- Jeff Bezos has officially has officially retired as Amazon CEO after starting the company in his garage in 1994.
- Bezos is retiring with an estimated $203 billion in net wealth, 762,012 times the median net worth of an American at the age of 65.
- Amazon Web Services chief Andy Jassy will be taking the reins.
It’s been nearly 27 years to the day since Jeff Bezos started Amazon in a garage in West Bellevue, Washington after quitting a lucrative job at a hedge fund to start an online book store.
On this day in 1994: Amazon was founded by Jeff Bezos in his garage. pic.twitter.com/AiqsBrQ863
— Jon Erlichman (@JonErlichman) July 5, 2021
Back then, Bezos was your prototypical wispy-haired computer nerd, not the shiny bald-headed beefcake we’ve come to accustomed to.
The world’s richest man is enjoying his first day of “retirement” today after stepping down as the CEO of Amazon on the very day he started the company in 1994.
While the 57-year-old will assume the role of executive chairman of Amazon’s board, he is expected to dedicate more time to initiatives like the Bezos Earth Fund, blasting into space with Blue Origin, and The Washington Post.
Bezos is retiring with an estimated $203 billion in wealth, according to Bloomberg’s Billionaire’s Index. For perspective, that is 762,012 times the median net worth of an American at the age of 65, which the Federal Reserve pegs at $266,400.
Here are some other mind-numbing stats about Bezos’ wealth and the Amazon behemoth he built.
- Bezos makes more money every second than the average American earns in a week.
- In the US alone, Amazon delivered approximately 5.1 billion parcels last year (nearly as much as the entire US Postal Service) [via Business Insider]
- A single office in Seattle has since expanded to approx. 475 million square feet of Amazon real estate – “… that’s more than 8,246 football fields’ worth of office space, fulfilment centers, data centers, physical stores, and more.” [via Business Insider]
- Bezos’ is more than twice as wealthy as the entire British monarchy, worth an estimated $88 billion as of 2017.
- Amazon generated US$511,000 worth of sales in its first full financial year – that figure multiplied by over 772,000 times from 1995 to 2020 (last year’s net sales: US$386 billion) [via Boss Hunting]
- In 2020 alone, Bezos saw his wealth explode another $75 billion thanks to the pandemic-fueled reliance on online retailers.
- Bloomberg wealth reporter Devon Pendleton said of Bezos’ wealth: “It is bigger than the GDP of most countries in the world. I mean, it is larger than the market cap of many companies that are on the S&P 500.”
- Bezos’ net worth is bigger than the gross domestic product of Hungary or Ukraine, according to data from the International Monetary Fund.
What a difference 27 years makes.