Richest Person in The World
Jeff Bezos is the richest person in the world in 2020 with a net worth of $131 Billion
He is best known as the founder, chief executive officer, and president of Amazon.
In September 2018, Forbes described him as “far richer than anyone else on the planet” as he added $1.8 billion to his net worth when Amazon became the second company in history to reach a market cap of $1 trillion.
He founded the online retailer Amazon in late 1994 on a cross-country road trip from New York City to Seattle.
The company began as an online bookstore and has since expanded to a wide variety of other e-commerce products and services, including video and audio streaming, cloud computing, and artificial intelligence.
It is currently the world’s largest online sales company, the largest internet company by revenue, as well as the world’s largest provider of AI assistance and cloud infrastructure services through its Amazon Web Services arm.
A Blue Origin test flight successfully first reached space in 2015, and the company has upcoming plans to begin commercial suborbital human spaceflight.
Bezos was born Jeffrey Preston Jorgensen on January 12, 1964, in Albuquerque, the son of Jacklyn (Gise) Jorgensen and Ted Jorgensen.
At the time of his birth, his mother was a 17-year-old high school student, and his father was a bike shop owner.
After Jacklyn divorced Ted, she married Cuban immigrant Miguel “Mike” Bezos in April 1968.
Shortly after the wedding, Mike adopted four-year-old Jorgensen, whose surname was then changed to Bezos.
Bezos attended River Oaks Elementary School in Houston from fourth to sixth grade.
In late 1993, Bezos decided to establish an online bookstore. He left his job at D. E. Shaw and founded Amazon in his garage on July 5, 1994, after writing its business plan on a cross-country drive from New York City to Seattle.
Bezos initially named his new company Cadabra but later changed the name to Amazon after the Amazon River in South America, in part because the name begins with the letter A, which is at the beginning of the alphabet.
He accepted an estimated $300,000 from his parents and invested in Amazon.
He warned many early investors that there was a 70% chance that Amazon would fail or go bankrupt.
Although Amazon was originally an online bookstore, Bezos had always planned to expand to other products.
Three years after Bezos founded Amazon, he took it public with an initial public offering (IPO).
In 1998, Bezos diversified into the online sale of music and video, and by the end of the year he had expanded the company’s products to include a variety of other consumer goods.
Bezos used the $54 million raised during the company’s 1997 equity offering to finance aggressive acquisition of smaller competitors.
In May 2016, Bezos sold slightly more than one million shares of his holdings in the company for $671 million, the largest sum he had ever raised from selling some of his Amazon stock.
On August 4, 2016, Bezos sold another million of his shares for $756.7 million.
A year later, Bezos took on 130,000 new employees when he ramped up hiring at company distribution centers.
By January 19, 2018, his Amazon stock holdings had appreciated to slightly over $109 billion
His wealth surpassed $100 billion for the first time on November 24, 2017, and he was formally designated the wealthiest person in the world by Forbes on March 6, 2018, with a net worth of $112 billion.
Richest Person in The World
Bezos first became a millionaire in 1997 after raising $54 million through Amazon’s initial public offering (IPO).
His net worth decreased to $6.1 billion a year later, a 40.5% drop. His wealth plummeted even more the following year, dropping 66.6% to $2.0 billion.
He lost $500 million the following year, which brought his net worth down to $1.5 billion.
The following year, his net worth increased by 104% to $2.5 billion. From 2005 to 2007, he quadrupled his net worth to $8.7 billion.
After the financial crisis and succeeding economic recession, his net worth would erode to $6.8 billion—a 17.7% drop. His wealth rose by 85.2% in 2010, leaving him with $12.6 billion. This percentage increase ascended him to the 43rd spot on the ranking from 68th.
Jeff Bezos is the richest person in the world.
He is also the first person to cross the 100 billion dollar net worth mark
Jeff Bezos started Amazon in his garge