Jeff Bezos Retiring With 739,489 Times the American's Wealth | 22 Words

Jeff Bezos is set to retire with a wealth that is 739,489 times the median net worth of an American citizen.

The Amazon founder is stepping down from his role as CEO today and at the age of fifty-seven, Bezos will be retiring while also stepping away from his position as the world's richest person.

But despite losing his title as the world's richest person, money will be no worry for Bezos as he will be retiring with an estimated $199 billion in wealth, according to Bloomberg's Billionaire's Index.

His wealth will be mostly made up of his large proportions of Amazon holdings and other assets. Bezos also received an $81,840 salary and $1.6 million in other compensation from Amazon last year, Insider reports.

Bezos' retirement wealth of $199 billion is estimated to be 739,489 times the median American's wealth at the age of sixty-five, which is reported by the US Census Bureau to be the average age in which people in the US retire.

Data from the Federal Reserve reveals that the average American's wealth of that age is $266,400.

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Bezos', who is said to make more money every second than the average American worker makes in a week, wealth grew by more than $75 billion in 2020 alone, the Bloomberg's Billionaire Index reports. Much of that growth was due to the current pandemic which saw Amazon sales significantly increase - thus making shares higher.

Bezos has previously been heavily criticized for his increased wealth as it was largely reported that many Amazon warehouse workers were left to work in poor conditions. Some were even said to live on food stamps.

Bezos steps down from his position of Amazon CEO today, though he will remain as Amazon's executive chairman. He will be replaced by Andy Jassy, the current CEO of Amazon Web Services, the company's cloud platform.

His departure from the company takes place on a significant date, July 5, the same data that Amazon was founded on in 1994.

Following his retirement from Amazon, Bezos will be traveling to space on Blue Origin's first human flight.