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Meet the Current Richest Man On Earth: Amazon’s Jeff Bezos

As of this writing, Jeff Bezos just become the richest man on Earth in. Let us discover how Jeff Bezos achieved the zenith of his glory.

The Staggering Numbers

According to the Bloomberg Billionaires Index, the Amazon founder’s net worth climbed up to an astounding $150 billion in New York last Monday. Bezos’ current net worth surpassed the former titleholder, Microsoft Corp co-founder Bill Gates for around $55 billion!

Aside from grabbing the top spot, Bezos also surpassed Gates in terms of inflation-adjusted terms. The astounding $100 Billion mark Gates had hit in 1999 would’ve been worth $149 billion today. Even that wasn’t enough to beat the Amazon CEO’s net worth. Bezos’ net worth climbed just in time as Amazon launched its 36-hour Prime Day summer sales event. Even if the said sale started rocky as glitches struck the company’s website and the mobile app kept crashing and encountered some glitches as millions of customers all over the world availed of the sales event.

According to Forbes, Bezos is richer than anyone else living on this earth since 1982, when the company started publishing its wealth ranking.

Meanwhile, Cresset Family Office CEO Michael Cole was impressed with Bezos’ net worth and achievement, even going as far as quoting it as a staggering number.

A Federal Reserve report also showed that 1% of USA’s richest families contribute and controlled around 38.6% of the country’s wealth in 2016, compared to the 22.8% held by the majority. Meanwhile, the Oxfam International’s report revealed that 80% of the earnings go straight into the pockets of the top 1% of the world population.

Amazon’s Global Phenomenal Success

Thanks to the said sales event, the shares of the company climbed up to an astounding $1,841.95 last Monday at 0.5% compared to $1,822.49. Although it plummeted the next few days down to $1,800 after Netflix Inc posted some disappointing results, making the tech investors wary of investing more. However, Amazon‘s shares still continue to soar as well as its global popularity and dominance. Bezos started Amazon with an idea of putting up an online bookstore in the early 1990s.

Prior to quitting his job and starting Amazon, Bezos served as a vice president for a hedge fund company named D.E. Shaw

He wanted to create an online bookstore and make these books available for purchase to millions of customers all over the world with just a few clicks. He wanted to utilize the power of the internet and start establishing web-based businesses as the internet usage continue to soar.

Although this new and exciting venture came with a price of losing his full-time job. However, he took that giant leap of faith and quit his job to follow his vision. Looking back now, Bezos revealed he would’ve regret missing out this rare opportunity for the rest of his life if he decided to continue working on his job. He now advises the young, aspiring entrepreneurs to pursue their dreams, for facing failure is not the greatest regret we’ll face in our lives, but rather the lack of action.

An Ironic Situation

Bezos’ vast wealth seems to reflect a sharp contrast compared to the salary of a typical Amazon employee

Despite the company’s reputation as the cream of the crop in the online shopping world, its workers are allegedly suffering from unfair wage treatment and unfavorable working conditions. According to the Securities and Exchange Commission, the Amazon worker’s median annual compensation only amounts at $28,466 in 2017.

Moreover, hundreds of Amazon employees in Germany and Spain conducted a strike during Amazon’s Prime Day sales event demanding the company for better pay and improving their working conditions. However, Amazon strongly denied such allegations and they said in a statement that the management is treating their employees well. According to the company, the base pay for entry-level jobs in their fulfillment centers in Spain amounts to $23,000 per year.

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