Amazon chief Jeff Bezos surpasses Bill Gates to become world's richest person

Amazon chief Jeff Bezos has overtaken Bill Gates as world's richest person

Amazon founder Jeff Bezos has surpassed Microsoft co-founder Bill Gates to become the world’s richest person with wealth of $90.6bn. The latest development comes after a 1.3 % rise in Amazon shares on Thursday which meant Bezos net worth exceeding the wealth of Gates by nearly 0.2 billion dollars. Shares of the e-commerce giant rose 1.3 percent to $1,065.92 at 10:10 a.m. in New York, giving Bezos a net worth of $90.9 billion, versus $90.7 billion for Gates. Bezos owns almost a fifth of the shares in Amazon, whose value has now exceeded $500bn.

Bezos eclipsed Gates after an increase of around $15 per Amazon share and Microsoft’s stock slipping slightly. And if Amazon’s stock price holds after the close of the bell then Bezos will remain top. Bezos has added tens of billions of dollars in wealth — at least on paper — over the last year as Amazon shares surged more than 40 percent during that time period. Mr. Gates has been at the top of the Forbes list of billionaires for 18 out of the last 23 years. At the close of markets on Wednesday, Bill Gates held a fortune of $90 billion, and Bezos was a close second with $89 billion.

Founded in 1994, Amazon has reshaped the world of retail in the US and in many other countries after originally launching as an internet book store. In recent years he has focussed on his Blue Origin space rocket business and the Washington Post, which he owns. Bezos is now the sixth man to hold the richest person title, after originally entering the billionaire list around 20 years ago.