Jeff Bezos officially stepped down from his position as CEO of Amazon starting today Monday (5/7/2021). Although he is no longer the CEO of Amazon, Bezos does not have to worry about his retirement fund because his wealth reaches hundreds of billions of dollars.
After stepping down from his position, Bezos will be replaced by Andy Jassy, who previously served as the boss of Amazon Web Services. But Bezos will not leave Amazon entirely because he will still serve as chief executive.
Bezos' departure from Amazon was announced a few months ago. The 57-year-old chose to step down on July 5 because that's the date Amazon was founded as an online bookstore 27 years ago.
Started as an online bookstore, now Amazon is one of the e-commerce giants in the world. Bezos' fortune also soared along with Amazon's expansion.
According to Forbes estimates, Bezos' fortune has skyrocketed to $196 billion since 1998, when he first entered the list of the richest people in the United States. Now he is the richest person in the world with a fortune of around USD 202 billion.
Since 2019 alone, Bezos' wealth has increased by 79%. Bezos has shared a quarter of the Amazon shares he owns with his ex-wife MacKenzie Scott after the two divorced in 2019.
Business Insider estimates Bezos' wealth to be 739,489 times that of Americans when he retires at age 65. By comparison, the average American will retire with a net worth of $266,400.
90% of Bezos' wealth comes from Amazon. The rest came from ancillary businesses, including rocket company Blue Origin and The Washington Post, as cited by USA Today, Monday (5/7/2021).
Based on a report from ProPublica about the income taxes paid by wealthy Americans, Bezos is known to have never paid taxes.
In 2007, Bezos, already a millionaire, paid no federal taxes. In 2011 when he was already worth USD 18 billion, he also paid no federal taxes and instead received a USD 4,000 tax credit for his children.
After retiring from Amazon, Bezos will remain busy with his other companies. On July 20, he will fly into space on Blue Origin's first manned flight.
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