Amazon founder Jeff Bezos is already the richest man on earth. Now, a new analysis has shown he will soon become the first trillionaire in global history.
Research from the payroll service company Comparisun showed that Bezos is on pace to cross that mark within the decade. The report noted that there are already three companies valued at more than a trillion dollars — Microsoft, Apple, and Amazon, though Amazon recently dipped back below that mark — but no individual has come close to achieving that worth yet.
However, Bezos will top that mark if he continues his rate of net worth expansion, the analysis found.
“Despite losing an estimated $38 billion as part of his recent divorce, Jeff Bezos is still by far the world’s richest person and his net worth has grown by 34% on average over the last five years, which could potentially see him become the world’s first trillionaire as early as 2026, at which point he’ll be aged 62,” the analysis said.
As MarketWatch noted, the analysis received some viral interest this week, being picked up by a number of business news outlets and spreading across social media. The report stated that — while Bezos’s net worth has been steadily growing — there are some more immediate pressures on the company that could limit profits.
“Shares of Amazon are up about 28% year to date, though the road ahead could be a bit rocky ahead as the company has pledged to spend $4 billion or more to developing testing capabilities for all of its employees for COVID-19, ‘enhanced cleaning’ of its facilities; and ‘higher wages for hourly teams,'” the report read, adding that the company’s extra spending as a result of the coronavirus outbreak could wipe out their second-quarter profits.
Amazon has seen a significant surge in sales over the last few weeks as people bound in their homes amid the coronavirus crisis have turned online for many of their shopping needs. According to CBS News, the company reported record first-quarter sales of $75.4 billion, which translated to sales of $10,000 every second. Christopher Rossbach, a portfolio manager at J. Stern & Co. World Stars Global Equity fund, said the numbers were “staggering,” even amid the sales increases for the retail and grocery chains that have stayed open during the pandemic.
In announcing the results, Bezos said the company was still facing some major difficulties and pledged to spend at least $4 billion on pay raises for employees, more personal protective equipment, and increased coronavirus testing capabilities for employees. Still, the company founder’s own net worth has increased during this time, as Amazon’s stock has risen by more than 40 percent since the start of the year.