Tech

Jeff Bezos overtakes Bill Gates as the richest man in the world

Jeff Bezos overtakes Bill Gates as the richest man in the world

And as of Thursday morning, its founder Jeff Bezos has eclipsed Microsoft co-founder Bill Gates as the world's richest person. Pacher said that people shopping in retail stores dropped by 10 percent the USD 99 dollar a year Amazon Prime membership was started.

Bezos' wealth is primarily held in shares of Amazon, according to data from Bloomberg.

Bezos owns about 17 percent of Seattle-based Amazon, which has surged 40 percent this year through Wednesday, helping to add $24.5 billion to his net worth.

Think of "the richest man in the world" and your thoughts immediately turn to Bill Gates.

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At the time, he had a fortune of $72.8 billion.

Amazon is set to report earnings results this afternoon, after the closing bell. Bezos first appeared on the Forbes 400 in 1998, when he had a $1.6 billion fortune thanks to Amazon's IPO. In recent years he has focussed on his Blue Origin space rocket business and the Washington Post, which he owns. According to a report by Bloomberg, a hike in the share price of Amazon helped the CEO to climb the top position. Facebook CEO Mark Zuckerburg and Berkshire Hathaway Inc. chairman Warren Buffet are both vying for the position, but are almost $20 billion short, ranking in the fourth and fifth positions.

His new net worth makes him $500 million richer than Gates.