Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / People/  Jeff Bezos’s wealth soars to $171.6 billion to top pre-divorce record
BackBack

Jeff Bezos’s wealth soars to $171.6 billion to top pre-divorce record

Amazon has been on a tear, with the pandemic accelerating the consumer shift to e-commerce from brick-and-mortar retail.
  • Jeff Bezos owns 11% of the stock, which comprises the bulk of his fortune
  • Jeff Bezos founder of Amazon and Blue Origin (REUTERS)Premium
    Jeff Bezos founder of Amazon and Blue Origin (REUTERS)

    Jeff Bezos’s net worth has smashed through its previous peak, even after he relinquished a quarter of his stake in Amazon.com Inc. as part of a divorce settlement last year.

    Shares of the Seattle-based retailer surged 4.4% to a record $2,878.70 Wednesday, boosting the founder’s world-leading fortune to $171.6 billion. That tops his previous high of $167.7 billion, set on Sept. 4, 2018, according to the Bloomberg Billionaires Index.

    His gains -- $56.7 billion this year alone -- underscore a widening wealth gap in the U.S. during the worst economic downturn since the Great Depression. Initial public offerings and buoyant equity markets have bolstered mega-fortunes, even as tens of millions of people have lost their jobs. This week, after receiving complaints about ending pandemic hazard pay, Amazon said it would spend about $500 million to give one-time $500 bonuses to most front-line workers.

    The company declined to comment on its founder’s wealth.

    Amazon has been on a tear, with the pandemic accelerating the consumer shift to e-commerce from brick-and-mortar retail. Bezos owns 11% of the stock, which comprises the bulk of his fortune.

    Most of those with the biggest wealth gains also hail from the tech sector. They include Tesla Inc. Chief Executive Officer Elon Musk, who added $25.8 billion to his fortune since Jan. 1, and Zoom Video Communications Inc. founder Eric Yuan, whose wealth has almost quadrupled to $13.1 billion.

    Mackenzie Bezos, who acquired a 4% stake in Amazon after the couple split, has a net worth of $56.9 billion and climbed to No. 12 in Bloomberg’s ranking. She recently leapfrogged Alice Walton and Julia Flesher Koch to become the world’s second-wealthiest woman, and now trails only L’Oreal heiress Francoise Bettencourt Meyers.

    Read more: ‘Godzilla’ Divorce Approaches With a $38 Billion Bezos Breakup

    Not every billionaire has come out ahead this year. Spain’s Amancio Ortega, the titan behind the Zara fast-fashion brand, has lost $19.2 billion, the most of anyone on the Bloomberg index. Berkshire Hathaway Inc. Chairman Warren Buffett has dropped $19 billion and French luxury-goods tycoon Bernard Arnault is down $17.6 billion.

    But most have weathered the downturn. The collective net worth of the world’s 500 richest people now stands at $5.93 trillion, compared with $5.91 trillion at the beginning of the year.


    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 02 Jul 2020, 05:15 AM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie