Amazon founder Jeff Bezos dethrones Bill Gates, becomes world's wealthiest man

In a major setback for American business magnate Bill Gates, Amazon founder Jeff Bezos on 27 July has surpassed co-founder of Microsoft and has become the world's richest man, with a fortune whooping over $90 billion.

Bezos achieved the feat after a 1 percent pop in the shares of Amazon.com, which accounts for the vast majority of Bezos' wealth.

The Forbes now estimates Bezos' wealth Amazon's chief executive, at about $90.6 billion, compared with $90 billion for Gates, The New York Times reports.

According to the New York Times, Bezos holds nearly 81 million shares of Amazon - almost 17 percent of the company.

Forbes also estimates the value of his other investments - including his ownership of The Washington Post and the rocket company Blue Origin - and cash from the sale of securities as part of its wealth calculations.

Gates has been at the top of the Forbes list of billionaires for 18 out of the last 23 years.

-With ANI inputs.