Make way for the new Billionaire! Amazon CEO Jeff Bezos becomes the richest man in the world

Washington, July 18: Online shopping took a remarkable change with items and stuffs easily available for the consumers on one click. Amazon created a wide scope for consumers to engage in ease of shopping, Jeff Bezos, Chief Executive Officer of Amazon has become the richest person in modern history with his net worth crossing the $150 billion mark.

The news came right after the e-commerce giant’s stock price surged ahead of Amazon’s prime day sale comprising of a 36-hour shopping bonanza. Jeff Bezos network is about $55 billion more than Microsoft co-founder Bill Gates, the world’s second-richest person. In 1999, his total net worth briefly hit the $100 billion mark, which would be worth about $149 billion today in inflation-adjusted terms.

The Bloomberg index reportadded that Amazon’s Chief Executive Officer is richer than anyone else on Earth since at least 1982. Amazon has attracted a major sector of the society aiming to attract each and every age group. The infrastructure development of the company has transformed the way people look at online shopping. Not limited to a certain area, the online shopping giant has grabbed all pickups in the e-commerce market

E-commerce major Amazon has also pumped in Rs 230 crore in its Indian payments arm, Amazon Pay, as it looks to strengthen its processes in the country and compete for head-on with the likes of Flipkart's PhonePe and Alibaba-backed Paytm in India.

Amazon, which is competing with homemade rival Flipkart in the Indian market, has propelled in considerable funding across operations to expand its operations in the country and build delivery infrastructure. Its founder, Jeff Bezos has committed an investment of $5 billion in the Indian market.

The competition is set to intensify following US retailer Walmart announcing a $16 billion deal last month to acquire about 77 percent stake in Flipkart (registered in Singapore). Reports said Amazon is looking at ramping up its investment here by as much as $2 billion, giving the India unit more ammunition.