Monday, January 02, 2017

In 2016, the rich got richer. It happened in the Fourth Quarter.

January 3, 2017
In a year when populist voters reshaped power and politics (click here) across Europe and the US, the world's wealthiest people are ending 2016 with US$237 billion ($242b) more than they had at the start.
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 Hathaway saw 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....