Jeff Bezos was briefly the world’s richest person on Thursday.
The recent surge in Amazon stock has pushed Bezos’ fortune to over $90 billion, vaulting him past Bill Gates. Although he has been a billionaire for more than 20 years, his wealth has surged in the last two years.
According to Forbes and Bloomberg, the Amazon CEO had a net worth of over $89 billion as of the close of markets Wednesday, while Microsoft co-founder Bill Gates had a net worth of just over $90 billion.
Even if Bezos didn’t end the day as the richest man, he will likely take the crown from Gates more permanently in the coming days and weeks.
When he hits the mark, Bezos, who started selling books from his garage 22 years ago, becomes the first man to bump Gates from his perch in seven years and is only the sixth man to hold the “richest person” title in the past 30 years, according to Forbes.
Bezos’ rise carries important symbolic weight — signaling Amazon’s unbridled power and value, presenting a new face of outsized wealth to the world and heralding a new kind of billionaire who is skeptical of philanthropy and has massive reach in culture, technology and media. Bezos will be a stark contrast to his fellow Seattle-area resident Gates, who has topped the list for much of the past quarter-century and devotes his time and money to philanthropy.
What’s most astounding about Bezos’ rise is his recent wealth surge. He has been a billionaire for nearly 20 years, first making the Forbes list in 1998 with a net worth of $1.6 billion after Amazon’s IPO. He chugged along for the following decade, reaching $4.4 billion in 2007, gradually rising to $18.4 billion by 2012, ranking him 26th on the list.