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This man just became richer than Warren Buffett

June 3, 2015, 8:06 PM UTC

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.

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

According to Business Insider:

Ortega founded fast-fashion giant Zara with his then-wife Rosalia in 1975. Today, his retail company Intidex SA — which owns Zara, as well as Massimo Dutti and Pull&Bear — has over 6,600 outposts around the world. Zara in of itself is changing retail forever.

Meanwhile, JPMorgan Chase CEO Jamie Dimon recently became a billionaire for the first time, as stock in the bank surged. He now has an estimated $1.1 billion net worth.