15 , May , 2020
Amazon founder and CEO Jeff Bezos could become the world's first trillionaire by 2026, if his wealth continues growing at the 34% rate it has in recent years, according to an analysis from software review site Comparisun.
Meanwhile, Mukesh Ambani, CMD, Reliance Industries and the richest person in Asia, may become a trillionaire by 2033. According to Comparisun, Ambani would be the fifth person in the world to achieve this feat.
Comparisun analysed market caps of NYSE’s most valued firms as well as the top 25 richest people according to Forbes. The research platform based its projection on the average percentage of annual expansion recorded over the last five years and then extrapolating it to future years. According to the study, Chinese real estate tycoon Xu Jiayin could become the second trillionaire in the world.
Since the demand for home deliveries have spiked with the onset of Covid-19 pandemic and resulting lockdown, Amazon’s business could potentially rise in the coming years. Worth mentioning here is that Amazon recorded sales of over $75 billion in January-March quarter of the current year, up from $60 billion in the year-ago period. Demand is expected to remain high due to warnings of a second wave of the virus and more lockdowns. Even before the current global crisis, Amazon had reported a revenue of $281 billion in 2019.
According to the study, net worth of world’s biggest online retailer’s founder grew at a CAGR of 34% over the past five years to the current figure of $143 billion.
But news of the ‘trillionaire’ projection evoked strong feelings on Twitter. Some users expressed their anger at Bezos possibly gaining from the pandemic when millions are losing their livelihoods, and some even lives.