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Here’s Why Jeff Bezos Is Not Truly The Richest Person In History

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Amazon, the global e-commerce behemoth, has brought incomparable scale to online retailing. In turn, it has brought incomparable wealth to its founder, Jeff Bezos.

As of Monday’s market close, Bezos was worth more than $104 billion, making him the world’s richest person—at least when not factoring in inflation—since Forbes began tracking global wealth 30 years ago. In two years, his net worth has risen over $50 billion, more than the gross domestic product of Iceland, Belize or Monaco over the same period.

Yet Bezos is not truly the wealthiest person ever, despite numerous reports to the contrary. On an inflation-adjusted basis, Bill Gates has previously been worth far more. In April 1999, for instance, Gates’ net worth eclipsed $100 billion for the first time when Microsoft shares topped out at the apex of the dot-com bubble. That fortune would be worth roughly $150 billion in today’s dollars.

READ MORE: Amazon CEO Jeff Bezos Is The Richest Person In The World – Again

Gates, who is now worth an estimated $92 billion, would also be far richer if he had not given about $36 billion of Microsoft stock to charity over time, mostly to the Bill and Melinda Gates Foundation, the planet’s largest private philanthropic foundation.

Bezos’ fortune is nonetheless staggering, and he may well top the list of The World’s Billionaires for the first time when Forbes unveils the 2018 ranking in March. Unless Amazon’s share price unexpectedly collapses, he will have the highest-ever net worth of anyone to appear on the ranks, and by a wide margin.

For context, here are the top members of Forbes‘ list of The World’s Billionaires in each of the last 20 years. Also included are their net worths adjusted for inflation through November 2017, based on the most recent data available from the Bureau of Labor Statistics.

2017

Name: Bill Gates

Net worth: $86 billion

Net worth adjusted for inflation: $87 billion

2016

Name: Bill Gates

Net worth: $75 billion

Adjusted for inflation: $77.7 billion

2015

Name: Bill Gates

Net worth: $79.2 billion

Adjusted for inflation: $82.7 billion

2014

Name: Bill Gates

Net worth: $76 billion

Adjusted for inflation: $79.3 billion

2013

Name: Carlos Slim Helú

Net worth: $73 billion

Adjusted for inflation: $77.4 billion

2012

Name: Carlos Slim Helú

Net worth: $69 billion

Adjusted for inflation: $74.2 billion

2011

Name: Carlos Slim Helú

Net worth: $74 billion

Adjusted for inflation: $81.7 billion

2010

Name: Carlos Slim Helú

Net worth: $53.5 billion

Adjusted for inflation: $60.6 billion

2009

Name: Bill Gates

Net worth: $40 billion

Adjusted for inflation: $46.4 billion

2008

Name: Warren Buffett

Net worth: $62 billion

Adjusted for inflation: $71.6 billion

2007

Name: Bill Gates

Net worth: $56 billion

Adjusted for inflation: $67.3 billion

2006

Name: Bill Gates

Net worth: $50 billion

Adjusted for inflation: $61.7 billion

2005

Name: Bill Gates

Net worth: $50 billion

Adjusted for inflation: $63.8 billion

2004

Name: Bill Gates

Net worth: $46 billion

Adjusted for inflation: $60.6 billion

2003

Name: Bill Gates

Net worth: $40.7 billion

Adjusted for inflation: $54.5 billion

2002

Name: Bill Gates

Net worth: $52.8 billion

Adjusted for inflation: $72.8 billion

2001

Name: Bill Gates

Net worth: $58.7 billion

Adjusted for inflation: $82.2 billion

2000

Name: Bill Gates

Net worth: $60 billion

Adjusted for inflation: $86.5 billion

1999

Name: Bill Gates

Net worth: $90 billion

Adjusted for inflation: $134.6 billion

1998

Name: Bill Gates

Net worth: $51 billion

Adjusted for inflation: $77.6 billion

Billionaires

Abducted Tanzanian Billionaire Mo Dewji Returns Home

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Tanzanian billionaire entrepreneur Mohammed Dewji, who was abducted by unidentified kidnappers on October 11 in Dar es Salaam, has been released and has returned home safe.

 

In a statement released by MeTL group at 3.15AM today, the prominent businessman says: “I thank Allah that I have returned home safely, I thank all my fellow Tanzanians and everyone around the world for their prayers. I thank the authorities of Tanzania, including the Police Force for working for my safe return.”

The Tanzanian police have also released a video in which Dewji, dressed in a t-shirt and who looks visibly shaken and worn out, thanks his supporters.

Said a source who works closely with Dewji to FORBES AFRICA: “He was released in the middle of Dar es Salaam around 3AM today, unharmed, after which he ran to the nearest security guards who dropped him off home. He does not know who his abductors were. He was only taken about 20 minutes away from the city center, so he has been in Dar es Salaam since the abduction. He has no visible bodily harm with the exception of marks from the handcuffs.”
She also revealed that the abductors wanted ransom but let him go on account of the media hype around the kidnapping.

Dewji was on his way to a gym session at a luxury hotel in Oyster Bay, Dar es Salaam, in the early hours of October 11, when he was kidnapped by the masked gunmen.

Dewji’s family had earlier offered 1 billion Tanzanian Shillings ($436,674) to anyone who could help them find him.
Dewji, popularly known as “Mo” in Tanzania, is the CEO of MeTL active in textile manufacturing, flour milling, beverages and edible oils in eastern, southern and central Africa. He is also the main sponsor of football club Simba.
Dewji was featured on the cover of FORBES AFRICA in July 2013 and was named FORBES AFRICA’s Person of The Year in 2016. The 43-year-old single-handedly turned his father’s trading business into Tanzania’s largest import-export group.

Dewji’s personal networth is $1.5 billion, according to the Africa billionaires list released by FORBES earlier this year. He is also Africa’s youngest billionaire.

Dewji’s office has said it will release a personal address by Dewji “once he is settled”.

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Zuckerberg And Bezos Fortunes Shed Billions Amid Tech Stock Slide

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Mark Zuckerberg Facebook billionaire

After a turbulent few days on the stock market, fueled by rising tension between China and the U.S. over trade agreements as well as hostile attention towards tech companies for its data-use standards, technology shares continued its decline on Tuesday. The tech-focused Nasdaq Composite dropped 2.9%.

The fortunes of two of the world’s biggest tech titans suffered big losses. Facebook’s Mark Zuckerberg closed Tuesday $3.1 billion poorer while Amazon’s Jeff Bezos, the richest man on Earth, ended the day down $4.6 billion, at $124.1 billion.

Since March 17, when news first broke about the scandal involving Cambridge Analytica’s improper use of data gathered via Facebook, Zuckerberg’s fortune has fallen by nearly $13 billion. Forbes pegs his net worth at the close of markets Tuesday at $61.3 billion. He’s ranked seventh richest in the world, down from fifth richest as of mid-February.

READ MORE: After Latest PR Nightmare, Mark Zuckerberg’s Net Worth Drops $5.1 Billion In Hours

Zuckerberg took out full-page ads in several British and American newspapers on Sunday to apologize for the social media giant’s role in Cambridge Analytica data incident. “This was a breach of trust, and I’m sorry we didn’t do more at the time,” the ad reads. “We’re now taking steps to ensure this doesn’t happen again.”

Amazon’s stock, meanwhile, fell alongside other tech stocks on Tuesday. After closing Monday in the green, Amazon stock dropped 3.7% on Tuesday. Bezos, who founded the e-commerce giant from a Seattle garage in 1994, owns 16% of the company’s stock.

READ MORE: Forbes Billionaires 2018: Meet The Richest People On The Planet

Bezos overtook Microsoft co-founder Bill Gates as the richest man on Earth in October 2017. He is also the only centi-billionaire on the Forbes billionaire rankings. – 

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After Latest PR Nightmare, Mark Zuckerberg’s Net Worth Drops $5.1 Billion In Hours

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After another public relations debacle for Facebook—in which a Trump-affiliated data firm was accused of improperly gleaning information on more than 50 million users—the company’s stock plummeted nearly 7%, through 1pm Eastern Time on Monday, erasing $37 billion of market value. The decline had the biggest impact on Mark Zuckerberg, Facebook’s cofounder and CEO, whose net worth fell $5.1 billion.

Zuckerberg, who owns about 16% of Facebook’s shares, is now worth an estimated $69.5 billion, according to Forbes’ real-time rankings of the world’s billionaires. He is currently the seventh-richest person on the planet, down from fifth, after falling behind Zara cofounder Amancio Ortega and Carlos Slim Helu, Mexico’s richest person.

READ MORE: Forbes Billionaires 2018: Meet The Richest People On The Planet

It’s the latest in a string of bad news for Facebook. Last year it was blamed for, among other things, facilitating misinformation, contributing to polarization in Britain, Austria, Italy and elsewhere and enabling foreign political interference. Already, 2018 has been no less turbulent.

On March 17, news broke that data firm Cambridge Analytica—which worked as a consultant for Donald Trump’s presidential campaign—allegedly ”harvested private information from the Facebook profiles of more than 50 million users without their permission.” The report, published in the New York Times, has exacerbated concerns that the social media giant can be exploited for partisan gain. On Sunday, March 18, lawmakers in both the United States and United Kingdom pressed Facebook for more details on the matter.

In the Times report, Facebook’s deputy general counsel, Paul Grewal, called the incident “a scam — and a fraud.” “We will take whatever steps are required to see that the data in question is deleted once and for all — and take action against all offending parties,” he added. Cambridge Analytica was suspended from the platform soon after.

The data consultancy has been in the headlines since Trump’s victory in November 2016. The firm had targeted voters and helped tailor political messaging for his campaign. Amid the post-election upheaval Cambridge Analytica’s CEO, Alexander Nix, told Forbes in December 2017 that the company would de-emphasize its political work in the U.S. He further stated that the business had “no involvement with Russians,” an assertion that was also disputed in the Times this week.

READ MORE: Facebook Says Fake Accounts Likely Tied To Russia Bought $100,000 In Political Ads

Zuckerberg, 33, founded Facebook in 2004 as a 19-year-old student at Harvard. He dropped out during his sophomore year to focus full-time on the company, which quickly expanded past its initial niche on college campuses. Today Facebook boasts more than 2 billion monthly active users.

The business’ revenue has swelled in turn, to $40.7 billion in 2017. Together with Google, Facebook accounts for over 60% of online advertising dollars, according to Statista. As the firm’s financial and social power continues to intensify, some have called for regulatory intervention. This week’s tumult will do nothing to ease that pressure. – 

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