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.

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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.

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-Kayla Jardine