The richest people in the world are now worth over $5 trillion. According to Bloomberg, the ultra-wealthy became $1 trillion richer in 2017, which was more than four times greater than 2016. With the stock market trading at record highs coupled with strong economic data, it was easy to see why the rich got richer.
The Bloomberg’s billionaire’s index rose by almost 23 percent, which also reported there were 67 new billionaires this year. The index ranks the world’s 500 richest people on a daily basis. The rise in the index is comparable to the 20 percent rise in the S&P 500 and the MSCI World Index.
Jeff Bezos, the founder of Amazon, added 34.2 billion to his net worth in 2017. Bezos is now the richest man world in the world, and at one point this year topped $100 billion in net worth. Bloomberg reports Bezos is currently worth $99.6 billion. Bill Gates, the founder of Microsoft, was the richest man in the world since May of 2013 until Bezos passed him this year. Bill Gates is worth an estimated $91.3 billion.
At the close of trading on Dec. 26, the richest people in the world controlled an estimated $5.3 trillion. With one of the largest bull markets in financial history continuing to plow ahead, those with the most wealth are benefiting the most. Here are some of the other winners from this historic bull market:
• The China Evergrande Group’s founder, Hui Ka Yan, added $25.9 billion in net worth, ranking second only to Jeff Bezos.
• Ma Huateng, the technology billionaire who co-founded Tencent Holdings, saw his net worth double to nearly $41 billion.
• According to the Bloomberg Index, 38 billionaires from China added $177 billion to their net worth, which was a 65 percent increase from 2016.
• Billionaires in the technology sector added $262 billion to their net worth, an increase of 35 percent.