The U.S. tech sector is now worth more than the entire European stock market _ Jeff Bezos Becomes The First Person Ever Worth $200 Billion

• 2020-08-31
• News

The U.S. tech sector is now worth more than the entire European stock market

According to the Bank of America Global Research, The dominance of major US tech stocks in recent years has pushed the sector past another milestone, which is now worth more than the entire European stock market.

The bank said in a new report that for the first time in its history, the market cap of U.S. tech companies exceeded $ 9.1 trillion, more than the total value of all European stocks, including the U.K. and Switzerland, which stands at $8.9 trillion.

The bank noted that in 2007 Europe's market cap was roughly four times the size of U.S. technology stocks.

In January, the top five tech companies in the United States, Apple, Alphabet, Amazon, Microsoft and Facebook, accounted for 17.5 % of the S&P 500, and the rotation into tech during the Covid-19 pandemic has pushed that number above 20 %.

Jeff Bezos Becomes The First Person Ever Worth $200 Billion

According to the Bloomberg billionaires index, the net worth of Amazon CEO Jeff Bezos has reached $ 202 billion. Thus, Bezos is the first person in the world to have a fortune of more than $ 200 billion.

He is now $ 78 billion richer than Microsoft co-founder Bill Gates, who stands at number two.

The Amazon founder's personal wealth has skyrocketed in recent months as Amazon stocks soared during coronavirus. Jeff Bezos became the richest man in the world for the first time in 2017, and his personal wealth reached more than $ 150 billion in 2018.

Amazon shares jumped sharply in April as demand for online shopping rose, adding hundreds of billions to its market value and giving more than 86% gain to investors this year so far. Amazon is now worth more than $ 1.7 trillion, making it the second most valuable company in the United States after Apple.