Published: Wed, July 18, 2018
Finance | By Loren Pratt

As Amazon Marks "Prime Day" With Price Cuts, Jeff Bezos's Wealth Soars

As Amazon Marks

As Amazon marked its "Prime Day" with price cuts across a range of products, founder and chief executive Jeff Bezos saw his net worth hit new peaks, increasing his lead over fellow billionaires.

His net worth has soared by US$52 billion this year, which is more than the entire fortune of Alibaba Group Holding Ltd Chairman Jack Ma, Asia's wealthiest person.

At present, Gates is the second-richest man after Bezos with a personal wealth of $95.3 billion.

Mr Bezos, 54, was worth about £115 billion yesterday, according to the Bloomberg billionaires index.

Then Mr Gates was worth $100b - which would be around $149b today, when adjusted for inflation.

Waren Buffet, CEO of Berkshire Hathaway, came in third in the list with a net worth of KSh 8.3 trillion, fourth was Amancio Ortega at KSh 7.5 trillion and in the fifth place was Bernard Arnault with KSh 7.4 trillion.

Amazon founder Jeff Bezo's shoots becomes World's richest man in list dominated by Americans

Amazon shares fell later in the day, as news broke of website outages in the middle of Amazon's Prime Day promotion, but recovered again on Tuesday, up 1.3 per cent from Monday's close.

Currently, Gates who is Technology giant Microsoft co-founder is worth KSh 9 trillion, having given out Microsoft shares worth KSh 291 billion since 1996. The stock slipped below US$1,800 in extended trading after Netflix Inc posted disappointing results, rattling tech investors.

A Federal Reserve report stated that America's top 1 percent controlled 38.6 percent of wealth in the country in 2016, as opposed to the 22.8 percent held by the bottom 90 percent.

As it is, Gates has a net worth of a measly $93 billion (£70.8bn) - barely worth getting out of bed for, I'm sure you'll agree.

He gave the cash and assets to the Bill and Melinda Gates Foundation, Bloomberg reported. He's donated nearly 700 million Microsoft shares and $2.9 billion of cash and other assets since 1996, according to an analysis of his publicly disclosed giving.

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