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Amazon CEO Jeff Bezos surpasses Bill Gates as the richest man in the world

RIL Chairman Mukesh Ambani stands at the 21st position.

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With a net worth of $90.6 billion, Jeff Bezos is now the world’s richest man, surpassing Bill Gates whose wealth estimates at $90.1 billion, according to a real-time list of billionaires by Forbes. This sudden jump up the ladder for Bezos can be attributed to a one percent pop in the shares of Amazon.com, which was enough to win him the mantle of the richest man.

Over last one year, Bezos has added tens of billions of dollars in wealth as Amazon shares surged more than 40 percent during that time period. Amazon shares traded at about $1,063 today, ahead of the release of the company’s latest earnings report.

The New York Times reported a filing with securities regulators published in April, according to which Bezos holds nearly 81 million shares of Amazon, which is a total of almost 17 percent of the company. Further, Forbes also estimates the value of his other investments, including his ownership of The Washington Post and the rocket company Blue Origin, in addition to cash from the sale of securities as part of its wealth calculations. Bezos has said he sells about $1 billion a year worth of Amazon stock to finance Blue Origin. ALSO READ: Microsoft founder Bill Gates to be world’s first trillionaire in next 25 years: Study

As for Bill Gates, he now stands at the second position in the queue to the richie rich land. Most of Gates’s wealth originates from Microsoft, which has seen its stock rise to new highs lately. A Microsoft filing from last October said he held nearly 191 million shares of Microsoft, which is about 2.46 percent of its stock, that are currently worth about $14.1 billion. Gates has been at the top of the Forbes list of billionaires for 18 out of the last 23 years. ALSO READ: We didn’t give our kids cellphones until they were 14: Bill Gates

Also, in the real-time list of billionaires by Forbes, Reliance Industries Limited Chairman Mukesh Ambani has jumped up a few seats, ranking 21st on the list, with an estimated wealth of $34.9 billion. Last year, Forbes’ annual ranking of billionaires listed him on the 36th position. ALSO READ: Mukesh Ambani leads Forbes list of ‘Global Game Changers’

  • Published Date: July 27, 2017 8:59 PM IST