Yes... and it's important to remember that unrealized stock gains aren't really wealth either. It's not like Bezos can go out and buy 100 billion things from the McDonald's dollar menu. The money is locked up in the shares and he has so many that any attempt to sell more than a few could really depress the price of the stock.

If anything, he's sort of a curator of the wealth for everyone in the Amazon world. Yes, he's able to live very well, but the simple value of his unsold shares doesn't capture his true ability to buy things.