Amazon CEO Jeff Bezos saw his net assets of more than $ 202 billion according to the Bloomberg Billionaires Index on Wednesday, making him the first person to cross the $ 200 billion threshold. He is now $ 78 billion richer than Microsoft co-founder Bill Gates, who is second.
The personal wealth of the Amazon founder, which is mostly in Amazon stock, has skyrocketed in recent years with the company’s share price. Bezos became the richest man in the world in recent history in 2018, when his personal wealth exceeded $ 150 billion. He first became the richest man in the world in 2017.
Amazon shares hit record highs in April because of unprecedented demand from consumers, and the stock continued to rise, adding hundreds of billions to its market value and giving investors more than 86% gains so far this year. As of Wednesday, the company is worth more than $ 1.7 trillion, the second most valuable company in the US, surpassing only Apple.
The coronovirus epidemic has helped fuel that growth, as consumers turned to online retailers for necessities such as face masks and hand sanitizers, as well as ordering groceries. This surge in demand was on the back of Amazon’s second-quarter results, when revenues exceeded $ 88.9 billion and reported better-than-expected profits despite spending billions of dollars on coronovirus-related investments.
It is likely that Bezos’ total wealth will hit the milestone of $ 200 billion soon, if not for his divorce from McKenzie Scott (who recently changed his last name) last year. Scott, now ranked 13th in the Billionaires Index, became one of the wealthiest women in the world after her divorce when she got a 4% stake in Amazon, which gave her a fortune of $ 37 billion. His personal wealth now stands at over $ 66 billion as of Wednesday.