Date
27 March 2017
Jeff Bezos is on the crest of an Amazon rally that has made him US$29.6 billion richer this year. Photo: AP
Jeff Bezos is on the crest of an Amazon rally that has made him US$29.6 billion richer this year. Photo: AP

Jeff Bezos now the world’s fourth richest person

Amazon founder Jeff Bezos has leapfrogged Carlos Slim to become the world’s fourth richest person thanks to a 113 percent rally in the world’s biggest e-commerce stock.

Bezos, 51, overtook the Mexican telecommunications tycoon after Amazon rose US$4.19 in New York on Tuesday.

Bezos commands a fortune of US$58.2 billion, according to the Bloomberg Billionaires Index.

Slim, who was the world’s richest person as recently as May 2013, slid to fifth with US$57.2 billion.

He lost US$15.4 billion in 2015, more than any other billionaire on the index.

Bezos has increased his fortune 103.5 percent in 2015 as investors have cheered profits at Amazon and growth in its cloud storage business.

His US$29.6 billion gain this year is the biggest of any billionaire on the Bloomberg index, a daily ranking of the world’s 400 richest people.

The second largest gain belongs to Spain’s Amancio Ortega, founder of Inditex S.A., the world’s largest clothing retailer, who has risen US$12.7 billion, up 21 percent.

US investor Warren Buffett is the world’s third richest person with a net worth of US$63.2 billion behind Ortega with US$73.7 billion.

Microsoft Corp. founder Bill Gates remains the world’s richest, with a net worth of US$85 billion.

Last month, Bezos surpassed brothers Charles and David Koch to become the the third richest in the US.

The brothers each have fortunes valued at US$52 billion.

Together they control 84 percent of Koch Industries, the closely held conglomerate that owns Georgia-Pacific paper among dozens of other businesses.

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