Billionaires with a wealth of at least $100 billion are mostly US-based
Progressive lawmakers recently revived plans to introduce a wealth tax
The proposal is unlikely to go anywhere in a narrowly divided Congress
World’s 8 Richest People Now Have a Combined Net Worth of $1 Trillion
Jeff Bezos was first to hit the $100 billion (roughly Rs. 7,54,390 crores) milestone since Bill Gates
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The rally in tech shares has taken the number of people with fortunes of more than $100 billion (roughly Rs. 7,54,390 crores) to eight.
According to the Bloomberg Billionaires Index, According to the Bloomberg Billionaires Index, Google co-founders Larry Page and Sergey Brin joined the exclusive club last week, entering a group dominated by US tech entrepreneurs. The world's eight richest people together hold fortunes of more than $1 trillion (roughly Rs. 75,41,060 crores) and have added $110 billion (roughly Rs. 8,29,520 crores) combined this year.
Centibillionaires Mushroom
In 2017, Amazon's Jeff Bezos was the first to hit the $100 billion (roughly Rs. 7,54,390 crores) milestone since Microsoft co-founder Bill Gates back in 1999. Gates's wealth then slumped with the dot-com bubble burst, and he regained the title of centibillionaire only in 2019. Tesla's Elon Musk and Facebook's Mark Zuckerberg joined the club last year. The tech industry led a boost in wealth creation with the coronavirus pandemic accelerating a switch to online.
Amazon CEO Jeff Bezos Reclaims Title of World's Richest After Elon Musk Slips
Billionaires with a wealth of at least $100 billion (roughly Rs. 7,54,390 crores) are mostly US-based. Democratic Senator Elizabeth Warren and other progressive lawmakers recently revived plans to introduce a wealth tax, though the proposal is unlikely to go anywhere in a narrowly divided Congress.
“The US economy is the world's most powerful engine of wealth creation and prosperity,” John Lettieri, president and chief executive officer of Washington DC-based think tank Economic Innovation Group, told US lawmakers on March 17. “Despite this, the lack of wealth at the bottom remains a troubling and a persistent fact of life in this country.”
US shares climbed to a fresh record Friday on optimism over the economic recovery. The tech-focused Nasdaq 100 Index has risen more than 7 percent this year, with Google parent Alphabet rallying for the past two weeks as it won a copyright ruling. Page and Brin have added more than $20 billion (roughly Rs. 1,50,820 crores) each to their wealth, which issome of the biggest gains this year. this year
Amazon CEO Jeff Bezos Tops Forbes World’s Billionaires List Once Again
Warren Buffett briefly reached the $100 billion (roughly Rs. 7,54,390 crores) mark in March before hitting it again last week, while Bernard Arnault of France's luxury group LVMH has been part of the elite group on and off since 2019.
- With assistance from Ben Stupples.
© 2021 Bloomberg LP
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Jeff Bezos, the founder of Amazon, remains the world’s richest person with a fortune of $201.8bn (£145.8bn), according to the Forbes Real-Time Billionaires list.
After 27 years, he has stepped down as CEO of Amazon and is replaced by Andy Jassy. The 57-year-old now takes on a new position, executive chair of the Amazon board, The Verge reports.
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Bezos tops the world’s rich list with Bernard Arnault and family, Elon Musk, Bill Gates, and Mark Zuckerberg completing the top five.
Despite the economic uncertainty caused by the Covid-19 pandemic, it has been “a year like no other” for the world’s richest, Forbes said in its 35th Annual World’s Billionaires List. The magazine revealed that the number of billionaires “exploded” to an unprecedented 2,755 - that’s 660 more than a year ago. Collectively, the men and women on Forbes’s rich list are worth $13.1trn (£9.49trn) - up from $8trn (£5.8trn) on the 2020 list.
“The top ten richest are worth $1.15trn (£830bn), up by two-thirds from $686bn (£497bn) last year,” said Forbes’ Kerry A. Dolan. “Altogether, Europe’s billionaires are $1trn (£720bn) richer than a year ago.” There are a “record high” 493 newcomers on the Forbes list, “roughly one new billionaire every 17 hours”.
World’s richest people
According to the Forbes Real-Time Billionaires (as of 6 July 2021)
1. Jeff Bezos: $201.8bn
The former hedge fund manager started Amazon in his garage in 1994. Bezos has invested heavily in space technology too, and also owns The Washington Post newspaper. He has stepped down as Amazon CEO and takes on the new role of executive chair.
2. Bernard Arnault and family: $187.1bn
Arnault is the wealthiest European on the list. The Frenchman oversees an empire of more than 70 brands, including Louis Vuitton and Sephora.
3. Elon Musk: $167.3bn
Musk is the CEO of Tesla and the founder and CEO of SpaceX. He divides his time between SpaceX, Tesla, and projects like Hyperloop, a proposed ultra-high-speed train line.
4. Bill Gates: $128.9bn
The Microsoft founder has been a permanent fixture near the top of the rich list for the past 20 years, despite selling and then giving away much stake in the company. He now owns just 1% and focuses predominantly on his philanthropic work.
5. Mark Zuckerberg: $127.7bn
After launching Facebook in 2004 at the age of 19 Zuckerberg made his fortune while studying psychology and computer science at Harvard University.
6. Larry Page: $108.9bn
Internet entrepreneur Page is one of the co-founders of Google. He stepped down as CEO of Google’s parent company Alphabet Inc. in December 2019 but remained a board member.
7. Larry Ellison: $106.8bn
The American business magnate is co-founder, chairman, and chief technology officer of Oracle. He owns around 35.4% of the software giant.
8. Sergey Brin: $105.4bn
Along with Larry Page, Brin was a co-founder of Google. Until December 2019, he was president of Alphabet Inc.
9. Warren Buffett: $101.3bn
Now in his ninth decade, the Berkshire Hathaway chief executive, known as the “Oracle of Omagh,” is one of the most successful investors of all time. Like Gates, he has pledged to give away more than 99% of his fortune to charity.
10. Francoise Bettencourt Meyers and family: $86.7bn
Francoise Bettencourt Meyers, the richest woman globally, is the granddaughter of L’Oréal founder Eugene Schueller.
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