Amazon is one of the world’s biggest companies at the moment, and it’s not surprising to see why. Amazon has a near ubiquitous presence with online shopping, as it is the world’s largest online marketplace. However, with the growth of Amazon, its founder, CEO, and president, Jeff Bezos, has received harsh criticism for a large amount of wealth he has accumulated as a result of his success as heading one of the world’s most successful companies of all time. While it is true that he has accumulated a ridiculous amount of wealth, our society’s heavy reliance on Amazon is the main reason for this wealth. As a society, we have transferred to a highly online civilization. Our reliance on buying online goods has allowed Amazon to establish itself as the front-runner in the online marketplace, and it’s no surprise to see why. Amazon Prime, with its great customer service and quick delivery, has transformed Amazon from an online book retailer into one of the world’s greatest conveniences. Although it may be “unfair” that Jeff Bezos has an extreme amount of wealth, it is as a result of our laziness, and need for convenience, that Jeff Bezos has established himself as one of the richest men to ever live.
First, let’s go over some financial aspects of both Amazon and Jeff Bezos. At the time of this article, one Amazon stock costs $3,211.01 with a market share of $1.61 trillion. According to Investopedia, a market share is “obtained by multiplying the number of its outstanding shares by the current share price.” (1) Investopedia also ranks Amazon as the world’s third-largest company. As Investopedia reports, “Amazon is the world’s largest online retailer by market cap.” (2) Amazon has achieved such a high level of success a result of Jeff Bezos’s own financial sacrifices when the company was in its infancy, and clearly, his sacrifices have paid dividends.
It is no secret that Bezos has accrued a huge deal of wealth during his time as CEO of Amazon. In August of this year, Bezos surpassed a new milestone in his wealth. As Forbes reports, “The world’s richest person, Jeff Bezos, is wealthier than he’s ever been…Bezos’ net worth is up by $4.9 billion, making the 56-year-old the world’s first-ever person to amass a $200 billion fortune.” (3) Bezos’s wealth of over 200 billion makes him the richest individual on Earth with a net worth larger than the GDP of some countries. Business Insider writes, “Bezos’ fortune is comparable to the GDPs of entire countries. His net worth is greater than the GDP of Qatar, a country rich in oil and natural gas resources. The Amazon CEO’s wealth also exceeds the GDP of Iceland, Luxembourg, and Sri Lanka—combined, according to World Bank data.” (4) Jeff Bezos has accumulated a huge amount of wealth and while he may be “hoarding” it, Bezos’s wealth comes from one main thing: our laziness and addiction to convenience.
In order to make it clear that this is not some kind of endless praise and advertisement for Amazon and Jeff Bezos, it is abundantly clear that Jeff Bezos’s business practices, while efficient and effective, has seen many complaints come from warehouse workers. The Guardian reports, “But while New York customers and Amazon’s shareholders, may be happy, some workers are not. In November, as the holiday rush got into full swing, Cummings was one of 600 workers at the Amazon warehouse who signed and delivered a petition to management calling on Amazon to improve working conditions.” (6) While Amazon does improve the lives of millions of users, warehouse workers across the country and globe complain about long hours, and poor treatment from administration. While this is an issue, Amazon has pushed to improve its business practices, and they will only become more ethical through competition from other employers as well as some government intervention to ensure that workers are not being abused.
In the modern era, there is a common misconception that wealthy people did not work for their wealth. CNBC’s report titled “Nearly 68 percent of the world’s richest people are ‘self-made,’ says a new report.” refutes this common misbelief. According to CNBC, “The market research firm analyzed the state of the world’s ultra-wealthy population — or those with a net worth of $30 million or more…Of those folks… Only 8.5 percent of global high-net-worth individuals were categorized as having completely inherited their wealth.” Jeff Bezos earned his wealth, Amazon wasn’t successful overnight. It took years and years of intense marketing, perfecting the marketplace, and accumulating a loyal consumer base before Amazon could truly become the powerhouse that it is today. While we may feel it is unfair that his wealth is so vast and he could be helping so many people, this does not negate the fact that his immense wealth comes from hard work and some pure luck that Bezos was able to achieve such a ridiculous amount of wealth. However, his wealth comes from our collective society’s reliance on quick shipping, online shipping, and good customer service. Before you attack Jeff Bezos for his wealth, reconsider how much you need that Amazon Prime membership, how used you are to two-day shipping, how much you enjoy simple and easy returns, and how much you enjoy ordering everything from the comfort of your home. Then maybe you’ll begin to see why Jeff Bezos is the richest man on earth.