- In 2017, Jeff Bezos surpassed Bill Gates to become the richest person in the world.
- Bezos has been notable for his lack of charitable giving compared with his billionaire peers.
- But the Amazon CEO recently donated $10 million to a veteran super PAC.
Jeff Bezos is on a new level.
In 2017, Amazon CEO Jeff Bezos surpassed Bill Gates to become the richest person in the world. The business icon’s latest net worth was revealed in July 2018, and he’s well surpassed the Microsoft mogul again, according to Forbes.
Click to see how Bezos’ ideas changed the way you live, and how he made an absolute fortune in the process.
Jeff Bezos: Net Worth — $167 Billion
Bezos’ net worth was $90.6 billion when the markets opened on October 27, 2017, compared with Bill Gates’ $90.1 billion net worth at the time, according to Forbes. An impressive 59 percent rise in the stock price of Amazon from July 2017 to July 2018 pushed Bezos to new heights, however.
As of the publishing of this article, his net worth is $167 billion, according to Forbes. No, that’s not a typo. That number puts Bezos in the No. 1 spot on the Bloomberg Billionaires Index — and about $70 billion ahead of No. 2 billionaire Bill Gates.
Noted to be America’s only centi-billionaire (someone with a net worth over $100 billion), Bezos’ bank account has truly reached eye-opening levels.
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Jeff Bezos: Charitable Giving
In September 2018, Bezos donated $10 million to a political action committee whose mission is to increase the number of veterans in politics. With Honor, a nonpartisan super PAC, is dedicated to “electing next-generation veterans to create a more effective and less polarized government,” according to its website.
Despite his multibillionaire status, Bezos has not been known for his philanthropy. Unlike Bill Gates and Warren Buffett, Bezos has not committed to donating the lion’s share of his wealth.
It appears that Bezos has been looking for worthy candidates for his philanthropy, however. On June 15, 2017, Bezos tweeted out a request. “This tweet is a request for ideas. I’m thinking about a philanthropy strategy that is the opposite of how I mostly spend my time — working on the long term,” the long tweet began. The tweet got 48,000 comments, many of which were requests for funding.
With Honor aims to help elect at least 20 American military veterans in November, and 100 or more candidates in 2020. The organization’s long-term goal is that by 2030 and beyond, “principled veterans represent a significant percentage of elected positions and American government is less polarized and more effective.”
Jeff Bezos: Entrepreneur
Started in July 1995, Amazon offers a slew of products and services to customers around the globe, which helped it become the fastest company ever to reach $100 billion in annual sales — a feat achieved in 2015.
Amazon issued an IPO in May 1997, but the man behind the online retail giant still retains 17 percent ownership in the company. Amazon is Bezos’ main focus, but the consumer-friendly company is not his only business venture.
In 2013, Bezos became one of the largest players in the news industry after he purchased The Washington Post for $250 million. The billionaire entrepreneur also founded the rocket company Blue Origin, which is developing reusable rockets to shuttle passengers to and from space.
In March 2017, Bezos purchased Dubai-based online retailer Souq.com. The final purchase price was not revealed. However, Dubai’s state-backed Emaar Malls PJSC announced it made an $800-million bid for Souq.com just before Amazon closed its deal, according to an AP report.
Jeff Bezos: Real Estate Ventures
In 2016, Bezos spent $23 million to purchase the 27,000-square-foot former Textile Museum in Kalorama, a swanky Washington, D.C., neighborhood. The property consists of two historic mansions that are on the National Register of Historic Places. Despite the major investment, the primary Bezos family residence will remain in Seattle.
Located in the suburb of Medina, Wash., the main Bezos residence is a 29,000-square-foot compound not far from Amazon’s headquarters. Originally a 13,000-square-foot home, Bezos’ 5.35-acre waterfront property underwent a $28 million renovation to transform it into a sprawling oasis, according to Forbes.
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Jeff Bezos: Toys
Immediately after becoming rich, Bezos didn’t head straight to the car dealership. Despite owning roughly $10 billion in Amazon stock in 1999, Bezos was reported by CNBC to still be driving a Honda Accord. That said, Bezos isn’t always a rich person that lives like an average joe.
Along with his impressive real estate portfolio, Bezos has amassed a fleet of private jets — including a Gulfstream and a Dassault Falcon-900EX — for his personal travel needs. His limited liability company, Poplar Glen, paid $5.5 million for a hangar at Seattle’s Boeing Field to store his jets in 2015.
Check out what strategies Jeff Bezos used to become this rich.
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