Amazon CEO Jeff Bezos has become the first person to amass over $100 billion in Forbes magazine’s annual ranking of the world richest men. As such he has displaced Bill Gates to become the world richest man.

Microsoft’s Gates, who has been the richest person in the world for 18 of the past 24 years, dropped to second place with a fortune of $90 billion, up from $86 billion last year.

Veteran US investor Warren Buffett, worth $84 billion) falls to the number three spot.

The milestone underscores the growing clout of Bezos and the company he founded in 1994 as an online bookstore.

Forbes estimates Bezos’ wealth at $112 billion as of Feb. 9, up from about $73 billion last year, thanks to Amazon’s surging stock price.

The global list comprises 2,208 billionaires in total, with an average net worth of $4.1 billion – a record high.