Jeff Bezos Becomes the Richest Man in Modern History

Jeff Bezos Becomes the Richest Man in Modern History

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 Microsoft.co-founder, Bill Gates, who is the world's second-richest person.

It's worth noting that Gates has given away such large chunks of his fortune that he would actually have around the same net worth as Bezos if he still owned all of those assets: billions of dollars and more than 700 Microsoft shares. Astute observers may remember that it was only some eight months ago in late November 2017 when Bezos' wealth broke the $100 billion mark, which is a nice little reminder that wealth inequality is skyrocketing.

And Bezos has moved into a wealth category all by himself, far ahead of Microsoft founder Bill Gates, worth an estimated $95 billion, according to the Bloomberg ranking.

Jeff Bezos, the Amazon founder and chief executive, is certainly having a happy Prime Day today.

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Bezos, 54, also has topped Gates in inflation-adjusted terms. His net worth hit $150 billion for the first time. The company's share price was $1,825.73 in late-morning trading in NY, extending its 2018 gain to 56% and giving Bezos a $150.8bn fortune. The stock slipped below US$1,800 in extended trading after Netflix Inc posted disappointing results, rattling tech investors. 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. "It's such a staggering number".

A Federal Reserve report found the top 1 per cent of US families controlled 38.6 per cent of wealth in the U.S.in 2016, compared with 22.8 per cent held by the bottom 90 per cent.

Bezos has added some $50 billion in net worth just since the start of the year. He's donated nearly 700 million Microsoft shares and $2.9 billion of cash and other assets since 1996, according to an analysis of his publicly disclosed giving.

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