Amazon Founder Jeff Bezos

Jeff Bezos beats out Bill Gates to become world’s richest person

After shares of Amazon jumped up by 1.6 per cent on Thursday, its founder Jeff Bezos surpassed Bill Gates to become the richest person of the world on that day. According the Forbes, Bezos’ wealth is approximately Rs. 5,81,334.91 crores ($90.6 billion) whereas Bill Gates’ total wealth is Rs. 5,77,485 crore ($90 billion).

However, Jeff Bezos’ achievement of grabbing the position of the richest man in the world was short-lived as the shares cooled slightly by the end of the day and Gates continues to be the richest person of the world.

Jeff Bezos, Chairman, chief executive officer and founder of Amazon, one of the largest e-commerce companies of the world, therefore, topped the list of world’s richest people for less than a day.

53-year old Bezos founded Amazon back in 1994 and its shares have increased by 40 per cent since then. Considering that Bezos owns 17 per cent of the total shares of Amazon, his net worth owing to a rise in the value of these shares has increased by a whopping Rs. 1,53,996 crore ($24 billion) by 2017.

Bill-GatesBill Gates joined the Forbes’ ranking of the world’s richest people in 1986 whereas, Bezos made his debut relatively late, in 1998. On the Forbes’ 2017 list of the World’s Billionaires published in March 2017, Bezos ranked third, while Bill Gates was on the top of the list. Between the two is 86-year old Warren Buffet, the chairman of Berkshire Hathaway.

Amazon’s market cap currently sits at $513 billion. Bezos own about 17 percent of the company. In addition to running Amazon, Bezos also owns the Washington Post and is starting a rocket company called Blue Origins.

In times to come, the tussle between Bezos and Gates for the top position in Forbes’ list of richest people could continue as the prices of Amazon shares keep fluctuating.