Bezos Spent 0.02% of His Total Wealth on Lavish Wedding

Up to 76 Billion Won Spent on Three-Day Wedding
Newsweek: "A Relatively Small Amount for Him"

There have been reports that Amazon founder Jeff Bezos, 61, spent up to 76 billion won on his ultra-luxurious wedding, which took place over three days in Venice, Veneto, Italy.

On June 30, Yonhap News cited U.S. weekly magazine Newsweek in reporting that the estimated cost of the wedding between Bezos and his fianc?e, former broadcast journalist Lauren Sanchez, 55, ranged from $47 million to $56 million (63 billion to 76 billion won). According to Newsweek, this estimate was based on remarks by Veneto Governor Luca Zaia. This amount represents approximately 0.019% to 0.023% of Bezos’s total estimated wealth of $244 billion (329 trillion won), as listed on the Bloomberg Billionaires Index.

Amazon founder Jeff Bezos and his wife Lauren Sanchez wave their hands as they leave a hotel in Venice, Italy, on the 29th (local time). Photo by Reuters Yonhap News

Newsweek explained, "This is equivalent to spending less than $250 for the average American." According to Newsweek, the most recent Federal Reserve data shows that the average net worth of a U.S. household is $1,063,700 (1.43 billion won), while the median net worth is $192,900 (260 million won).

Newsweek calculated the proportion of Bezos’s wedding spending relative to his total wealth, and then applied that ratio to the average net worth for various professions to illustrate the comparison.

For construction workers, whose average net worth is about $60,000, the equivalent spending would be $11.58 to $13.80?"about the same as buying two small lattes at Starbucks." For nurses, with an average net worth of $125,000, the equivalent would be $24.13 to $28.75, "less than the cost of two bacon cheeseburgers at Five Guys." Even for high-income professionals such as lawyers, who have an average net worth of $500,000, the equivalent spending would be $96.50 to $115.

On the 28th (local time), protesters stood next to a banner reading "No space for Bezos" on the Rialto Bridge in Venice, Italy, holding smoke-emitting flares. Photo by Reuters Yonhap News

Bezos and Sanchez held their lavish wedding in Venice over three days, from the 26th to the 28th. During this period, celebrities such as Microsoft founder Bill Gates, broadcaster Oprah Winfrey, Hollywood star Leonardo DiCaprio, and influencer Kim Kardashian traveled to Venice as guests. In a press release on the 27th, the Italian Ministry of Tourism stated, "Bezos’s wedding in Venice is expected to generate an economic impact of 957 million euros (1.5 trillion won)," adding, "This amount is equivalent to 68% of the annual revenue of the tourist city of Venice." The ministry further noted, "Over 200 guests attended the event, significantly impacting the local service industries, including hotels, restaurants, and transportation."

However, this extravagant wedding also drew criticism for excessive displays of wealth and for the private use of Venice, a UNESCO World Heritage site. Venetian civic groups staged protests across the city, displaying banners that read, "No space for Bezos."