Bezos leads world’s rich

AMAZON CEO’S WEALTH SOARS TO NEW HEIGHTS

Amazon CEO Jeff Bezos has become the first $100-billion mogul to top Forbes’ annual rankings of the world’s richest people. But President Donald Trump’s fortune sank during his first year in office despite a surging stock market.

The Bezos milestone, revealed in Tuesday’s release of Forbes’ closely watched list, underscores the growing clout of both Bezos and the company that he founded in 1994 as an online bookstore. Forbes’ breakdown provided further evidence that serving as president isn’t the most lucrative job, even when most of the rich are getting richer.

All told, the world now holds more than 2,200 billionaires with a combined fortune of $9.1 trillion, up 18 per cent from ago, according to Forbes’ calculations.

Although Trump is part of that elite group, he saw his fortune sink by about $400 million to $3.1 billion during his first year in office. The decline left him as the world’s 766th richest person, more than 200 places lower than his 544th spot on last year’s Forbes list.

Bezos seized the top ranking for the first time and has the added the distinction of becoming the first person to break the $100-billion barrier since Forbes began compiling its list in 1987. As of Feb. 9, Bezos’ wealth stood at $112 billion as of Feb. 9, up from about $73 billion last year, according to Forbes.

Most of Bezos’ fortune is tied up in Amazon stock, which soared 59 per cent during the period tracked by Forbes.