Fidelity bank banner Bayelsa State banner
Rich getting richer, makes extra $1 trillion in 2017

By Tom Metcalf, Jack Witzig on 28/12/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 534


The richest people on earth became $1 trillion richer in 2017, more than four times last year’s gain, as stock markets shrugged off economic, social and political divisions to reach record highs.

The 23 percent increase on the Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people, compares with an almost 20 percent increase for both the MSCI World Index and Standard & Poor’s 500 Index.

Amazon.com Inc. founder Jeff Bezos added the most in 2017, a $34.2 billion gain that knocked Microsoft Corp. co-founder Bill Gates out of his spot as the world’s richest person in October. Gates, 62, had held the spot since May 2013, and has been donating much of his fortune to charity, including a $4.6 billion pledge he made to the Bill & Melinda Gates Foundation in August. Bezos, whose net worth topped $100 billion at the end of November, currently has a net worth of $99.6 billion compared with $91.3 billion for Gates.

George Soros also gave away a substantial part of his fortune, revealing in October that his family office had given $18 billion to his Open Society Foundations over the past several years, dropping the billionaire investor to No. 195 on the Bloomberg ranking, with a net worth of $8 billion.

By the end of trading Tuesday, Dec. 26, the 500 billionaires controlled $5.3 trillion, up from $4.4 trillion on Dec. 27, 2016.

“It’s part of the second-most robust and second-longest bull market in history,” said Mike Ryan, chief investment officer for the Americas at UBS Wealth Management, on Dec. 18. “Of all the guidance we gave people over the course of this year, the most important advice was staying invested.”

Winners

The 38 Chinese billionaires on the Bloomberg index added $177 billion in 2017, a 65 percent gain that was the biggest of the 49 countries represented.

Hui Ka Yan, founder of developer China Evergrande Group, added $25.9 billion, a 350 percent jump from last year, and the second-biggest U.S. dollar gain on the index, after Bezos.

Technology billionaire Ma Huateng, co-founder of messaging service Tencent Holdings, became Asia’s second-richest person when his fortune nearly doubled to $41 billion.

The number of Asian billionaires surpassed the U.S. for the first time, according to a UBS Group AG and PricewaterhouseCoopers report. 

The U.S. has the largest presence on the index, with 159 billionaires who added $315 billion, an 18 percent gain that gives them a collective net worth of $2 trillion.

Russia’s27 richest people put behind them the economic pain that followed President Vladimir Putin’s 2014 annexation of Crimea, adding $29 billion to $275 billion, surpassing the collective net worth they had before western economic sanctions began.

It was also a banner year for tech moguls, with the 57 technology billionaires on the index adding $262 billion, a 35 percent increase that was the most of any sector on the ranking.

Facebook Inc. co-founder Mark Zuckerberg had the fourth-largest U.S. dollar increase on the index, adding $22.6 billion, or 45 percent, and filed plans to sell 18 percent of his stake in the social media giant as part of his plan to give away the majority of his $72.6 billion fortune.

In all, the 440 billionaires on the index who added to their fortunes in 2017, gained a combined $1.05 trillion.

Losers

The fortune of French telecommunications billionaire Patrick Drahi fell $4.1 billion to $6.3 billion, a 39 percent drop.

Prince Alwaleed Bin Talal, the richest person in Saudi Arabia, dropped $1.9 billion to $17.8 billion after he was detained in a crackdown against corruption led by Crown Prince Mohammed bin Salman that targeted royals, government officials and business leaders.

There were 60 billionaires who fell from the ranking, including South African retailer Christo Wiese, whose fortune dropped to $1.8 billion from a peak of $7.7 billion, in August 2016, after news of an accounting scandal at his Steinhoff International Holdings NV broke onDec. 5.

Sumner Redstone, 94, also fell off the list as CBS owner Viacom Inc. continued to grapple with a bitter battle for control between his daughter and other executives, while Rupert Murdoch, 86, sidestepped succession concerns with a December deal to sell much of 21st Century Fox Inc.’s entertainment assets to Walt Disney Co. Redstone shed $90 million. Murdoch added $2.7 billion.

In all, the 58 of the 500 billionaires who saw their fortunes shrink in 2017, lost a combined $46 billion.

New Wealth

The Bloomberg index discovered 67hidden billionaires in 2017.

Renaissance Technologies’s Henry Laufer was identified with a net worth of $4 billion in April. Robert Mercer, 71, who plans to step down as co-CEO of the world’s most profitable trading fund on Jan. 1, couldn’t be confirmed as a billionaire.

Two fish billionaires were caught: Russia’s Vitaly Orlov and Chuck Bundrant of Trident Seafood.

A Brazilian tycoon who built a $1.3 billion fortune with Latin America’s biggest wind developer was interviewed in April.

Two New York real estate moguls were identified, Ben Ashkenazy and Joel Wiener.

Several technology startup billionaires were identified, including the chief executive officer of Roku Inc. and the two co-founders of Wayfair Inc.

Investor euphoria created a number of bitcoin billionaires, including Tyler and Cameron Winkelvoss, with the value of the cryptocurrency soaring to more than $16,000 Tuesday, up from $1,140 on Jan. 4. The leap came with a chorus of warnings, including from Janet Yellen, who called the emerging tender a “highly speculative asset” at her last news conference as chair of the Federal Reserve, on Dec. 13.

With wealth surging to new highs, billionaires may quickly learn that a billion dollars doesn’t buy what it used to. The price of housing has topped$300 million, the cost of divorce has hit $1 billion and a rediscovered painting by Leonardo da Vinci sold for $450.3 million at a Christie’s auction in November, the most expensive work ever sold.

“Would you believe it?” Eli Broad, who has a $7.4 billion fortune and his own museum in Los Angeles, said after the sale. “It’s wild.”

•Sourced from Bloomberg.

Source News Express

Posted 28/12/2017 11:48:21 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Wike shuts 1,886 illegal schools

Step aside, NBA tells arrested judges

We will conclude board appointments this month —...

Ebonyi bans town unions’ elections till after 2019...

NMA alerts on possible return of Ebola, Lassa...

Group lauds Senate over pro-masses stance, passes vote...

EFCC to keep 2 percent of recovered loot...

Pictured: Gov. Oshiomhole shares tea with poor widow...

VICTOR UMEH UNMASKED: Profile of The Emperor of...

Dambazau plans to reform internal security

4 aspirants lament sudden change of venue for...

U.S. Govt. shuts down for the second time...

 

Latest News Ebonyi to build International Airport Man kills sick brother to avoid paying medical bills INEC wants N6bn to feed policemen during 2019 polls Arewa youths back Saraki, caution Oshiomhole on utterances Why we suspended consular services in Abuja — U.S. Embassy Police capture 20 suspected Zamfra bandits, recover arms SERAP sues NYSC over failure to publish Kemi Adeosun’s ‘exemption certificate’ 25 students killed in bomb blast Reps, INEC meet over 2019 general elections FEC approves N15.73 billion road project in Enugu El-Rufa’i presents N155bn 2019 budget for Kaduna Fake news aggravated recent National Assembly crisis — Minister

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,108 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,281 views) Shameless Genevieve Nnaji exposes breasts in public (295,970 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,616 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,324 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,964 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,366 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,547 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,519 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,075 views) Lagos plane crash: Journalist releases victims’ names (152,538 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,901 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,451) Business Verdict (48) Columnists (908) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (527) Features (632) Global Business Monitor (294) International (2,268) Interview (161) Live Commentary (28) Love Matters (134) News (38,028) Opinion (1,057) Pidgin (11) Politics (6,045) Religion (816) Sports (1,645) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement