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Jeff Bezos Is Now Worth $200 billion, $90 Billion More Than Bill Gates

Mayukh Bari27 August 2020 9:11AM IST
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Amazon CEO Jeff Bezos is now worth more than $200 billion which makes him worth almost $90 billion more than the second-richest person in the world: Microsoft cofounder Bill Gates.

Jeff Bezos, the CEO of Amazon and richest person in the world, now has a fortune that exceeds $200 billion. Forbes estimated that Bezos was worth $204.6 billion when the markets closed Wednesday. Bloomberg estimated his wealth around $202 billion.

Microsoft cofounder Bill Gates, the second-richest person in the world with a net worth of $116.1 billion, now trails Bezos by a distant $88.5 billion. According to Forbes, Bill Gates' $100 billion fortune at the height of the dot-com boom in 1999 would still be worth $158 billion in today's dollars when adjusted for inflation.

Most of Bezos' wealth comes from his stock in Amazon, in which he has an 11% stake. Last quarter, Amazon reported $5.2 billion in net profit. He also owns The Washington Post and the space exploration company Blue Origin, which competes with the likes of Elon Musk's SpaceX.

Bezos' fortune is also the equivalent of 1% of US gross domestic product, which sat at $21.6 trillion in the first quarter of 2020 but dropped to $19.4 trillion last quarter, according to the Department of Commerce. By comparison, US household wealth during the first quarter plummeted by 5.6%, the largest drop since the 1950s.

Wealth and income inequality in the US had already hit record highs even before the pandemic. And during the pandemic The 1% of the America's richests were able to increase their wealth to 29.3% from 27.8%.

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