The total fortune of the world’s 500 richest people jumped by $1 trillion this year thanks to a rebound of the stock market. In other words, the world’s wealthiest individuals saw their annual gains jump four times than the 2016 levels.
According to Bloomberg’s Billionaire Index, the collective wealth of the planet’s 500 most fortunate men jumped 23% in just one year due to major increases in stock market prices. For instance, the S&P 500 and MSCI World Index, two benchmark indexes for the stock market, rose 20 percent over the last 12 months.
- The billionaire with the largest gains was Amazon.com’s founder Jeff Bezos, whose fortune jumped $34.2 billion in just one year.
- The achievement enabled Bezos to dethrone Microsoft boss Bill Gates as the planet’s richest individual.
- Today, Amazon’s founder’s wealth is estimated to be around $100 billion.
Amazon’s shares jumped 50 percent in value over the last year to about $1,000 per unit. Bezos owns a large portion of his company’s shares.
Bloomberg also found that on December 26, when all stock exchanges closed, the planet’s 500 richest individuals owned $5.3 trillion. In 2016, that sum stood around $4.4 trillion on the same day.
Other Billionaires on Bloomberg’s List
Bloomberg lists senior investor and stock market veteran Warren Buffet as the planet’s third richest man. Buffet’s fortune currently stands at $85 billion, while the fortune of the planet’s fourth richest man, Amancio Ortega, is estimated at $75.5 billion.
Facebook boss Mark Zuckerberg comes in fifth on Bloomberg’s list, with a fortune of $72 billion.
Bloomberg analysts also found that China’s billionaires saw the most generous gains this year. One of the greatest losers was Patrick Drahi, a French telecom boss, whose fortune plunged 40 percent, from $10.4 billion to $6.3 billion, Bloomberg found.
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