Have you ever wondered exactly how rich the world’s wealthiest man is? Amazon CEO Jeff Bezos has long been hailed as the richest guy on the planet, but his actual value and earnings will astound even those who already know about his status. Even the biggest casino online winners in history have only had a taste of the wealth that Bezos holds!
According to calculations by Money.com, it takes the Amazon boss just under 9 seconds to earn what one of his company’s median employees does in a full year. A new federal law from the US government has required public companies to disclose the pay ratios between their employees and their top executives, and this has lead to some shocking revelations, especially where Amazon is concerned.
The ecommerce giant recently confirmed via an SEC filing that its median workers – ie. the workers who earn more than half of the firm’s staff, and less than the other half – earned roughly $28,446 in 2017. When comparing these numbers to Bezos’ annual salary of $1.6 million in the same year, a jaw-dropping picture of his wealth and economic potential begins to emerge.
$11.5 Million Earned per Hour
Although Bezos’ salary may be theoretically low considering his status, there is a good reason why he’s known as the world’s richest man. His net worth grows by the day, primarily because he owns more than 80 million shares in his own company’s stock. On January 1, 2019, the CEO’s net worth stood at $99 billion. By May 1, it had reached $132 billion. When dividing the difference of $33 billion between the 120 days in that quarter, you will find that Bezos earned over $275 million per day. That’s roughly $11.5 million per hour, $191,000 per minute, or a whopping $3,182 per second!
Amazon currently employs more than 560,000 staff members, including both part time and full time workers. According to one of the company’s representatives, the average hourly wage for a full time worker at Amazon in the US is $15 per hour, before overtime and including cash, stock and incentive bonuses.
This was after late 2018, during which the company revealed plans to increase its US minimum wage to $15 after backlash from employees. Undercover investigators also found that employees in the UK were not allowed to sit, were required to package products every 30 seconds, and were only allowed timed bathroom breaks. The firm generously raised its minimum wages by 100% after employees in Spain and America organised demonstrations against these conditions.
Bezos’ Philanthropic Pursuits
Many people are curious as to what the world’s richest man does with his billions. Much of his wealth is actually tied to his stock in Amazon, which can increase or decrease at any given time. Bezos also operates a $2 billion philanthropic fund, recently announcing two new goals for the organisation. Reportedly, he now aims to financially support homeless families and education programmes in underserved communities in America.
The Bezos Day One Fund is intended to form a support network for homeless and disadvantaged American families. It will also build a number of early education programs that Bezos has described as being ‘full scholarship, Montessori-inspired preschools’. These missions were revealed after Bezos took to Twitter in 2018 to ask advice from his followers about possible philanthropic pursuits. It is possible that the fund will also expand in the near future to assist even more people in need.
Room for Further Growth, Charity
At the same time, it’s important to have a balanced perspective of what is happening behind the scenes of one of the biggest businesses around. Recent reports suggest that Amazon is one of the world’s top employers whose workers are on food stamps in order to get by. Bezos is also the only American businessperson on Bloomberg’s list of the world’s 5 richest people to not have joined the Giving Pledge, which moguls sign to commit a large portion of their fortunes to charitable causes.
Other billionaires, including Netflix CEO Reed Hastings and Tesla boss Elon Musk have signed the pledge and dedicated themselves to philanthropic causes while in their executive positions. It seems that although Jeff Bezos has improved his workers’ salaries and conditions to date, he still has a long way to go to catch up with more charitable members of his financial rank. Only time will tell whether or not he will step up to the task during his time as the richest person on Earth. The Bezos Day One Fund is certainly a good start, and will leave countless impoverished families in better situations as it provides support, education and a step up in life. Amazon has also pledged to consider the needs of its employees more carefully in the future, leaving plenty of room for silver linings to come. Either way, the world is waiting with bated breath to see what this powerful business tycoon does next.