The world’s 500 wealthiest people added a collective $1 trillion to their fortunes this year, a gain that was four times larger than last year.
The fortunes of the world’s wealthiest people jumped by 23% in 2017, according to the Bloomberg Billionaires Index. In all, the 500 billionaires controlled $5.3 trillion, up from $4.4 trillion on Dec. 27, 2016.
“It’s part of the second-most robust and second-longest bull market in history,” Mike Ryan, chief investment officer for the Americas at UBS Wealth Management, tells Bloomberg. “Of all the guidance we gave people over the course of this year, the most important advice was staying invested.”
Tech mogul and Amazon.com founder Jeff Bezos added the most in 2017, at $34.2 billion gained, and remains earth’s richest man, with a fortune of nearly $100 billion. He edged out Bill Gates, who has a $91.3 billion net worth and who pledged $4.6 billion to his foundation in August.
Technology was the biggest winner in the index, with the net worth of tech moguls increasing by 35%. The U.S. had the largest presence on the index, with 159 billionaires adding $315 billion.
Read the full story, and see the complete Bloomberg Index.
