Amazon CEO Jeff Bezos has become the richest person in the world, boasting a fortune of more than $90bn.

Microsoft's Bill Gates had been atop the rankings, but market fluctuations have put the Amazon guru ahead for the first time.

When markets closed on 26 July, Bezos had a net worth of $90.6bn, putting him $500m behind Gates.

But when Amazon's stock opened up 1.6% on Thursday, this added enough to move past Gates.

Bezos may not end the day on top as markets settle, but as Amazon's stock continue to rise, it is likely he will establish a permanent place ahead of Gates in the coming days and weeks.

Born in Albuquerque, New Mexico, the 53-year-old founded Amazon in 1994, which went on to become the world's largest online shopping retailer.

Her quit his Wall Street job in 1994 when he turned his thoughts to Amazon, which initially only sold books, now, 43% of all online sales made in the US are completed through Amazon.

By 1999, he was named Time Person of the Year and engaged in various projects including space travel.

Jeff Bezos
Amazon.com founder and CEO Jeff Bezos presents the company's first smartphone, the Fire Phone, on June 18, 2014 in Seattle, WashingtonDavid Ryder/Getty Images

His total net worth has grown considerably over the past year thanks to his 17% share in Amazon and his ownership of the Washington Post.

Bezos has been spending a lot in recent years, the decision to buy the Washington Post reportedly cost him $250m of his own money.

He also bought an old textile factory in Washington DC which will be converted into a family home. He and his wife MacKenzie have four children together.

Over the past year he has been involved in a spat with Donald Trump over taxes as well as the stories written in this newspaper, which Trump as described as "fake news" and "phoney".