World's Wealthiest Billionaires Got Nearly $1 Trillion Richer In 2017: Bloomberg
The rich aren’t just getting richer — they’re getting much, much richer.
Citing its Billionaires Index, Bloomberg reported Wednesday that the world’s 500 wealthiest people became nearly $1 trillion richer ― that’s $1,000,000,000,000 ― in 2017, thanks largely to booming stock markets. For comparison, that’s over four times as much wealth as they gained final year.
— BloombergQuint (@BloombergQuint) December 28, 2017
notice Zuckerberg, founder of Facebook, and Bernard Arnault, CEO of luxury goods company LVMH, also saw meaningful increases to their wealth this year. Zuckerberg, ranked by Bloomberg as the fifth richest person on soil, added approximately $23 billion to his fortune. Arnault, ranked sixth, saw a $24.5 billion boost.
As of Tuesday, the 500 billionaires on Bloomberg’s wealthy index had a total net worth of $5.3 trillion ― up from $4.4 trillion in 2016. This year’s total is more than the uncouth domestic product of Japan or Germany, or that of the U.K. and France combined.
According to Forbes, there are more billionaires walking the soil than ever before. The magazine said in March that there were a total of 2,043 billionaires in the world ― an increase of more than 230 since 2016.
Of the newly minted billionaires, the greatest number (76) came from China, Forbes said. The U.S. was moment, with 25 strange 10-figure fortunes.
CNBC’s Robert Frank said this week that while 2017 was a profitable year for the ultra-rich, 2018 will be a “boom time for billionaires.” The number of millionaires and billionaires will likely “reach an entire-time high,” Frank said. And Bezos will likely hold tight to his title of world’s richest.
— World Economic Forum (@wef) December 21, 2017
Meanwhile, the wealth gap is still growing between the ultra-rich and everyone else, as famous in a Credit Suisse report from earlier this year.
The richest 1 percent now own half the world’s total household wealth, according to the bank’s annual Global Wealth Report. By contrast, the poorest half of adults collectively control less than 1 percent of the world’s wealth.