Spanish clothing billionaire Amancio Ortega is buying a five-star hotel in central Paris from the seller Derby Hotels for 97 million euros, equivalent to just over a billion kronor. It will be his second property acquisition in Paris in the past year, several media outlets reported on Friday. 

Amancio Ortega is the founder of Inditex, which owns the clothing chain Zara, among other things. Like the Persson family, who founded H&M, Ortega has also built up a large real estate holding.

89-year-old Amancio Ortega's fortune is estimated at $124 billion, placing him in ninth place on the Forbes billionaires list. This is significantly higher than 77-year-old Stefan Persson, whose fortune of $18.6 billion is only enough for a 108th place on the list. 

Source: FinWire-DI.SE