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Amazon’s Jeff Bezos Named World Third Richest Person

Amazon has posted strong earnings in the second quarter, making founder Jeff Bezos the third richest person in the world, according to Forbes.

Amazon’s Jeff Bezos Named World Third Richest Person

Following impressive earnings, Amazon has seen a spike in its stock. Mr. Bezos owns 18% of the company’s shares, which hiked 2% in Thursday after-hour trading.

Forbes now estimates Mr. Bezos’ fortune at $65.3bn.

Amazon’s revenue exceeded expectations, rising 31% from the same time last year to $30.4bn.

The ecommerce giant recorded a profit of $857m, up from $92m last year.

Forbes estimates that Mr. Bezos’s wealth has only exceeded that of Bill Gate who is worth an estimated $78bn and Amancio Ortega, founder of Zara whose fortune is an estimated $73.1bn.

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In the past, Amazon has typically not announced quarterly profits. However, last year, the company began seeing improved earnings.

Since the start of the year, Amazon shares have jumped 50%.

Amazon Prime membership, which provides access to additional services including free shipping for a yearly fee, recorded strong growth in international markets.

Prime was launched in India in an effort to leverage the large consumer market there.

In a statement, Mr. Bezos said, “It’s been a busy couple of months for the company around the world, especially in India where Prime with limited free shipping was introduced. We also introduced Prime Video, which will be available soon to allow Prime member in the country exclusive access to Amazon Original Series and Movies, which includes original content by Indian creators.”

Amazon has managed to grow Prime membership by making improvements to its video streaming offerings, with Netflix being its primary competitor.

While Amazon does not provide data for its Prime membership, reports by the Consumer Intelligence Research Partners estimate that in the US alone, membership could be about 63 million. It is also estimated that members spend up to $1,200 yearly compared with $500 spent by non-members.

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