranking by Bloomberg’s Billionaires Index, Arnault is in second place with Jeff Bezos still retaining first place.
    Arnault and his family are the majority owners of Christian Dior and LVMH, parent of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon, and others.
    As LVMH’s share price has soared in 2019, so has Arnault’s worth. It now stands at about $107.6 billion, more than $200 million ahead of Gates, Bloomberg estimates.
    The report also states that Gates would had been ranked the richest person, even ahead of Bezos if not for his philanthropic giveaways which gave Arnault more room to climb.
    The French entrepreneur entered the luxury industry in 1984, when he bought Boussac, a textile empire in the midst of bankruptcy that owned Dior.
    The famed label by then had deteriorated by licensing its name out to companies producing sub-par products.
    Arnault set about reviving it, turning it into a vertically integrated company that did its own production, distribution, and marketing.
    He went on to buy up other brands, such as Céline, and in 1988 engineered the deal that made him the majority shareholder of LVMH.
    Forbes currently ranks Dior as the world’s largest fashion brand based on sales, profits, assets, and market value.
    Meanwhile, LVMH on the whole keeps attracting customers around the world, with China being the latest highly profitable frontier.

  • Why losing to Android is Bill Gates ‘greatest mistake ever’

    Microsoft Co-founder, Bill Gates has said losing the race of mobile OS development to Google’s Android was his ‘greatest mistake ever’.

    TheNewsGuru (TNG) reports Gates expressed the disappointment while speaking at an event hosted by Village Global.

    He stressed that if Microsoft had managed to recognize and take on the Android onslaught, his firm, still a “very strong” entity, would have been “the leading company” instead of “a leading company”.

    “In the software world, particularly for platforms, these are winner-take-all markets. So the greatest mistake ever is whatever mismanagement I engaged in that caused Microsoft not to be what Android is.

    “That is, Android is the standard phone platform — non-Apple platform — that was a natural thing for Microsoft to win. It really is winner take all,” Bill Gates said in the interview.

    He elaborated further by saying, “If you’re there with half as many apps or 90 percent as many apps, you’re on your way to complete doom. There’s room for exactly one non-Apple operating system, and what’s that worth? $400 billion that would be transferred from company G to company M”.

    During a little over an hour-long conversation, Gates did underline the success of products such as Windows and Office that have helped Microsoft reach new levels over time.

    However, he expressed that due to the lack of bringing a platform like Android and missing the opportunity of powering an operating system against Apple’s iOS, Microsoft is still “a leading company” not “the leading company.”

    “If we’ve got that one [Android opportunity] right, we would be the company,” he said.

    Android, which was originally developed in Palo Alto, California was acquired by Google in July 2005 for around $50 million.

    The search giant initially didn’t reveal its plans of leveraging the acquisition to build a compelling operating system.

    However, a team was formed by Android co-creator Andy Rubin who brought the original shape of the mobile platform based on the Linux kernel.

    While Google was busy with its Android project, Microsoft was handling its Windows Mobile that was succeeded by Windows Phone in late 2010.

    However, in 2017, Microsoft announced the formal closure of its latest Windows Phone version, which was then Windows 10 Mobile, majorly due to growth of Android that overshadowed the Windows platform.

    Microsoft former CEO Steve Ballmer amongst the key faces initially pushing Windows Phone hard against Android.

    However, in 2015, Ballmer even insisted that Windows Phone need to have Android app compatibility in an effort to catch up.

    Interestingly, Gates didn’t blame Steve Ballmer as the culprit for the Android debacle, though many believe that it was Ballmer who largely brought the Redmond company to the failures in the mobile platform market.

    Watch interview video below:

  • 10 technologies that will make headlines in 2019 – Bill Gates

    Bill Gates, Microsoft Corporation founder and Co-chair of Bill & Melinda Gates Foundation has made a list of the top 10 technologies that will make headlines in the year 2019 after being invited by MIT Technology Review to do so.

    TheNewsGuru (TNG) reports Gates was honoured by MIT Technology Review to choose this year’s list of inventions that will change the world for the better, thereby becoming the first guest curator of MIT Technology Review 10 Breakthrough Technologies.

    He included in the 10 Breakthrough Technologies 2019 list robot dexterity, new-wave nuclear power, predicting preemies, gut probe in a pill, custom cancer vaccines, cow-free burger, carbon dioxide catcher, ECG on your wrist, sanitation without sewers and smooth-talking AI assistants.

    Speaking on why robot dexterity matters, Gates said “If robots could learn to deal with the messiness of the real world, they could do many more tasks” and why predicting preemies matters, he said “15 million babies are born prematurely every year; it’s the leading cause of death for children under age five… a simple blood test can predict if a pregnant woman is at risk of giving birth prematurely”.

    Gates said the gut probe in a pill device makes it easier to screen for and study gut diseases, including one that keeps millions of children in poor countries from growing properly, and that for custom cancer vaccines, conventional chemotherapies take a heavy toll on healthy cells and aren’t always effective against tumours.

    Why cow-free burger matters, Gates said livestock production causes catastrophic deforestation, water pollution, and greenhouse-gas, stressing that “both lab-grown and plant-based alternatives approximate the taste and nutritional value of real meat without the environmental devastation”.

    On why carbon dioxide catcher matters the Microsoft founder said while removing CO2 from the atmosphere might be one of the last viable ways to stop catastrophic climate change, to prevent a dangerous rise in temperatures, the world will need to remove as much as 1 trillion tons of carbon dioxide from the atmosphere this century.

    For sanitation without sewers, Gates said “2.3 billion people lack safe sanitation, and many die as a result”; therefore, the world needs “energy-efficient toilets can operate without a sewer system and treat waste on the spot”.

    Smooth-talking AI assistants made the list as AI assistants can now perform conversation-based tasks like booking a restaurant reservation or coordinating a package drop-off rather than just obey simple commands.

    “Narrowing down the list was difficult. I wanted to choose things that not only will create headlines in 2019 but captured this moment in technological history—which got me thinking about how innovation has evolved over time,” Gates said.

     

  • El-Rufai clears air on attacking Bill Gates over Nigeria’s economy comment

    Governor Nasir El-Rufai of The Kaduna State, on Thursday cleared the air on attacking American billionaire founder of Microsoft, Bill Gates, over his comment on Nigeria’s economic plan and public spending especially on education.

    El-Rufai insisted that while there was nothing wrong in attacking Gates, he never did but only put things in proper context.

    The governor stated this at the closing session of the Kaduna Investment Summit (KADINVEST 3.0) .

    A few weeks ago, when Microsoft founder Bill Gates came to Nigeria and appealed to Nigerian government to invest more in education, I made a comment that was reported widely as attacking Bill Gates. It was not an attack on Bill Gates, it merely putting things in context.

    What I told Mr. Gate is that, you have identified the problem correctly, but you are looking at the wrong tier of government to handle it.

    The state and local governments have the responsibilities to invest in education and healthcare. So, it is up to state governments to invest more in education and healthcare and I gave example of what we are doing in Kaduna .

    I also urged my colleagues, the governors to do same. Because, unless the state governments do so, the country will be clapping with one hand.

    That is what I said, but it was misrepresented to mean that I was attacking Bill Gates. There is nothing wrong with attacking Bill Gates, we can differ, but that is not what happened, I merely explained the context, where the investment should be,” the governor said.

    El-Rufai further added that Mr. Gates is a big partner as he has invested $1.6billion in Nigeria, pointing out that a large percentage of the money he invested was invested in Kaduna State.

    He said Kaduna has it own development plan which aligns with the federal government’s Economic Recovery and Growth Plan (ERGP).

    In his remarks at the event, Minister of Transport, Rotimi Amaechi, praised the Kaduna people for their activism on social ‎media, saying it indicates how educated they are.

    In the past, none of you can send a video to a minister, now you don’t only send, you direct me on what to do.

    Last week, I got a video though I didn’t know the locomotive that brought people to Kaduna ‎had lost power. Somebody sent me the video to show how much they were sweating.

    I responded immediately by forwarding that same video to the Managing Director of‎ Nigerian Railway Corporation asking him to confirm. He got back to me to say one of our locomotives was bad and that it would be fixed immediately.

    So, I urged you to continue on that line of being active by making us accountable to you, because without you there is no government. Without the Kaduna people there is no Mallam el-Rufai and without the Kaduna people there is no Buhari,” he said.

     

  • Bill and Melinda Gates: Thank you for your love for Nigeria, By Henry Boyo

    By Henry Boyo

    Bill Gates, came visiting, once again in March this year: Gates is well known as founder of Microsoft; the very successful High-tech Company which made him the second richest man in the world at one time.

    The story is worth telling that Bill Gates, was a total stranger to Warren Buffet, when he (Gates) first approached the world’s richest man to discuss his vision of bringing improved health care delivery to billions of people worldwide. Remarkably, however, the two super-billionaires quickly bonded and a meeting that was probably expected to last less than an hour, easily crept well into the night. The product of that meeting was Warren Buffet, donation of $30bn (thirty billion dollars), almost all his wealth to Bill Gates, to pursue laudable health projects and other social interventions, which will touch lives of hundreds of millions of people worldwide.

    The odds are clearly not great that such nobility of character and the human spirit is common anywhere. Nonetheless, hopefully stupendously well endowed Nigerians and Charitable persons and organizations from elsewhere may be also moved to borrow a leaf from these extremely rare human beings. In view of the enormous trust and responsibility reposed on his vision, Bill Gates and his wife, Melinda run the Bill & Melinda Gates Foundation, hands on, full time. Invariably, Microsoft’s loss has clearly become gain to millions of poor people who have no one to speak for them.

    In the widely reported speech by Bill Gates to distinguished Nigerians in Aso-Rock, Abuja, last week, Gates confessed that his initial dream was to make peoples’ life better, by giving everybody computer access at, affordable cost. However, according to the billionaire, “As I got older, travelled more and learned more about the world, I realized that billions of people had a problem that computers couldn’t solve. They lacked the basics of a good life; food, shelter, health, education and opportunity”. Consequently, with the billions of dollars earned from Microsoft “we started working toward a different goal; a healthy and productive life for everyone.”

    This vision, according to Gates, is the reason “why I come to Nigeria; and that’s why Melinda and I will continue coming for as long as we are able.”

    Instructively, the Gates Foundation’s biggest office in Africa is located here in Nigeria and already, over $1.6bn has been expended, so far, particularly in health related interventions locally; nonetheless, according to Gates “we plan to increase our commitment!”

    The chances are that strong arguments were, by competitive interests to locate the Foundation’s Africa Head office, anywhere but Nigeria, and issues of corruption, difficulty in engaging government and its agencies, poor power infrastructure, insecurity etc, would have been cited as impediments to attract the Foundation’s largest office elsewhere. But No! the soft spoken, self-effacing gentle man chose instead to work in the eye of the storm, and ensure that the ‘national epicenter’ of the polio virus, which the Gates Foundation sought to eradicate world-wide was the congruent location.

    Mr Gates and his wife, Melinda, have been coming regularly to Nigeria since 2006. According to the Microsoft man “I’ve always felt welcome in Nigeria. Nigerians usually greet me warmly. The first time I met the Sultan of Sokoto, I was honoured that he greeted me with the gift of a white horse.”

    The Gates’ Foundation has strong relationships with Federal and State governments, businesses, NGOs and Civil society organizations. “We are eager” according to Gates “to support you as you work to make Nigeria a global economic powerhouse, that provides opportunity for all its citizens, as you strive to fulfill this country’s immense purpose”.

    The above are words well spoken, clearly, from a heart that, arguably, truly loves Nigeria. Gates’ quiet, unobtrusive and fairly regular trips to Nigeria, are devoted to helping our government and our people and not to make money from government contracts by exploiting the greed of some public officials. Conversely the Gates Foundation has actually brought to Nigeria hundreds of millions of dollars worth of data verifiable social interventions.

    However, true friends are expected to speak truth to one another, and it would be unexpected, therefore, if Gates also set out to massage the ego of our leaders, without telling it like it is, in his address to Nigeria’s political and business leaders, even if his observations were repetitions of what we all already know.

    Consequently, the gentle Philanthropist, politely urged Nigerians not to relent in the pursuit of economic growth, but warned, nonetheless that “Growth is not inevitable”. According to Gates, “Nigeria has unmatched economic potential, but what becomes of that potential depends on the choices Nigerian leaders make”. “The most important choice you make, is to maximize your greatest resource, the Nigerian people. Nigeria will thrive when every Nigerian is able to thrive”. “If” according to Gates, “you invest in their health, education, and opportunities i.e. the ‘human capital’; then they will lay the foundation for sustained prosperity. If you don’t, however, then it is very important to recognize that there will be a sharp limit on how much the country can grow.”

    In practice, Gates argued that, if the percentage of fiscal allocations for health and education remain in single digit ratios of annual budgets, rather than the 16 percent and 26 percent recommended, respectively, by the WHO and UNESCO, then, of course, the fear is that things could get worse, as per capita GDP will also decline, if current education and health trends continue, with flat per capita growth; ultimately, “economic growth may, not match a concurrent higher population growth rate”.

    Conversely, Gates therefore noted, “if you commit to getting better results in health and education, if you spend more and more effectively, per capita GDP will stay on its remarkable positive pre-recession growth trajectory.”

    In addition to prioritizing health and education, Bill Gates recommend the “opening up of opportunities in the Agriculture and Micro enterprises sectors, as proposed in the Nigerian government’s “Economic Recovery and Growth Plan”; such opportunities, would include more intensive financial inclusion, for over 37 million Micro enterprises and Small scale farmers to create enabling conditions “where Nigerians can reach their goals, while adding value to the economy; i.e. a Win-Win Scenario”. “Unfortunately, the Executive priorities of the ERGP don’t fully reflect peoples’ needs, as it prioritizes physical over human capital”

    Regrettably, however, Gates noted, in his speech, that “today, more than half of rural children in Nigeria can’t read and write.” The conclusion is therefore, inescapable, as, “Nigeria’s economy tomorrow will depend on improving its Schools today”.

    Similarly, for health, where Gates observed that “with the fourth highest maternal mortality rate, Nigeria is one of the most dangerous places on earth to give birth”, “Nigeria’s primary health care system is broken and become a shadow of Prof Olikoye Ransome Kuti’s celebrated legacy”; this reality is as evidenced by the epidemic of chronic malnutrition or stunting; a condition with very devastating consequences; unfortunately, statistically, in Nigeria, “one in three children is, reportedly chronically malnourished and could therefore be at risk”.

    Incidentally, according to the World Bank, addressing the stunting crisis would add almost $30bn to Nigeria’s GDP. Gates has therefore, recommended that the challenge of stunting can be solved with increasing focus, nationwide, on agricultural development, nutrition and primary health care.

    There is probably no better known International public figure who has visited Nigeria more frequently than Bill Gates in recent times. Undeniably, his regular visits should encourage other serious International investors and charitable agencies to perceive Nigeria as a safer destination, rather than a country with widespread insecurity, violence and rabid corruption, as popularly portrayed in International media.

    Consequently, we may be well served, therefore, with their sincere commitment to our people’s welfare, to formalize the appointment of Bill and Melinda Gates as Goodwill Ambassadors for Nigeria.

     

  • EGRP: Bill Gates’ advice to Buhari on economy clearly ‘misunderstood’ – FG

    The Federal Government has said that the advice given by world renowned philanthropist and business mogul, Bill Gates on Nigerian’s economy was clearly misunderstood by the media.

    Recall that Gates had at the special and expanded National Economic Council, held in Abuja on Thursday, said the present economic template being used by the Muhammadu Buhari government does not have the ability to address the unique needs of Nigerians at present.

    The philanthropist and founder of Microsoft corporation said the Nigerian government’s Economic Recovery and Growth Plan (ERGP) identifies “investing in our people” as one of three “strategic objectives” but the “execution priorities” do not fully reflect people’s needs, “prioritising physical capital over human capital.”

    The philanthropist noted further that the most important choice Nigerian leaders can make is “to maximise the country’s greatest resource, which is the people.”

    The investor also advised the Nigerian government to shifts its attention from oil to the agricultural sector so as to make it a steady and alternative means of revenue generation for the country.

    However, In a swift response, the minister of Budget and National Planning, Udoma Udoma, in a statement on Friday said the media misunderstood the context in which Mr. Gates made his remarks and that he could not have faulted the Federal Government’s ERGP.

    It seems the context in which Gates made his remarks was not well understood.

    A close reading of his statement shows that the point Mr. Gates was making was that the human capital development should have been explicitly indicated as part of the execution priorities of the ERGP.

    This is not the same as saying that the ERGP does not address human capital development or that Mr. Gates faulted Nigeria’s economic plans as some newspapers put it.”

    Udoma said the ERGP prioritises human capital development, insisting that the priority areas of the ERGP have cross-cutting potentials which are all focused towards empowering the people and improving their general conditions.

    The ERGP rests on the three pillars of restoring growth, investing in the Nigerian people and building a competitive economy.”

    Recall that President Muhammadu Buhari had in April 2017 unveiled a four-year ERGP (2017-2020) to help propel the country towards the path of development and growth.

    ERGP is an economic plan that builds on the 2016 Strategic Implementation Plan (SIP), a short term plan aimed at tackling corruption, improving security and rebuilding the nation’s economy.

     

     

  • Make agriculture your new oil, Bill Gates advises FG

    World-renowned philanthropist, Bill Gates has advised the Nigerian government to treat agriculture as its newly found oil to bring about development to all spheres of the country.

    Gates gave this advice at the special session of the National Economic Council meeting focused on human capital development held Thursday at the Banquet hall, Presidential villa, Abuja.

    Present at the meeting were the Vice President, Yemi Osinbajo, who is the chairman of NEC, some governors, ministers, CBN governor, Aliko Dangote, Bill Gates and other development partners.

    Gates in his speech said the government should shift attention from oil and improve the agricultural sector to becoming the pillar of Nigerian’s economy.

    According to him, only four per cent of Nigerian farmers currently have loans to grow their business and this is unacceptable especially in a country where the sector accounted for a large proportion of the country’s GDP, and during the oil price collapse and recession, helped cushion the economy.

    He, however, lamented that the sector is not growing as it ought to and many small scale farmers still lack access to loans that can assist with the expansion of their businesses.

    Gates said the sector still has a lot of potential to grow but pointed out that what is hindering the growth is that majority of Nigerian smallholder farmers lack access to the seeds, fertilizer and training they need to be more productive.

    “… Healthy people need opportunities to thrive and one of the most important of these opportunities is agriculture, the sector that nourishes Nigerians and supports half the population especially the poorest,” he said.

    He noted that the lack of access to finance is one of the barriers that continues to prevent smallholders from thriving.

    “Where three quarters of people have mobile phones, digital financial services can offer the potential to boost the economy from top to bottom. Right now more than 50 million Nigerian adults are at the whim of chance and the informal economy. With access to digital financial tools, they can cope better with disaster that threatens to wipe them out, build assets and a credit history and gradually lift themselves out of poverty,” he said.

    He, however, urged the government to consider the impact this would have on businesses.

    He said of the 37 million micro, small and medium enterprises in Nigeria, more than 99 per cent are micro and their lack of access to finance is a leading reason why their businesses cannot grow.

    He said estimates reveals that digital financial services will create a 12.4 per cent increase in Nigeria’s GDP by 2025. Meanwhile, oil accounts for about 10 per cent of Nigeria’s GDP.

    “Imagine adding another oil sector and then some of the economy, but one whose benefit spread far and wide and would reach almost every single Nigerian. There is another benefit to digital financial services that will make everything I’m urging you to do much easier. It will vastly improve the government’s ability to tax and spend efficiently.”

    He commended the government for “some effort to fill these gaps”, with more investment and series of smart policies to encourage private sector investment.

    He urged the government to do more because “these reforms lay the foundation for a booming agricultural sector that feeds the country, helps end chronic malnutrition and lift up tens of millions of smallholder farmers”.

    The Vice President, in his remark said not only is the government aware of these issues raised, but it is prepared to take the challenges outlined head-on.

    Osinbajo said the government in 2016 launched a Social Investment Programme comprising a job scheme for unemployed graduates, a feeding programme for public primary schools, a micro-credit scheme for small businesses and a cash transfer scheme for the poorest and most vulnerable households.

    Highlighting the successes of some of the programmes, Mr. Osinbajo said the school feeding programme currently serves over 7 million school children across 22 states.

    “There are important educational and economic benefits in guaranteeing one hot meal a day to these children, it has pushed school enrollment rate upwards in many communities where it is being implemented, Osinbajo explained.

     

  • Nigeria is one of most dangerous places to give birth – Bill Gate

    Bill Gates, world second richest man, on Thursday declared that Nigeria is one of the most dangerous places to give birth.

    The Chairman of Bill and Melinda Foundation, said Nigeria has the fourth worst maternal mortality rate in the world behind Sierra Leone, Central African Republic and Chad.

    He spoke at the Expanded National Economic Council, NEC, presided over by the Vice President, Yemi Osinbajo, in Abuja.

    Gates disclosed that his foundation’s biggest office in Africa was in Nigeria where he had committed over $1.6 billion with the intention of increasing his commitment in the country.

    He said, “The most important choice you can make is to maximize your greatest resource, the Nigerian people. Nigeria will thrive when every Nigerian is able to thrive.

    “If you invest in their health, education and opportunities – the “human capital” we are talking about today – then they will lay the foundation for sustained prosperity. If you don’t, however, then it is very important to recognise that there will be a sharp limit on how much the country can grow.

    “Nigeria is one of the most dangerous places in the world to give birth with the fourth worst maternal mortality rate in the world ahead of only Sierra Leone, Central African Republic and Chad. One in three Nigerian children is chronically malnourished.

    “I urge you to apply this thinking to all your investments in your people. The Nigerian government’s Economic Recovery and Growth Plan identifies investing in our people as one of three strategic objectives.

    “But the execution priorities don’t fully reflect people’s needs, prioritizing physical capital over human capital.

    “To anchor the economy over the long term, investments in infrastructure and competitiveness must go hand in hand with investments in people.

    “People without roads, ports, and factories can’t flourish. And roads, ports and factories without skilled workers to build and manage them can’t sustain an economy.”

  • Bill Gates loses position as World’s richest man to Zara founder, Ortega

    Amancio Ortega, a Spanish retailer has now been named the richest man on the planet according to Forbes.

    Ortega who is the co founder of Inditex, a colossal retailer, has a $200 million lead over the Bill Gates who was previously the most richest man.

    Inditex is perhaps most famous for its ownership of Zara and Zara Home.

    Just this week, the shares of Inditex increased by 1% The company was behind Microsoft by $100 million and but by Wednesday, Ortega was $200 million richer than Bill Gates.

    Ortega’s estimated worth now sits at $85 million according to Forbes. His net worth has increased by $1.2 billion and his rise to the top of the list can be attributed to Jeff Bezos’ and Gates’ fortunes decreasing.

    Jeff Bezos a billionaire who made his money with Amazon.com has also appeared in the top three of the richest men on the planet list.

    This is not the first time that Ortega took over from Gates as the richest man. In 2015 and 2016 he overtook the No. 1 position from Gates but Gates has always managed to regain his spot back.

    Inditex was founded in 1975 by Ortega who was a former store clerk and his late ex-wife Rosalia Mera. They turned the company into a global powerhouse with more than $100 billion in market funding.

    Inditex has other clothing brands that fall its umbrella like Massimo Dutti, Pull Bear, Stradivarius and Bershka

    Ortega now focuses on global investments and international real estate after stepping away the day to day role that he had at his company.

    Most of his money is used in property investment.