Microsoft co-founder Bill Gates could soon lose his title as the world's richest individual. Currently topping Forbes' list of billionaires with a net worth pegged by the financial magazine at $76.2 billion, Gates is "only" $600 million ahead of the number two on the ranking, Zara co-founder Amancio Ortega, from Spain, who is worth an estimated $75.6 billion.

Ortega net worth soaring.

Ortega's net worth has been soaring over the past few days after Inditex -- the holding company that controls Zara and also the world's largest fashion retailer by sales, of which the Spanish billionaire is the largest shareholder -- were up on the stock exchange after the company released its first quarter results, showing an increase in sales of 12% to $5.58 billion for the three-month period ending April 30.

Net profit was also up to $631.5 million, over 6% more than the first quarter of 2015. In both cases, the results beat market estimates. On Wednesday, Ortega's net worth was up $1.5 billion, according to Forbes' Real-Time billionaires ranking, making him the biggest billionaire gainer of the day. In addition to Inditex, which he founded in 1963 along with his ex-wife, Rosalia Mera, who died in 2013, Ortega also invests heavily in real estate and owns properties all over the world in prime markets like Madrid, Barcelona, London, Chicago, Miami and New York. His real estate portfolio is worth in excess of $8 billion.

Not the first time.

Ortega briefly passed Gates and became the world's richest person on October 23 last year, when his net worth hit an all-time high of $80 billion after Inditex's shares soared on the stock exchange, but Gates was able to reclaim his spot a few hours later.

Ortega's daughter.

It's worth noting that Ortega's oldest daughter, Sandra Ortega Mera, is also a billionaire, and worth $6.4 billion. She currently ranks as the second richest individual in Spain after her fatherand the country's richest woman. She inherited her late mother Rosalia Mera's stake in Inditex through holding company Rosp Corunna, of which she owns 89%.

Sandra is not involved in the daily operations of Inditex and devotes her time to Fundacion Paideia, a non-profit that supports vocational training for people with mental and physical disabilities that was started by Rosalia.

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