There is a new name at the top of the world wealth league . The founder of Amazon has overtaken Microsoft’s Bill Gates to claim the title of world’s richest person.

Jeff Bezos leapfrogged Gates, who has been the richest man on the planet since 2013, after a rise in the share price of Amazon ahead of its latest results due later on Thursday.

Shares of the online retailer 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. If that holds through the 4 p.m. close, Bezos, 53, will leapfrog Gates, the Microsoft Corp. co-founder, on the Bloomberg Billionaires Index. Gates, 61, has held the top spot since May 2013.

Source: USA TODAY

 

 

Bezos owns about 81 million shares of Amazon stock, or about 17 percent, The New York Times reported. Behind his incremental wealth is Amazon’s rising stock, which Bloomberg reports has gone up 40 percent since the beginning of 2017.

To get an sense of how fast Bezos’ worth has risen, consider his net worth just a month ago when Amazon bought produce retailer Whole Foods for $13.7 billion. The move added $1.8 billion to Bezos’ net worth, increasing it to $84.6 billion in June, Business Insider reported.

Bezos has a huge business portfolio, as CNN has noted. He founded Blue Origin, a private space flight company in 2006. He bought The Washington Post in 2013. He has also been an early investor in such companies as Uber, Airbnb and Twitter.

 

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