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Jeff Bezos Still World's Richest Man With $203 Bn Even After Stepping Down as Amazon CEO

Jeff Bezos remains at the top of the Forbes Richest List

Jeff Bezos remains at the top of the Forbes Richest List

Stepping down as CEO at the age of 57 with a net worth of $203 billion, Jeff Bezos will be the richest person in the world as he moves away from Amazon.

Even after stepping down as the CEO of Amazon, Jeff Bezos remains at the top of the Forbes The World’s Real-Time Billionaires list, as he holds onto the number one position with an iron grip. With an estimated net worth of $203 billion according to Bloomberg Billionaire Index, Bezos’ fortune has skyrocketed since he first founded the company in 1994.

At 57-years-old, this industry tycoon is handing over his role to Andy Jassy, who is the CEO of the Amazon Web Services (AWS) wing of the company. As Bezos executes his last actions as the CEO, he will have plenty to look forward to in the way of personal projects and will still have a steady source of income as he sits on the sidelines. Going forward Bezos will be the executive chair of the company and will have the largest stake in Amazon as well. Since 2019 alone, the billionaire’s fortunes have increased by nearly 73 per cent in 2019 as per the USA today. This monetary increase comes despite him handing over a quarter of his company stock to Mackenzie Scott, his ex-wife, during their divorce.

Most of his net worth and fortune comes from Amazon, while the rest comes from his other businesses such as Blue Origins and the Washington Post media outlet. The median net worth of Americans according to Business Insider is $266,400 when they retire. This makes his fortune 739,489 times more than that of the average American when they retire.

His fortune saw a substantial increase in 2020. When the pandemic hit and most businesses were floundering, Amazon was thriving as e-commerce demand went through the roof. Thanks to the blossoming business boom, his net worth went up by $75 million in that year alone. He has faced a certain amount of criticism for this over the years. While his fortune grew, and many of his warehouse workers were living on food stamps, there was a public backlash against the business tycoon.

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He received a salary of $81,840 as the CEO of Amazon and additional compensations worth $1.6 million last year. His fortune even exceeds the national GDP of certain nations and even the entire British Monarchy, as per the Business Insider report. Fair to say Bezos does not live like the average American. One prime example is that he does not pay Income tax. According to USA Today, and data accessed from the Internal Revenue Service, in 2007, an already billionaire Bezos, was not paying any federal taxes. A few years later in 2011, he again paid no taxes and even received a $4,000 tax credit for his children.

His retirement from his leadership role at the forefront of the company marks a big change for the market landscape as Andy Jassy takes over.

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first published:July 06, 2021, 11:20 IST