Bill Gates is no longer the richest man in the world, thanks to Amazon CEO Jeff Bezos.
Last year Bezos, 54, and Gates had been passing the title of Richest Man in the World back and forth like a hot potato. Back in July, Bezos surpassed Gates, the 62-year-old founder of Microsoft, when his net worth skyrocketed to $91 billion; Gates was worth just $90 billion.
That very same day, Amazon’s stock, which makes up a significant portion of Bezos’s assets, fell two percent in after-hours trading, following the company’s second quarter earnings report. And so, just like that, Gates found himself at the top of the rankings once again.
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But when Forbes published its 2018 list of the world’s billionaires on Tuesday morning, Bezos was on top—with a reported net worth of $112 billion. Gates, the founder of Microsoft, came in at number two—with $90 billion.
The two moguls current net worths may be even higher though. Forbes‘s real-time wealth tracker shows Bezos at $127.3 billion and Gates at $91.3 billion.
Gates had been at the top of the Forbes ranking for 18 out of the past 24 years, but Bezos is a newer addition, first appearing on the list in 1998, one year after Amazon went public. At that time, the company was worth about $1.6 billion, only a fraction of Bezos’s current personal wealth.
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According to a filing report with securities regulators last April, Bezos owns almost 17 percent of Amazon. In addition to his ownership of the Washington Post and the rocket company Blue Origin, Bezos also sells about $1 billion worth of Amazon stock each quarter.
Gates obtained most of his wealth from Microsoft, and he owns just over 1 percent of the company’s stock. In August 2010, Gates, alongside Berkshire Hathaway CEO Warren Buffet, created the Giving Pledge, which encourages billionaires to give at least half of their wealth to charitable donations. By the end of 2016, Forbes noted, Gates had given away more than $31.1 billion over the course of his lifetime.
Though Bezos has not signed the pledge, the Amazon founder had given approximately $100 million to charity by the end of 2015.