Why does Jeff Bezos fall into the billionaire ranking?

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Amazon founder Jeff Bezos is no longer the second richest person in the world, according to new figures from the Bloomberg Billionaires Index, as his net worth has suffered a significant drop.

Bezos was beaten to third place by Indian businessman Gautam Adani, who has seen a rapid increase in his net worth over the past and jumped from 14th place at the start of the year.

The shift can be attributed to both Adani’s remarkable success over the past 10 months and a massive sell-off in tech stocks that has occurred since January, rocking Bezos’ fortunes.

Tesla CEO Elon Musk remains the richest person in the world according to Bloomberg analysis with a total net worth of $263.9 billion.

The Bloomberg Billionaires Index revealed that Adani’s total net worth was $146.9 billion, compared to Bezos’ $145.8 billion.

Adani’s wealth is mainly concentrated in the Adani Group, an organization involved in a number of business areas including coal, ports, media and green energy. Shares of some of the Indian billionaire’s companies have seen their value increase by 1,000% since June 2020.

Shares of his main company, Adani Enterprises, have seen their value increase by more than 115% in 2022. Adani has increased his net worth by around $70 billion over the past year.

The decline in Bezos’ net worth is due to a recent sell-off in tech stocks, which Bloomberg said had reduced his fortune by about $45 billion since January.

His divorce in 2019 also helped to reduce his net worth after his ex-wife, MacKenzie Scott, received a 4% stake in Amazon in the divorce settlement – valued at $38 billion.

However, Bloomberg noted that the gap between Bezos and Adani was only $19 million and that the former Amazon CEO could reclaim his second spot depending on the performance of Amazon shares.

Bezos isn’t the only billionaire to see an apparent decline in his fortunes this year, as the world’s 500 richest people suffered a combined loss of $1.4 trillion in the first half of 2022, according to the Bloomberg Billionaires Index. .

This despite strong gains during the pandemic and is likely due to economic concerns, including near-record inflation rates that the United States and other countries have experienced.

The founder of Amazon was for several years considered the richest person in the world. Forbes listed him as such in 2018, 2019 and 2020 before being overtaken by SpaceX founder Elon Musk.

Microsoft founder Bill Gates was the richest person in the world for many years, including periods in the 1990s, 2000s and 2010s. The latest Bloomberg figures rank Gates fifth with a value net of $112 billion.

Amazon founder Jeff Bezos arrives for his meeting with then British Prime Minister Boris Johnson at the British diplomatic residence on September 20, 2021 in New York City. Bezos is no longer the second richest person in the world.
Michael M. Santiago/Getty Images

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