Jeff Bezos Becomes the Richest Man in Modern History, Topping $150 Billion




Jeff Bezos Becomes the Richest Man in Modern History, Topping $150 Billion
Jeff Bezos Becomes the Richest Man in Modern History, Topping $150 Billion  

Jeff Bezos is the richest person in modern history.

The Amazon.com Inc. founder's net worth broke $150 billion in New York on Monday morning, according to the Bloomberg Billionaires Index. That's about $55 billion more than Microsoft Corp. co-founder Bill Gates, the world's second-richest person.

Bezos, 54, has now topped Gates in inflation-adjusted terms. The $100 billion mark that Gates hit briefly in 1999 at the height of the dot-com boom would be worth about $149 billion in today's dollars. That makes the Amazon chief executive officer richer than anyone else on earth since at least 1982, when Forbes published its inaugural wealth ranking.

Bezos crossed the threshold just as Amazon prepares to kick off its 36-hour summer sales event, Prime Day. The company's share price was $1,825.73 at 11:10 a.m. in New York, extending its 2018 gain to 56 percent and giving Bezos a $150.8 billion fortune.

His net worth has soared by $52 billion this year, which is more than the entire fortune of Mukesh Ambani, the newly crowned richest person in Asia. It also puts Bezos's personal fortune within spitting distance of the Walton family's $151.5 billion, which is the world's richest dynasty.

'Staggering Number'

"It's hard to even put it in perspective," said Michael Cole, CEO of Cresset Family Office. "It's such a staggering number."

A Federal Reserve report found the top 1 percent of U.S. families controlled 38.6 percent of wealth in the U.S. in 2016, compared with 22.8 percent held by the bottom 90 percent. Last year, Oxfam International found that more than 80 percent of earnings went to the top 1 percent of the world population.

Behind Bezos on the Bloomberg index is Gates, with a $95.5 billion fortune followed by Warren Buffett with $83 billion.

Gates would have had a net worth of more than $150 billion if he'd held onto assets that he's given away, largely to the Bill & Melinda Gates Foundation. He's donated almost 700 million Microsoft shares and $2.9 billion of cash and other assets since 1996, according to an analysis of his publicly disclosed giving.

Read Jeff Bezos Becomes the Richest Man in Modern History, Topping $150 Billion on bloomberg.com

COMMENTS

More Related News

At all-hands meeting Jeff Bezos tells employees he
At all-hands meeting Jeff Bezos tells employees he's 'very excited' about the auto industry

At an all-hands staff meeting in March, Bezos told employees that he's fascinated by the recent developments in the auto industry. Amazon's ownership stake in private companies shot up to almost $1.4 billion last quarter, marking the first time it crossed the $1 billion mark since disclosing that figure in 2015. At an all-hands staff meeting in March, Amazon AMZN CEO Jeff Bezos told employees that he's fascinated by the recent developments in the auto industry, adding that it was one of the main reasons why Amazon led a $700 million investment in electric vehicle start-up Rivian in February.

Billionaire
Billionaire's Pledge to Erase Students' Debt Sows Joy, Confusion

Billionaire Robert F. Smith stunned students at Morehouse College when he vowed to pay off the student loans of every member of the class of 2019. On behalf of the eight generations of my family that have been in this country, we're gonna put a little fuel in your bus," Smith, 56, founder of Vista Equity Partners, said Sunday during his commencement speech to the Atlanta college's graduating class. My family is going to create a grant to eliminate your student loans," Smith added, according to a Twitter post by Morehouse.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Economy

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.