Money

Amancio Ortega, Zara Founder, Becomes World's Third-Richest Person, Overtaking Warren Buffett

FILE - In this Nov. 21, 2011 file photo, U.S. billionaire investor Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks during a news conference in Iwaki city. Japan. Buffett wants Berkshire Hathaway shareholders to know that the company has someone in mind to replace him eventually, but he's emphasizing that he has no plans to leave. Buffett offered a couple new details about Berkshire's succession planning in his annual shareholder letter Saturday, Feb. 25, 2012. Investors have long worried about who will replace Berkshire's 81-year-old CEO. (AP Photo/Shuji Kajiyama, File)
FILE - In this Nov. 21, 2011 file photo, U.S. billionaire investor Warren Buffett, chairman and CEO of Berkshire Hathaway, speaks during a news conference in Iwaki city. Japan. Buffett wants Berkshire Hathaway shareholders to know that the company has someone in mind to replace him eventually, but he's emphasizing that he has no plans to leave. Buffett offered a couple new details about Berkshire's succession planning in his annual shareholder letter Saturday, Feb. 25, 2012. Investors have long worried about who will replace Berkshire's 81-year-old CEO. (AP Photo/Shuji Kajiyama, File)

Warren Buffett no longer is the third-richest person in the world.

Amancio Ortega, the founder of both Zara and Inditex, which owns the Spanish retailer, overtook Buffett as the third-richest person in the world on Tuesday, according to Bloomberg.

On Tuesday, Ortega's net worth rose to $47.4 billion, according to the Bloomberg Billionaires Index, thanks to Inditex's stock price closing at a record high.

But don't feel bad for Buffett. He still is worth $45.4 billion, according to the Bloomberg Billionaires Index: roughly 567,000 times more than the median American household is worth.

Check out the 10 richest people in the world, according to the Bloomberg Billionaires Index:

The 10 Richest People In The World