Amazon’s Jeff Bezos is world’s richest person in modern history

Darnell Taylor
July 18, 2018

According to Bloomberg Billionaires Index, the Amazon founder's net worth broke $150 billion in NY on Monday morning, which is about $55 billion more than the fortune of, Bill Gates, who is the world's second-richest person.

Ahead of the announcement of Amazon's quarterly results, a spike in the company's share price allowed Bezos to temporarily leapfrog Microsoft founder Bill Gates, who at the time was worth $89.7bn (£67bn).

Jeff Bezos' net worth has soared by $52 billion this year.

This places his worth higher than that of Microsoft co-founder Bill Gates, who has previously topped the rich lists - even at his peak in 1999.

Bezos crossed over the $150 billion net worth mark Monday as his shares were lifted in part because of Amazon Prime Day, which concluded Tuesday.

Rounding out the current top five richest people behind Bezos and Gates: Berkshire Hathaway CEO Warren Buffett ($83 billion), Facebook CEO Mark Zuckerberg ($83 billion), and Amancio Ortega ($75 billion), founder of retailing group Inditex.

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Adjusted for inflation, Mr Bezos's fortune is the largest known for a single person since Forbes magazine published its inaugural wealth ranking 36 years ago.

Shares of the company, which had climbed to a record $1,841.95 earlier Monday, pared gains on the news, closing up 0.5 percent at $1,822.49.

Of course, one does not become worth $150 billion by generating it out of thin air so much as taking it from others.

A Federal Reserve report stated that America's top 1 percent controlled 38.6 percent of wealth in the country in 2016, as opposed to the 22.8 percent held by the bottom 90 percent.

Amazon stock has skyrocketed more than 55 percent this year, which has added more than $50 billion to Bezos' net worth in less than seven months. He has donated nearly 700-million Microsoft shares and $2.9bn in cash and other assets since 1996.

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