Jeff Bezos, the richest person in the world, added a whopping $13 billion to his net worth on Monday, July 20, alone.
The Amazon mogul broke the record of the highest anyone has ever earned in a single day, since Bloomberg’s Billionaires Index began in 2012.
Now, the CEO is said to be worth an eye-watering $189.3 billion, gaining an impressive $74 billion in 2020, despite the US economy dramatically shrinking as a result of the current health crisis.
Amazon, which has been described as ‘one of the most valuable, powerful companies on the planet,’ was founded by Bezos in 1995, and has gone from strength to strength ever since, sitting far ahead of anyone else on Bloomberg’s index.
Bezos is expected to become the world’s first trillionaire by 2026, Business Insider reports.
Despite his rapid growth in wealth, the 56-year-old recently lost $8 billion in just two days – something which would be entirely devastating for the vast majority of the population.
But, as with the financial uncertainty that has come with the pandemic, gargantuan sums of money are regularly being lost and found again, among the circles of the wealthiest elite.
According to Forbes, Bezos’s wealth nosedived by 4.4% between July 10 and 14, equating to an $8 billion drop in his fortune. Investors say they’re ‘mostly chalking it up to portfolio rebalancing, or momentum stocks retreating a bit after a strong run’.
It’s unsurprising Amazon is doing well, with millions of shoppers forced to remain behind closed doors and opt for online ordering instead of hitting the high street.
In fact, Bezos’ stock price has soared by an incredible 69% since March 18, with its market cap reaching a record $1.5 trillion.
He owns 11% of Amazon’s stocks, which has allowed his fortune to rise so dramatically, even after handing $36 billion in stock to ex-wife Mackenzie Bezos as part of a divorce settlement last year.
And, Bezos isn’t alone in seeing his cashflow grow during the health crisis. New statistics from Americans for Tax Fairness and the Institute for Policy Studies found that more than 600 American billionaires have had their wealth grow by an average of $42 billion during each week of the pandemic, between March 18 and July 16, totalling more than $700 billion.
It’s a tale as old as time. Millions of people have been badly hit by circumstances out of their hands, and will spend the next few years drastically trying to recover what they have left, while the rich continue to get richer.
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Topics: News, Amazon, Billionaire, Bloomberg Billionaires Index, Jeff Bezos, Now