For four years now, schoolchildren across the world have learned one important thing about the richest people in the world; that Microsoft’s Bill Gates is at the top of the food chain. Now, it looks like a few general knowledge books are going to need correction, India times reports.
Amazon founder and CEO Jeff Bezos has just toppled Gates to become the richest man in the world, after his company’s stock price rose 1.8 percent to $1,071. Gates has held the throne since May 2013, but is now in second place with a net worth of $90.7 billion, just short of Bezos’ $90.9 billion, according to Bloomberg’s Billionaires Index.
In a Bloomberg report, financial analyst Michael Pachter indicated the rise in share price might be because of the increasing number of customers signing up for Amazon Prime. He says people that who get the $99 yearly membership end up shopping 10 percent less in retail stores. According to Pachter, that trend is only expected to grow even more as Amazon’s offerings become more diverse with time.
It’s quite a jump for Bezos. Last July, Jeff Bezos ranked 3rd richest In the world with a personal wealth of $65.3 billion, when Bill Gates was at the No. 1 spot, sitting pretty with a net worth of $77.7 billion. Then earlier this year in March, Jeff Bezos climbed up to the 2nd richest person in the world spot with a net worth of $75.6 billion, while Bill Gates’ valuation stood somewhere around the $86 billion mark.