On Thursday Jeff Bezos overtook Bill Gates to become the richest man in the world.
This was a result of a 1% increase in the shares of Amazon.com, the internet company Mr. Bezos founded. The 1% boost was enough to bump him over the wealth of Mr. Gates the philanthropist and Microsoft founder.
Mr. Gates has been at the top of Forbes list of billionaires for 18 out the last 23 years. Similarly most of Mr. Gates wealth comes from his Microsoft shares which have reached new high recently. A report from Microsoft’s filing showed he owns 191 million shares of Microsoft about 2.46 percent of its stock, which are worth around $14.1 billion.
Forbes also considered Mr. Gates’ Cascade Investments, which has stakes in private equity, real estate and public companies. They did not include any contributions Bill & Melinda Gates Foundation in their wealth calculations.
Forbes now estimates the wealth of Mr. Bezos, currently Amazon’s chief executive, at about $90.6 billion, compared with $90 billion for Mr. Gates. According to a filing with securities regulators in April, Mr. Bezos holds nearly 81 million shares of Amazon, roughly 17% of the company.
His wealth also comes from his ownership of The Washington Post and the rocket company Blue Origin — and cash from the sale of securities as part of its wealth calculations. Mr. Bezos says he sells about a billion a year’s worht of Amazon stocks to finance Blue Origin.