(UPI) — Jeff Bezos, the founder and CEO of Internet retail giant Amazon, overtook Microsoft founder Bill Gates as the world’s richest person on Thursday, according to a real-time ranking compiled by Forbes magazine.

A 1 percent surge in the price of Amazon shares accounts for the wealth Bezos has accumulated, at least on paper, enabling him to surpass Gates with $91 billion in assets on the Forbes list Thursday. Gates was listed with $90 billion.

Shares of Amazon have increased about 40 percent in the last year and have traded at over $1,000 per share during that time. According to regulatory filings, Bezos owns about 81 million shares of Amazon, accounting for roughly 17 percent of the company he founded.

Bezos also owns The Washington Post and the space exploration company Blue Origin, which he founded and funds with the sale of $1 billion in Amazon stock each year, according to The New York Times.

Gates’ wealth has also increased as Microsoft stock has enjoyed recent success. He still owns 191 million shares of the company, a 2.46 percent stake worth $14 billion.

Gates has diversified his wealth since stepping away from day-to-day leadership at Microsoft and now oversees Cascade Investments, the company he formed to manage his vast fortune. Cascade has a wide array of business interests, including private equity, public stock holdings and real estate.

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The Forbes list does not count the money Gates has donated to his charitable organization, the Bill and Melinda Gates Foundation, as part of his personal fortune.

Gates has been ranked No. 1 on the Forbes richest person list in 18 of the last 23 years.

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