Amazon boss tops global retail rich list

Photo by Drew Angerer/Getty Images

The founder of Amazon, Jeff Bezos, has been named the world’s richest retailer in a list compiled by Retail Week.

Set to earn £63.8bn in 2017, up from £43.34bn last year, he is soon expected to overtake Microsoft’s Bill Gates as the richest person on the planet.

Amazon’s share price has surged to new records in recent months pushing up the value of the 17% held by Bezos to nearly £60bn. First-quarter 2017 revenues came in ahead of Wall Street’s forecast at $35.7bn.

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The Seattle-based powerhouse’s move into cloud computing services has proved lucrative, with a profit margin of more than 24% in that first quarter.

Bezos has beaten 99 other retail bosses to the top spot, including Amancio Ortega, the founder of Zara, and Bernard Arnault, CEO of LVMH, who were ranked second and third in the 2017 Retail Rich List.

Phil Knight, the founder of Nike; Galen Weston, owner of Selfridges and Brown Thomas; and Leslie Wexner, CEO of L Brands, which owns Victoria’s Secret, also made the rich least, coming in at 10th, 27th and 44th places respectively.

The richest female retailer, according to Retail Week, is Alice Walton, an American heiress to the fortune of Wal-Mart Stores. She was ranked 7th on the list and is the only woman to make the top 30.

There are only 13 women in the rich list, three of whom are part of a husband and wife team, including Lady Tina Green, wife of Sir Philip Green, who are ranked in 69th place.

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