Zara founder Ortega takes dividends worth ₹29,444 crore for the first time

The world's 14th richest man, Amancio Ortega is the Founder of Inditex, a spanish fashion company which owns Zara, among other luxury fashion brands.

Amancio Ortega, the Spanish billionaire who founded Zara-parent Inditex SA, will be receiving dividends worth €3 billion (over ₹29,444 crore) from the company. According to Bloomberg, this will be the first time that Inditex's dividends to Ortega have crossed the €3 billion mark.

This is the first time that Ortega's dividends have crossed the €3 billion threshhold.

Inditex, a company founded by Ortega more than 60 years ago, announced on Wednesday that it is increasing its dividend size by 9% this year to €1.68 per share. The company's founder Ortega, whose daughter Marta is the company's Chairperson, is the largest shareholder, owning 59% of the total stake of Inditex.

He owns the stake through his family office Pontegadea.

Ortega usually uses the bulk of the dividends to buy real estate — mostly high-end commercial and residential properties in large cities across Western Europe, Canada and the US. Pontegadea is also an investor in renewable energy projects as well as power, gas and telecom infrastructure.

According to the Bloomberg Billionaires Index, Ortega is worth $105 billion and is the world's 14th richest person. His net worth has risen $3.95 billion so far this year, marking a nearly 4% rise.

The 88-year-old has received more than €9 billion in dividends since 2001, when Inditex launched its initial public offering, according to Bloomberg data.

He controls about 5% of Spanish energy company Enagas and a minority stake in Telefonica SA's tower unit. He also owns stakes in Portuguese power and gas grid operator REN and Spanish national grid operator Redeia as well as renewable energy projects from Repsol, according to registry filings and company statements.

He had opened the first Zara store in 1975 and incorporated the chain into a holding company named Inditex a decade later. Inditex currently owns Massimo Dutti, Bershka, Oysho, Pull&Bear and Stradivarius.