Bill Gates regains spot as world's richest person

Marco Green
November 16, 2019

On Friday, Microsoft co-founder Bill Gates overtook Amazon's Jeff Bezos as the richest person in the world on the Bloomberg Billionaires Index, a daily ranking of the world's richest people.

Gates briefly bested Bezos last month when Amazon reported that profits for the three months ending in September dropped nearly 28 percent previous year.

Bernard Arnault of Louis Vuitton luxury brand came third at $103 billion while Facebook's Mark Zuckerberg was fifth at $74.5 billion.

Bloomberg Billionaires Index tracks the wealth of the richest 500 people and is updated each trading day after United States markets close.

Interestingly, AWS lost out on a golden-ticket $10 Bn Pentagon contract to Microsoft, which helped the Redmond giant climb up in terms of market cap as well.

Gates' ascent to the top spot on Friday was spurred by a 48 percent increase in Microsoft shares, which lifted his net worth, according to CNN.

Bezos first joined The Forbes 400 list of richest Americans in 1998, one year after Amazon went public, with a net worth of $1.6 billion, the report added. The rest of his wealth is derived from share sales and investments made over the years by his family office, Cascade.

Mr Bezos had ended Mr Gates' 24-year run as the richest man in 2018 when he was reportedly worth $160 billion.

In July, MacKenzie, 49, received a quarter of the couple's Amazon holdings.

Gates debuted on Forbes' first ever billionaire list in 1987 with a net worth of $1.25 billion.

Gates, on the other hand, may have never relinquished the top spot were it not for his philanthropy. He has donated more than US$35 billion to the Bill & Melinda Gates Foundation since 1994.

Recently, Gates spoke about a proposed wealth tax being campaigned by some Democratic political candidates, including Sen.

Gates said: 'If I'd had to pay $20 billion, it's fine. But "when you say I should pay US$100 billion, then I'm starting to do a little math about what I have left over".

He revealed he already paid more than $10 billion in taxes.

Other reports by Click Lancashire

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