Ralph Lauren was born in a Jewish family in the Bronx. He was so enamoured of fashion that even as a schoolboy he would work after school to make money to buy suits.

He went to the City College of New York to study business but soon dropped out. He joined the army for a while and then began to work for Brooks Brothers as a salesman.

He started a necktie business under the label 'Polo' in 1967, and then went on to build a global reputation for himself as a fashion designer and a formidable businessman.

His net worth is estimated to be around $3.8 billion.

Image: Ralph Lauren, chairman and CEO of Polo Ralph Lauren Corporation at the RLC Center on May 13, 2008 in New York City. | Photograph: Will Ragozzino/Getty Images