World's Richest People

World’s Richest add $1.8 Trillion to their Combined Net Worth in 2020

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The Biggest Annual Gain

According to the Bloomberg Billionaires Index, the 500 World’s Richest People $1.8 trillion combined to their net worth this year and are now worth $7.8 trillion. Equivalent to a 31 percent increase, it is the biggest annual gain in the eight-year history of the index and a $3 trillion jump from the market’s nadir in March. The gains were disproportionately at the top as five individuals now hold a fortune in excess of $100 billion and another 20 are worth at least $50 billion. 

Bezos, Musk Smash Records

The founder of Amazon, Jeff Bezos remains the world’s richest person thanks to the steep rise of the online retail market during the lockdown. Moreover, due to the extensive market growth of Tesla, Elon Musk gained the most on the list –is possibly the fastest bout of wealth creation in history –leaping to the second spot. The two veterans together gained a whopping $217 billion in 12 months. 

Alongside these two, the Chinese immigrant Eric Yuan shot to fame as his video-conferencing technology, Zoom Video Communications Inc. gained significant ground. Furthermore, Zhong Shanshan, a water-bottle tycoon nicknamed the “Lone Wolf,” became Asia’s richest person after the initial offerings of two of his companies helped boost his net worth by $70.9 billion. He surpassed Mukesh Ambani, who has started to transform his conglomerate into an e-commerce and tech colossus. 

The Role of Billionaire Capital

“Surging billionaire worth hits a painful nerve for the millions of people who have lost loved ones and experienced declines in their health, wealth, and livelihoods,” says Chuck Collins, Director of the Program on Equality and the Common Good at the Institute for Policy Studies. However, this year’s crisis has also underscored the role that billionaire capital and companies they control can play when the government response falls short. Whether it is donating personal protective equipment, funding medical research and social justice causes, or advocating for vaccines, the ultra-rich, for the better or worse played a role in responding to the year’s woes.

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West has been driving the business world owing to its developed economies. The leading part of the world is straining to sustain its dominance. However, the other parts of the world, especially Asia Pacific region have been displaying escalating growth in terms of business and technological advancements.

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