Microsoft founder Bill Gates has lost his position as the world’s richest man to Amazon chief executive offi cer Jeff Bezos. According to Forbes, Bezos’ net worth was estimated at $90.6 billion as at Th ursday morning when he gained $1.4 billion in the stock market. His new net worth makes him $500 million richer than Gates. Bezos is the seventh person to hold the title of the world’s richest person. Th e Amazon CEO’s fi rst feature on the Forbes 400 list was in 1998, a year after his company went public. Bezos was ranked third richest in the world on Forbes 2017 list of the world’s billionaires. At the time, he had a fortune of $72.8 billion. Bezos was only able to dethrone Gates as a result of the philanthropic eff orts of the Microsoft founder. Gates had reportedly given $31.1 billion to charity as at the end of 2016. Th e last person to surpass Gates on Forbes’ world’s richest ranking was Spanish retail giant Amancio Ortega. Th e personal fortune of Ortega was boosted as shares of Inditex, parent company to Zara, Massimo Dutti and Pull&Bear, rose by 2.5%. Following the spike, his net worth had risen from $77.8 billion to $79.5 billion.