Amazon's Bezos passes Buffett, becomes 3rd-richest person: Forbes

NEW YORK - Jeff Bezos, the founder and chief executive of Amazon.com Inc., has become the world's third-richest person as of the market close for the first time, Forbes magazine said, passing Warren Buffett, the chairman and chief executive of Berkshire Hathaway Inc.

Bezos' fortune was $65.3 billion as of 4:30 p.m. EDT on Thursday, compared with Buffett's $64.9 billion.

Microsoft Corp. co-founder Bill Gates remained the world's richest person, at $77.7 billion, while Spain's Amancio Ortega, who founded the Zara clothing chain's owner Inditex SA, was second at $72.7 billion. Facebook Inc. co-founder and chief executive Mark Zuckerberg was fifth, at $54 billion.

Bezos, 52, owns close to 18 percent of Amazon. Its stock has risen by roughly 50 percent since early February, as the world's largest online retailer continued to upend retailing as more people took to the Web rather than the mall to shop.

Amazon's share price rose further in after-hours trading, after the Seattle-based company reported better-than-expected second-quarter results.

Buffett, 85, owns close to 18 percent of Berkshire, but his donation this month of $2.86 billion of Berkshire stock to the Bill & Melinda Gates Foundation and four family charities led to his drop to fourth place. He has donated more than $24.3 billion to the Gates Foundation and family charities since 2006.

Berkshire is based in Omaha, Nebraska, and has roughly 90 business units including Geico car insurance, the BNSF railroad and Dairy Queen ice cream.

In June, Buffett called Bezos a "classic example" of how a business owner could thrive, by having focused at Amazon on how to "delight" customers, and keep them coming back, rather than simply process their orders.

source: www.abs-cbnnews.com

Facebook founder's wealth jumps tremendously in 2016

Forbes Magazine announced its annual list of the world's richest persons on Tuesday (March 1), which was topped by Microsoft founder Bill Gates for the 17th time.

Gates has held the number one spot 17 of the last 22 years, according to the magazine, although his wealth has shrunk to $75 billion (USD), down from $79.2 billion last year.

Spanish retail giant Amancio Ortega came in second, with a net worth of $67 billion. Ortega is best known for his fashion chain Zara.

The Oracle of Omaha, Warren Buffett remained in the third spot, despite the fact that his net worth dropped by $11.9 billion to $60.8 billion.

Mexican telecom giant Carlos Slim dropped two spots to number four, after his wealth decreased by $27 billion, to $50 billion compared to 2015.

Amazon.com founder and CEO Jeff Bezos moved up ten spots to number five, his net worth now estimated at $45.2 billion.

At number six is Facebook founder Mark Zuckerberg, who is the biggest gainer on the 2016 list. Zuckerberg's fortune is up $11.2 billion for a total net worth of $44.6 billion.

The richest woman in the world is French cosmetics giant L'Oreal heiress Liliane Bettencourt, with an estimated net worth of $36.1 billion.

This year, the magazine says 1,810 billionaires made the list, down from 1,826 in 2015. Their average net worth is $3.58 billion, down $280 million from $3.86 billion in 2015.

The United States has the most billionaires with 540, followed by China with 251, Germany with 120, India with 84 and Russia with 77.

source: www.abs-cbnnews.com

Facebook's Mark Zuckerberg is now world's 4th richest man

Facebook Founder Mark Zuckerberg is now the fourth richest person in the world, shoving Amazon CEO Jeff Bezos aside.

According to Bloomberg, the 31-year old is sitting on a fortune worth $50 billion by close of trading Tuesday.

Meanwhile, Microsoft Founder and philanthropist Bill Gates remains the world's richest person with a net worth of $78.7 billion.

Zara fashionista Amancio Ortega of Spain is number two with $69.3 billion.

While Wall Street wizard Warren Buffett is third with $59.6 billion.

-Mornings @ ANC, February 4, 2016

source: www.abs-cbnnews.com

Who is still the richest man in the world, according to Forbes?

Bill Gates stands atop Forbes magazine's annual list of the world's richest people, as Facebook Inc's Mark Zuckerberg joined the top 20 and basketball star Michael Jordan plowed new air by making the list for the first time.

Gates' net worth rose to $79.2 billion from $76 billion a year earlier, putting the Microsoft Corp co-founder at the top for the 16th year in the last 21, Forbes said on Monday.

Mexico telecommunications mogul Carlos Slim Helu ranked second, worth $77.1 billion, while Berkshire Hathaway Inc chief Warren Buffett was third, at $72.7 billion.

Amancio Ortega, the Spanish founder of Inditex SA, which includes clothing retailer Zara, was fourth at $64.5 billion, while Oracle Corp Chairman Larry Ellison was fifth at $54.3 billion.

Buffett's fortune grew $14.5 billion from a year earlier, more than anyone's else, despite his having donated $2.8 billion to several charities last July.

Aliko Dangote, a Nigerian who became Africa's richest man through cement manufacturing and commodities such as flour and sugar, was the biggest loser, falling $10.3 billion to $14.7 billion.

Forbes identified a record 1,826 billionaires, up from 1,645 last year, worth a combined $7.05 trillion.

Of the record 197 women, the highest-ranked was Wal-Mart Stores Inc heiress Christy Walton, who was eighth at $41.7 billion.

France's Liliane Bettencourt, who got much of her wealth from cosmetics company L'Oreal SA, was 10th at $40.1 billion.

Zuckerberg, 30, rose to 16th place from 21st last year, as his net worth grew to $33.4 billion.

The youngest billionaires were Evan Spiegel, 24, and Bobby Murphy, 25, who co-founded mobile messaging app Snapchat, and are each worth $1.5 billion.

Meanwhile, Jordan ranked 1,741st with a $1 billion net worth. The 52-year-old is majority owner of the Charlotte Hornets basketball team, but is better known for his Hall of Fame playing days with the Chicago Bulls and endorsement contract with Nike Inc, which makes Air Jordan shoes.

Jordan's business manager did not immediately respond to a request for comment.

The United States had the most billionaires, with 536, followed by China at 213, Germany at 103 and India at 90.

Russia, which has struggled with currency and oil market turmoil, saw its collection of billionaires fall to 88 from 111, Forbes said.

source: www.abs-cbnnews.com