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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

Tesla Vehicles Could Soon Become Completely Autonomous As Self-Driving Tech ‘Very Close’, Elon Musk Says

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Tesla vehicles could soon be completely autonomous as CEO Elon Musk said the electric vehicle firm is “very close” to achieving level 5 autonomous driving technology, during a virtual appearance at the World Artificial Intelligence Conference in Shanghai.

KEY FACTS

  • “I’m extremely confident that level 5 or essentially complete autonomy will happen and I think will happen very quickly,” Musk said.
  • He added that he is confident “basic functionality” for level 5 complete autonomy will be achieved this year.
  • The technology will allow vehicles to drive on roads without driver input.
  • Tesla, the world’s highest-valued carmaker after overtaking Toyota last week, already operates an Autopilot system that uses external cameras, radars and sensors, but it is driver assisted and does not make the vehicle autonomous.

KEY BACKGROUND

Tech firms, including Uber and Alphabet-owned Waymo, have pumped billions into developing self-driving cars, a futuristic idea that many had predicted would be ready by this year. But limitations around AI have stalled development of the technology. Last month, Waymo and Volvo announced they were teaming up to develop driverless cars for ride-hailing use.

TANGENT

In February, the National Transportation Safety Board found Tesla’s autopilot driver assistance was likely to blame for a fatal 2018 crash in California, leading to the board calling for more regulation of the technology, and for the company to better educate drivers on its limitations.

ADDITIONAL INFO

The road to completely autonomous driving has five levels: Level 0 describes no automation i.e. everyday cars. Level 1 represents features such as adaptive cruise control, while level 2 describes partial automation features that control speed and steering, such as those seen in Tesla vehicles. Level 3 and 4 represent limited driverless capabilities. Level 5 is the point at which a driverless vehicle can navigate all road conditions without human input, according to True Car.

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Billionaires

Elon Musk, Kim Kardashian Endorse Kanye West Running For President

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After years of hints, Kanye West formally announced he is running for president this year in a challenge to Trump, who he once supported, and Democratic rival Joe Biden, winning support from his friend and Tesla CEO Elon Musk.

KEY FACTS

  • Rounding off his Fourth of July, West tweeted on Saturday night: “We must now realize the promise of America by trusting God, unifying our vision and building our future. I am running for president of the United States! #2020VISION.”
  • Musk tweeted in response: “You have my full support!”
  • Wife Kim Kardashian also publicly pledged her support, retweeting West’s statement and adding a U.S. flag emoji.
  • West’s announcement follows years of hints that he would run for office this year which he later postponed to 2024, after publicly declaring at a Fast Company event in 2019: “When I run for president in 2024…We would create so many jobs! I’m not going to run, I’m going to walk.”
  • But the rapper, who recently inked a 10-year deal with Gap through his Yeezy brand, is reportedly yet to file any paperwork to get on state election ballots, while he has missed the deadline for states including Texas, New York, and Indiana.
  • It is not known how serious West’s intentions are this time around, however, he still has time to file as an independent candidate across most states, according to Ballotpedia.
  • West’s declaration was met with skepticism on social media, while some commentators pointed out that it could work out in Trump’s favour.

KEY BACKGROUND

West’s declaration suggests the rapper is looking to cement political ambitions he has expressed throughout Trump’s presidency. West previously forged alliances with Trump, and was pictured in the Oval Office in 2018 wearing a signature Trump ‘Make America Great Again’ cap. He once called the president his “brother” and previously hit back at criticism towards his support for Trump, likening the backlash to racial discrimination. Although he says he didn’t vote in 2016, West later said he “would have voted for Trump”, and earlier this year doubled down, suggesting he would vote for him in November. But that could very well change given Saturday’s announcement.

American rapper and producer Kanye West embraces real estate developer and US President Donald Trump in the White House’s Oval Office, Washington DC, October 11, 2018. West wears a red baseball cap that reads ‘Make America Great Again,’ Trump’s campaign slogan. (Photo by Ron Sachs/Consolidated News Pictures/Getty Images)

TANGENT

West and Musk were pictured together on July 1st, with West tweeting: “When you go to your boys [sic] house and you’re both wearing orange.”

Isabel Togoh, Forbes Staff, Business

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Billionaires

Quote Of The Day

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We have grown past the stage of fairy-tale. As women, we have one common front and that is to succeed. We have to take the bull by the horn and make the change happen by ourselves.

– Folorunso Alakija, Billionaire Businesswoman

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