1010 WINS– Bill Gates’ reign as king of capitalism has come to an end.

Amancio Ortega, the co-founder of the fashion giant Inditex, just officially became the richest person in the world. According to Forbes, his net worth is now at an estimated $85 billion, after Inditex, parent company to popular fashion chain, Zara, rose 1 percent.

Related: Apple’s iPhone Turns 10!

gettyimages 824252358 1 1 Bill Gates Is No Longer the Richest Person in the World!

Credit: fotopress/Getty Images

Ortega leads the Microsoft-founder and long-time front runner by a modest $200 million.

Though Gates’ second place title is in part because he gave away $4.6 billion worth of Microsoft stock to his foundation, The Bill and Melinda Gates Foundation.

Amazon founder Jeff Bezos is the third richest person, with an estimated net worth of $81.4 billion.

-Kayla Jardine

More From CBS New York

CELEBRATING 50 YEARS
Get Our Morning Briefs
Bloomberg WCBS Tri-State Business Index

Watch & Listen LIVE