Spanish retail magnate Amancio Ortega has overtaken U.S. investor Warren Buffett to occupy third place on the Bloomberg Markets' list of the wealthiest 200 people on the planet.

The fortune of the founder of Inditex SA, the world's biggest clothing retailer, stands at $53.6 billion, while the Oracle of Omaha has $48.4 billion.

Ortega, 76, has had an income this year of $66 million a day, so that from January to October his fortune has increased by $18 billion.

"Ortega's ascent coincides with an overall rise in retail stocks. Low cotton costs, cheap credit and demand for reasonably priced goods have driven shares of Wal-Mart Stores Inc. and Inditex to records," Bloomberg Markets said.

The Spanish businessman's fortune is surpassed only by those of Microsoft founder Bill Gates with $64.4 billion, and by Mexican telecoms mogul Carlos Slim, with $77.5 billion.

The other Latin Americans who appear among the first 100 places on the list are the Brazilians Jorge Paulo Lemann in 37th place, and Dirce Navarro de Camargo, 64th, the Colombians Luis Carlos Sarmiento, 45th, and Alejandro Santo Domingo, 79th, along with the Mexicans Alberto Bailleres Gonzalez, 34th, Ricardo Salinas, 80th, and Sara Mota de Larrea, 87th.

Altogether the total wealth of the 200 magnates in the ranking tops $2.7 trillion. EFE