Amazon has been one of the few companies that have benefited from coronavirus lockdowns as homebound consumers increasingly shop online. Photo: AFP
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Mukesh Ambani, Jeff Bezos or Jack Ma – who will be the world’s first trillionaire?
Despite divorce settlements, a pandemic, philanthropy and depressed oil prices – the world’s richest men are edging closer to that magic 13-digit figure in their bank account
Amazon CEO Jeff Bezos is the leading contender to become the world’s first trillionaire, as early as 2026. Photo: AFP
The coronavirus crisis may be impacting economies around the globe, but there are those who will emerge from the pandemic with their personal fortunes relatively intact, or even expanded.
One such person is Jeff Bezos. According to a recent survey by Comparisun, the Amazon founder and CEO is projected to become the world’s first trillionaire by as early as 2026.
Bezos isn’t alone. There are a very select few – many, unsurprisingly, who are also in the tech industry – who look set to trade in their billionaire status for the far loftier title. From Alibaba’s Jack Ma to Facebook’s Mark Zuckerberg, here’s a look at those who are likely to amass a 13-digit fortune within their lifetimes.
Jeff Bezos, Amazon founder and CEO
Bezos’ wealth is so vast that he managed to retain his title as the world’s richest man even after transferring a quarter of his Amazon stake to his wife, MacKenzie – effectively making her the world’s richest woman – as part of their divorce settlement last year. As of the time of writing, Bezos’ net worth is estimated at US$145.4 billion. As if that weren’t enough money to last several lifetimes, Bezos’ absurd wealth still has plenty of potential to grow. Amazon has been one of the few companies that have benefited from coronavirus lockdowns as homebound consumers increasingly turn to the online marketplace for essentials.
Despite scrutiny over its treatment of staff, Amazon still managed to generate US$75.5 billion in revenue in Q1 of 2020 – a 26 per cent increase from the previous year. Aside from its core e-commerce business, Amazon has expanded into other areas that seem sure to add to Bezos’ fortune. Prime Video, for example, is shaping up to be a solid generator of revenue – and awards – for Amazon. The company also entered the growing e-pharmacy and health care markets recently by acquiring PillPack and Transcribe Medical.
Jack Ma, Alibaba Group founder
Jack Ma may have stepped down as chairman of Alibaba Group but that has not stopped the continued upwards climb of his personal wealth. Photo: Bloomberg
Ma may have stepped down as chairman of Alibaba Group (owner of the South China Morning Post) last September to focus on philanthropy – since the coronavirus outbreak, his namesake charitable foundation has donated medical supplies to more than 150 countries and has also announced funding for vaccine development – but that has not stopped the continued upwards climb of his personal fortune. While the pandemic has no doubt impacted Alibaba, the e-commerce giant has also seized the opportunity to position itself as the go-to solution for brands and retailers looking to pivot from offline to online operations.
The company’s plans to accelerate the digitisation of traditional sectors, including manufacturing and agriculture, as well as its recent US$28.2 billion investment in its cloud infrastructure are also likely to pay off and push Ma into the trillionaire club.
Ma Huateng, Tencent Holdings chairman and CEO
Tencent Holdings has seen a spike in its online gaming revenue due to the coronavirus lockdown. Photo: Bloomberg
Tencent’s Pony Ma Huateng overtook Alibaba’s Jack Ma as China’s richest person this year in what has become a neck-to-neck race between the two tech titans. Unfortunately, Ma may have to give up the title again soon since it was largely due to a lockdown-assisted boost to Tencent’s online-gaming empire. Still, while the gaming gain might be temporary, Ma’s fortune remains stable as his company continues to exhibit robust growth, even when tested by a global pandemic.
And with still plenty of runway for the monetisation of WeChat, China’s most popular messaging app, Ma seems a safe bet for trillionairedom.
Mukesh Ambani, Reliance Industries Limited chairman
While his oil business has taken a hit, Mukesh Ambani, chairman of Reliance Industries, his tech and telecoms business are seeing growth. Photo: AFP
In April, Facebook announced that it would invest US$5.7 million into Jio Platforms, the telecoms arm of Reliance Industries. The partnership led to a surge in the India-based conglomerate’s stock and helped Ambani overtake Alibaba’s Jack Ma as Asia’s richest man. While oil may still be the major revenue source for Reliance at the moment – it is the sixth-largest oil company in the world – its tech and telecoms businesses will be what brings in the big bucks in the days to come, especially since India is the second-largest market for digital consumers and still sees massive room for growth.
According to a 2019 study by McKinsey, smartphone penetration in India is at just 26 per cent but could easily jump to 50 per cent within the next three years.
Mark Zuckerberg, Facebook co-founder, chairman and CEO
Mark Zuckerberg, chairman of Facebook, is well on his way to be come the world’s youngest trillionaire. Photo: dpa
It might take him a few more years to get there but Zuckerberg is well on his way to become the world’s youngest trillionaire. The Facebook CEO is predicted to reach the milestone by 2036, when he is 51 – a sprightly age for someone with such vast amounts of wealth. While there have been some concerns about Facebook hitting its saturation point, not to mention intensified scrutiny over data security, the company remains aggressive with developing additional revenue streams through new products and services in areas such as e-commerce and digital payments.
Facebook has also been investing in expanding the internet capacity in less developed markets, which is set to continue fuelling its growth in the long run.