Jeff Bezos' net worth soars days after launch of Amazon Go

NZ Herald

25 Jan, 2018 09:21 PM2 mins to read

Amazon founder and CEO Jeff Bezos. Photo / AP

The world's wealthiest man just got another couple billion dollars richer.

Jeff Bezos, the founder and CEO of Amazon, saw his fortune rise US$2.8 billion ($3.8b) on Wednesday after the stock of his e-commerce giant climbed 2.5 per cent following the launch of Amazon Go this week, according to Forbes.

According to Forbes' calculations, Bezos now boasts a net worth of US$113.5b.

Bezos has a significant lead over the world's second and third richest men, Bill Gates and Warren Buffett, who have net worths of US$92.5b and US$92.3b, respectively.

The much anticipated Amazon Go store garnered plenty of buzz around the industry when it finally opened on Monday (US time) in its hometown of Seattle, Washington.

The cashier-less store sells a limited selection of groceries, meal kits, and prepared foods.

Customers swipe into the store using the Amazon Go app, pick their items off the shelves, then walk out - without ever needing to wait for a cashier.

Cameras in the store keep track of shoppers' purchases, and the bill is charged to their Amazon accounts.

The majority of Bezos' wealth comes from his 16 per cent stake in Amazon. He also owns The Washington Post and is the founder of rocket startup Blue Origin.

According to Forbes, Bezos' 12-figure-fortune nominally makes him the wealthiest person since the business magazine started tracking fortunes in 1982.

However, he is not the richest ever man when inflation is factored in. Bill Gates was richer back in 1999, when he passed the US$100b mark - which is roughly US$150b in today's dollars.

Since then, the Microsoft founder has given away roughly US$36b of his wealth to charitable organisations, including his own, the Bill and Melinda Gates Foundation, run by he and his wife.