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Spain’s Ortega Overtakes Buffett As World’s Third-Richest


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Spain’s Ortega Overtakes Buffett As World’s Third-Richest

 

Amancio Ortega, who founded retailer Inditex SA (ITX), has bumped Warren Buffett from his perch as the world’s third-richest person. That places the owner of the Zara clothing chain above the Berkshire Hathaway Inc. (BRK/A) chairman, who has a net worth of $45.7 billion and had ranked No. 3 on the index since its inception March 5.

 

http://www.bloomberg.com/news/2012-08-07/spain-s-ortega-overtakes-buffett-as-world-s-third-richest.html?cmpid=yhoo

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No problemo. On an EBCC metric (Earnings Before Charitable Contribution), Buffett far outperforms Ortega.

 

The billionaire pledged in 2006 to give the majority of his fortune to charity and, after distributing about 20 percent of his Berkshire holdings, now donates 4 percent of his remaining shares each July. Buffett’s fortune has climbed 6.8 percent this year, or $2.9 billion.

 

Prior to his pledge, Buffett held almost all of his net worth in Berkshire Hathaway Class A shares. He owned 474,998 of those shares in March 2006, according to the company’s proxy statement. The shares would have been worth $60.7 billion as of yesterday’s market close.

 

 

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I was in Spain recently, this company is the best fashion retailer I have ever seen.  I did a little research on the company and the founder and  discovered he has a very attractive daughter who the founder has named heir apparent, if you are thinking of getting rich rather quickly..... LOL.

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