Amancio Ortega and Family Attend CSI Casa Novas Horse Jumping Competition 2013
Amancio Ortega, owner of Zara empire, meets some friends at CSI Casas Novas Horse Jumping Competition 2013 near Arteixo on July 27, 2013 in A Coruna, Spain.
Xurxo Lobato—Getty Images
June 3, 2015 4:14 PM EDT

Amancio Ortega, founder of clothing retailer Zara, is now the second-richest man in the world, knocking legendary investor Warren Buffett into third place.

The 79-year-old who hails from Spain is worth over $71.5 billion as of June 2, 2015, according to Bloomberg. Bill Gates remains the world’s richest man with a net worth of over $85.5 billion.

Buffet’s net worth of $70.2 billion — over $1 billion shy of Ortega’s new total — drops him well into third.

According to Business Insider:

JPMorgan Chase CEO Jamie Dimon recently became a billionaire for the first time as stocks of the company surged. He now has an estimated $1.1 billion net worth.

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