He has also been criticized for not contributing his fortune to philanthropy like other billionaires have, including Microsoft founder Bill Gates and Berkshire Hathaway's Warren Buffett.
Along with running Amazon the tech mogul owns space exploration company Blue Origin and the Washington Post newspaper.
Amazon CEO Jeff Bezos is giving billions to a fund that will focus on helping homeless families and creating preschools for low-income communities.
Earlier this year Amazon played a pivotal role in diminishing and ultimately defeating a Seattle business tax to fund homelessness services and affordable housing.
Bezos's personal wealth has soared with the value of Amazon, whose stock price has doubled over the past year with its expansion into new sectors and geographies.
Mr Bezos - reportedly worth more than $164bn - has faced criticism for not doing more philanthropic work. The vision statement comes from the inspiring Mary's Place in Seattle: no child sleeps outside.More news: Nintendo Direct DELAY: When will the September 2018 Nintendo Direct be held?
The fight soured many more locals on Amazon and Bezos, and also overshadowed the growing portfolio of philanthropy they had done in the city.
"He's a pretty incredible neighbour, him and [his wife] MacKenzie", said Mary's Place director Marty Hartman.
In the education realm, Bezos is tipping his hat to the intensely private and media-shy Bezos Family Foundation that is run by his parents. "We will build an organization to directly operate these schools", he added.
In the past, Bezos has made political contributions, but not of this magnitude. In the summer of 2017, Bezos tweeted a request from the masses for philanthropic ideas "at the intersection of urgent need and lasting impact".
Last year, he donated $33 million to fund scholarship for "dreamers", the name given to undocumented children of immigrants who face legal obstacles in attending college or university. The Seattle-based Bill and Melinda Gates Foundation as the world's largest private nonprofit foundation has an endowment worth over $40 billion United States and has long supported homelessness services for families in the city.