Amazon boss becomes world’s third richest

Strong earnings from Amazon and a boost to the company’s stock have made its founder, Jeff Bezos, the world’s third richest person, according to Forbes.

Mr Bezos owns 18% of Amazon’s shares, which rose 2% in trading on Thursday. Forbes estimated his fortune to be $65.3bn (£49.5bn).

Amazon’s revenue

beat analysts’ expectations, climbing 31% from last year to $30.4bn in the second quarter.
Profit for the e-commerce giant was $857m, compared with $92m in 2015.

According to Forbes estimates, Mr Bezos’s fortune is only surpassed by Microsoft founder Bill Gates, worth $78bn (£59bn), and the $73.1bn (£55bn) fortune of Zara founder Amancio Ortega.

Amazon had developed a reputation for announcing little or no profit each quarter, but appeared to hit a turning point last year and has seen improving earnings since.

Amazon shares have spiked 50% since February.

Amazon’s Prime membership, which offers extra services including free shipping for an annual fee, saw impressive international growth.

In June, Amazon launched Prime in India to take advantage of the country’s large consumer market.

“It’s been a busy few months for Amazon around the world, and particularly in India – where we launched a new [Amazon Web Services] Region, introduced Prime with unlimited free shipping, and announced that Prime Video is coming soon, offering Prime members in India exclusive access to Amazon Original Series and Movies – including original content featuring top Indian creators and talent,” said Mr Bezos.