In a monumental career shift, Jeff Bezos, the founder and former CEO of Amazon, retired at the age of 57 with a staggering net worth of $199 billion, making him the wealthiest person in the world at the time.
His fortune, primarily from his holdings in Amazon and other investments, was almost 740,000 times greater than the median net worth of the average American retiree, which is around $266,400.
Jeff Bezos’ retirement marked the end of an era, as he stepped down from his role on July 5, 2021, the same day Amazon was founded in 1994.
Bezos’ wealth saw an extraordinary surge, particularly during the Covid-19 pandemic, which led to an explosion in online sales, driving up the stock price of Amazon.
Over the course of 2020, his fortune grew by $75 billion, a stark contrast to the struggles many Americans faced during the same period.
As a result, Bezos’ wealth continued to grow at an unprecedented pace, with some analysts noting that his net worth now surpasses the combined wealth of entire nations.
His personal wealth was more than double the value of the entire British monarchy, which was estimated at $88 billion in 2017.
Despite his immense fortune, Bezos has faced significant criticism for the wealth inequality associated with his success.
Amazon’s labor practices have been under scrutiny, with workers often reported to be living under difficult conditions despite the company’s profits.
Meanwhile, Bezos has shifted his focus to his other venture, Blue Origin, a space exploration company. In fact, just days after stepping down as CEO of Amazon, he embarked on a spaceflight with Blue Origin, signaling his interest in exploring new frontiers.
Bezos was succeeded as Amazon CEO by Andy Jassy, the head of Amazon Web Services, who was tasked with steering the company’s future.
His retirement marked not just a personal milestone but also a significant moment in the tech and business world, as his legacy continues to influence both the global marketplace and space exploration.
