Spanish clothing magnate Amancio Ortega has been named as the richest man in the world by Forbes after the magazine updated its rankings to take into account the latest rise in the stock market value of his Inditex group.

Shares for Inditex, which encompasses global fashion brands such as Zara, Massimo Dutti, Bershka, Oysho, Pull and Bear and Stradivarius, reached an all-time high on Friday, taking the fortune of its founder above the €70-billion mark for the first time.

Inditex shares hit an all-time high on Friday, taking Ortega’s fortune above €70 billion for the first time

Forbes on Friday valued Ortega’s wealth at $79.6 billion – around €71.7 billion at the current exchange rate.

The figure moves him above Microsoft founder Bill Gates, whose fortune rose to $78.1 billion on Friday morning.

Pinning a value on a fortune such as Ortega’s is no easy task, especially when it not only consists of company shares, but also property and other business dealings. This in part explains why the Galician businessman is not yet top of the Bloomberg rich list.