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The Spanish founder of the Zara fashion chain has overtaken Bill Gates to become the world's richest man.

Amancio Ortega's personal fortune leapt by $1.7billion this week to $79.5billion - taking the Inditex owner past the Microsoft co-founder's estimated $78.5billion.

Already Europe's richest man, the 80-year-old - whose glamorous daughter Marta is expected to take over management of the business - now tops the global list.