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Amazon founder, Jeff Bezos, is now the world's third richest person, after a strong rise in the company's profits and share price, according to Forbes.

Forbes estimates Mr Bezos' personal fortune to be £49.5 billion - a fortune only beaten by Zara founder Amancio Ortega (£55bn) and Bill Gates (£59bn).

He owns 18% of Amazon, and with shares having jumped 50% since February, his finances have taken off.

Amazon, which investors often bemoaned for making little or no profit for years on end, has turned a corner of late. Profits in the second quarter soared from $92 million last year to $857m. And revenues grew 31% to $30.4bn.

Jeff Bezos said: "It's been a busy few months for Amazon around the world, and particularly in India - where we launched a new [Amazon Web Services] Region, introduced Prime with unlimited free shipping, and announced that Prime Video is coming soon, offering Prime members in India exclusive access to Amazon Original Series and Movies - including original content featuring top Indian creators and talent."

It is understood growth of its Amazon Prime subscription service is beyond much of the improved performance over the past year. Although Amazon has not released any figures itself, but figures from Consumer Intelligence Research Partners suggest it has 63 million Amazon Prime subscribers in the US, who spend an average $1,200 a year with retailer, compared with non-members who spend an average $500.

The company also revealed strong growth in its cloud computing division, Amazon Web Services. Revenues rose 58.2% to $2.89bn, beating expectations by around $60m.