Bezos, Musk smash records as world’s richest add $1.8 trillion in 2020

Bezos, Musk smash records
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By Administration_ India

Capital Sands

Billionaires have always traveled in a different orbit than the rest of us. Nicer things, more power, rocket-launching stations. But 2020 threw that gulf into stark relief.

While much of the world grappled with soaring unemployment and plunging growth, the 0.001% benefited from unprecedented wealth creation.

The world’s 500 richest people added $1.8 trillion to their combined net worth this year and are now worth $7.6 trillion, according to the Bloomberg Billionaires Index. Equivalent to a 31 per cent increase, it’s 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, where five individuals now hold fortunes in excess of $100 billion and another 20 are worth at least $50 billion.

Amazon.com founder Jeff Bezos remains the world’s richest person thanks to surging enthusiasm for online retail during lockdown. Elon Musk gained the most on the list — in possibly the fastest bout of wealth creation in history — leaping to the second spot after Tesla skyrocketed in value.

Combined the two gained about $217 billion in 12 months, enough to send $2,000 checks to more than 100 million Americans.

Covid’s shockwaves upended industries particularly real estate, but boosted fortunes in unexpected niches, partly fueled by retail investors using no-fee trading apps such as Robinhood.

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