Bill Gates is no longer the richest person in the world

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Bill Gates just lost his spot atop the ranks of the richest men in the world. Amancio Ortega, the Spanish owner of the Zara retail chain, surpassed Gates net worth by $1 billion after a boost in shares from Ortega's business Inditex, a parent company of Zara.

Inditex's shares increased by 2.5 percent, raising Ortega's personal fortune to $79.5 billion, topping Gates' estimated worth of $78.5 billion.

Check out the richest people in the world below:

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The richest people in the world
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The richest people in the world
1. Amancio Ortega 
2. Bill Gates 
3. Warren Buffett
4. Carlos Slim Helu 
5. Jeff Bezos
6. Mark Zuckerberg 
7. Larry Ellison
8. Michael Bloomberg 
9. Charles and David Koch
10. Liliane Bettencourt
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Ortega came from humble beginnings. He started out with less than $100 before creating Zara with his ex-wife. The couple made lingerie, pajamas and nightgowns in their home.

Zara started operations in 1975 and began building stores in Spain before quickly expanding across the world. Ortega focused on creating an efficient retailing operation that adapted to the needs of shoppers. Gap and H&M would take five months to make, design, and distribute new products; Zara could do it in three weeks.

Gates and Ortega will likely continue exchanging places as top two richest people in the world as their stock portfolios fluctuate.

Now see the 25 richest athletes of 2016:

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25 richest athletes - 2016
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25 richest athletes - 2016

25. Gareth Bale, Soccer

Pay: $35.9 million ($24.9 million salary, $11 million endorsements)

(Photo via Reuters)

24. Fernando Alonso, Racing

Pay: $36.5 million ($35 million salary, $1.5 million endorsements)

(Photo via Reuters)

23. Zlatan Ibrahimovic, Soccer

Pay: $37.4 million ($30.4 million salary, $7 million endorsements)

(Photo via Reuters)

T-21. Neymar, Soccer

Pay: $37.5 million ($14.5 million salary, $23 million endorsements)

(Photo via Reuters)

T-21. Rafael Nadal, Tennis

Pay: $37.5 million ($5.5 million salary, $32 million endorsements)

(Photo via Reuters)

20. Philip Rivers, Football

Pay: $38 million ($37.5 million salary, $450 thousand endorsements)

(Photo via Reuters)

19. Sebastian Vettel, Racing

Pay: $41 million ($40 million salary, $1 million endorsements)

(Photo via Reuters)

18. Russell Wilson, Football

Pay: $41.8 million ($31.8 million salary, $10 million endorsements)

(Photo via Reuters)

17. Rory McIlroy, Golf

Pay: $42.6 million ($7.6 million salary, $35 million endorsements)

(Photo via Reuters)

16. Floyd Mayweather, Boxing

Pay: $44 million ($32 million salary, $12 million endorsements)

(Photo via Reuters)

15. Tom Brady, Football

Pay: $44.1 million ($36.1 million salary, $8 million endorsements)

(Photo via Reuters)

14. Joe Flacco, Football

Pay: $44.5 million ($36.1 million salary, $8 million endorsements)

(Photo via Reuters)

13. Eli Manning, Football

Pay: $45 million ($37 million salary, $8 million endorsements)

(Photo via Reuters)

12. Tiger Woods, Golf

Pay: $45.3 million ($274 thousand salary, $45 million endorsements)

(Photo via Reuters)

11. Lewis Hamilton, Racing

Pay: $46 million ($42 million salary, $4 million endorsements)

(Photo via Reuters)

10. Kobe Bryant, Basketball

Pay: $50 million ($25 million salary, $25 million endorsements)

(Photo via Reuters)

9. Jordan Spieth, Golf

Pay: $52.8 million ($20.8 million salary, $32 million endorsements)

(Photo via Reuters)

8. Phil Mickelson, Golf

Pay: $52.9 million ($2.9 million salary, $50 million endorsements)

(Photo via Reuters)

7. Cam Newton, Football

Pay: $53.1 million ($41.1 million salary, $12 million endorsements)

(Photo via Reuters)

6. Novak Djokovic, Tennis

Pay: $55.8 million ($21.8 million salary, $34 million endorsements)

(Photo via Reuters)

5. Kevin Durant, Basketball

Pay: $56.2 million ($20.2 million salary, $36 million endorsements)

(Photo via Reuters)

4. Roger Federer, Tennis

Pay: $67.8 million ($7.8 million salary, $60 million endorsements)

(Photo via Reuters)

3. LeBron James, Basketball

Pay: $77.2 million ($23.2 million salary, $54 million endorsements)

(Photo via Reuters)

2. Lionel Messi, Soccer

Pay: $81.4 million ($53.4 million salary, $28 million endorsements)

(Photo via Reuters)

1. Cristiano Ronaldo, Soccer

Pay: $88 million ($56 million salary, $32 million endorsements)

(Photo via Reuters)

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