Warren Buffett, Berkshire Hathaway’s founder, is no longer the third-richest man in the world. The Forbes 31st Annual World’s Billionaires indicates that the notoriously frugal, media-shy CEO has been overtaken by Amazon.com, Inc. (NASDAQ:AMZN)’s CEO Jeff Bezos. The increase of his fortune by $27.6 billion gave him a total net worth of $72.8 billion.
Bezos’s new net worth puts him behind Microsoft co-founder Bill Gates who has been the world’s richest person for four years as a result of his $86 billion net worth. Spanish clothing retailer Amancio Ortega who also goes by the name Zara fashion chain was pushed to 4 with even with an increase of net worth to $71.3 billion.
No billionaire has had a better year than Amazon CEO Jeff Bezos
The Amazon mogul has been having a ride in the park throughout the year. His net worth was higher than the total net worth of all the 24 richest billionaires. Bezos began pulling strides of success last year when he cracked the ranks of being in the list of the top 10 richest billionaires in the world. He clinched position five for the first time on the Forbes 2016 World’s Billionaires List.
This was a shocker to many given that a decade ago, his net worth stood at $4.4 billion. Bezos’ new achievement has been accelerated by his stock ownership in Amazon, which is close to 17%. The online retailer has apparently become one of the most valuable companies in the US. Bezos cites that it is the fastest company of.
Nonetheless, it was a good year overall for the world’s billionaires
Despite the change in positions for each of them, every listed billionaire had some growth to show. Records have it that 56% of the world’s billionaires got richer in the past year unlike in the 2016 year which had only 28%.
Assistant managing editors of wealth at Forbes Media, Luisa Kroll, and Kerry Dolan notes, “Booming stock markets, higher commodities prices, and plain old-fashioned entrepreneurship helped make this a record year in terms of wealth creation around the globe.”
Meanwhile, Amazon’s stock closed at $847.38 a fall of $0.68 or 0.08%.