Pandemic profiteer: Jeff Bezos’ fortune skyrockets to almost $200 BILLION
Aug 28 2020
Gates was the first person in the world to ever cross the $100 billion in 1999 when Microsoft reached its then-peak.
Bezos has more wealth than anyone else has ever had, even when adjusted for inflation, Forbes reported.
The gains by Bezos, 56, and Musk represent just the latest high water mark for wealth accumulation in a topsy-turvy year defined by both surging markets and catastrophic human and economic loss.
With Amazon's share price climbing another 2.3% Wednesday to $3,423 per share, Bezos' net worth soared past the $200 billion benchmark.
According to the Bloomberg Billionaires Index, Bezos' net worth now stands at $202 billion after an increase of $5.22 billion in a single day.
Since the beginning of 2020, Amazon stock is up almost 80 per cent, said the Forbes report, adding that Bezos' net worth on January 1 was roughly $115 billion.
Note that Bezos owns roughly 11% stake in Amazon which makes up more than 90% of his net worth, while his stakes in the Washington Post, aerospace company Blue Origin, and other private investments make up the rest.
This year has been a good one for Musk as his fortune rose by a whopping $57.2 billion, making it the second-biggest increase after Amazon founder, Jeff Bezos, who gathered a wealth of $73 billion in 2020 alone. That stake is now worth $63 billion. Earlier this year, MacKenzie gave over $1 billion to charity, but she's still considered to be the 14th richest person in the world.
Forbes said that as of 1:50 p.m. EDT on Wednesday (1:50 a.m. Manila, Thursday) Bezos was worth $204.6 billion.
Even with the settlement, Jeff remained the richest individual in the world.
The surge in wealth is especially concentrated in the upper ranks of the billionaires index and has been fueled largely by tech stocks, which have been on a tear as the pandemic drives more people online.