This Blog is created to stress the importance of Peace as an environmental directive. “I never give them hell. I just tell the truth and they think it’s hell.” – Harry Truman
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Monday, January 02, 2017
In 2016, the rich got richer. It happened in the Fourth Quarter.
Triggered by disappointing economic data from China at the beginning, the UK's vote to leave the European Union in the middle and the election of billionaire Donald Trump at the end, the biggest fortunes on the planet whipsawed through US$4.8 trillion of daily net worth gains and losses during the year, rising 5.7 per cent to US$4.4 trillion by the end of December 27, according to the Bloomberg Billionaires Index.
The gains were led by Warren Buffett, who added US$11.8 billion during the year as his investment firm Berkshire Hathawaysaw its airline and banking holdings soar after Trump's surprise victory on November 8. Buffett, who's pledged to give away most of his fortune to charity, donated Berkshire Hathaway stock valued at US$2.6 billion in July.
The US investor reclaimed his spot as the world's second-richest person two days after Trump's victory ignited a year-end rally that pushed Buffett's wealth up 19 per cent for the year to US$74.1 billion....