According to a recent Forbes survey, Jeff Bezos has reclaimed his title as the world’s richest man after spending two weeks at number two.
Bezos has surpassed LVMH CEO Bernard Arnault in terms of net wealth, with a staggering $193.5 billion. Arnault’s market capitalization has risen to $192.9 billion.
The news of Bezos reclaiming his title as the world’s wealthiest man comes just days after ProPublica disclosed a large IRS leak revealing precisely how little the business titan pays in taxes.
According to authors Jesse Eisinger, Jeff Ernsthausen, and Paul Kiel, from 2006 to 2018, “According to Forbes, Bezos’ net worth climbed by $127 billion, yet he only earned $6.5 billion. The $1.4 billion in personal federal taxes he paid is a huge sum, yet it only equates to a 1.1 percent actual tax rate on the increase in his wealth “Fortune.”
His tax payment is comparable to that of other members of the United States’ wealthiest class, such as Warren Buffett, who paid only 0.1 percent of his wealth gain in taxes between 2014 and 2018.
Bezos, whose space business Blue Origin is set to receive a $10 billion bailout as part of the Endless Frontier Act, has stated that he expects to visit space in July.
- Jeff Bezos: Getty Images