How Amazon creator Jeff Bezos became the third richest person in the world
A staggering rebound in Amazon’s profits and share value has made its founder, Jeff Bezos, the third-richest person on the planet, according to the business magazine Forbes.
The publication, which each year publishes a list of the world’s richest, puts Bezos’ net worth at $65. 300 million.
Much of the businessman’s wealth is tied to Amazon, where he owns 18% of the shares.
And his rise in the ranking of the most millionaires on the planet is due to the fact that Amazon’s earnings in recent months have exceeded all expectations of economic analysts.
Amazon earned more than $30 in revenue. 400 million in the second quarter, a spectacular increase of 31% compared to the same period last year. What Is Amazon’s Net Worth? & How Did It Come To Be?
The e-commerce giant’s profit climbed to $857 million in the second quarter, compared with $92 million in 2015.
According to Forbes, Bezos’s fortune is second only to Microsoft founder Bill Gates, who is worth an estimated $78 billion, and Zara founder Amancio Ortega , who is worth $73.1 billion.
Until his luck changed last year, the company founded by Bezos in Seattle as an online bookselling company was known for reporting almost no earnings. However, since then it has not stopped growing.
For example, since February of this year, its shares have risen 50%, thanks to services such as Prime ( Premium in Spanish), which offer additional benefits to their customers, such as unlimited free shipping for an annual payment.
This service has had spectacular international growth. Amazon announced in June the expansion of this service in India, where it expects to benefit from a vast consumer market.
The company has also upgraded its Prime service with better video service, an area in which it competes with Netflix.
Prime Day, an exclusive global shopping event for Amazon Prime customers that took place on July 12, was the biggest sales day in the company’s history.
Although Amazon does not disclose data about its Prime service, the investment analysis company Consumer Intelligence Research Partners estimates the income generated by this service at about 63 million. Prime members spend an average of $1. 200 a year, compared to $500 for non-members.
Amazon’s earnings from its cloud services also grew dramatically, by 58.2%, to $289 billion, also beating analysts’ expectations.
Sales in this area were up 10% in North America and 8% in the rest of the world.
Amazon has increased its share of the cloud services market relative to rivals such as Microsoft and Google
It has also tried to expand its presence in other sectors and has launched an online grocery store in the United Kingdom.
Earlier this month, it also announced an agreement with US bank Wells Fargo to offer discounts on student loans to customers of its