• 107 days Will The ECB Continue To Hike Rates?
  • 107 days Forbes: Aramco Remains Largest Company In The Middle East
  • 109 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 509 days Could Crypto Overtake Traditional Investment?
  • 514 days Americans Still Quitting Jobs At Record Pace
  • 515 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 519 days Is The Dollar Too Strong?
  • 519 days Big Tech Disappoints Investors on Earnings Calls
  • 520 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 521 days China Is Quietly Trying To Distance Itself From Russia
  • 522 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 526 days Crypto Investors Won Big In 2021
  • 526 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 527 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 529 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 529 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 533 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 534 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 534 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 536 days Are NFTs About To Take Over Gaming?
Big Money Pouring into Air Taxis

Big Money Pouring into Air Taxis

U.S.-based electric vertical takeoff and…

Intel Joins Russian Exodus as Chip Shortage Digs In

Intel Joins Russian Exodus as Chip Shortage Digs In

"Intel continues to join the…

Russian Default Looms Large, Visa Joins the Exodus

Russian Default Looms Large, Visa Joins the Exodus

Giant Visa and Mastercard have…

  1. Home
  2. News
  3. Breaking News

Another Banner Year for Billionaires

Another Banner Year for Billionaires

Unsurprisingly, last year was very fruitful for the wealthy. In 2021, the top 10 richest people added $402 billion to their wealth, according to Bloomberg’s Billionaires Index

The biggest gainer was Elon Musk who added $121 billion, followed by Bernard Arnault of luxury goods conglomerate LVMH who gained $63 billion. Google’s co-founder Larry Page added $47 billion to his fortune followed by Facebook founder Mark Zuckerberg, adding nearly $25 billion to his fortune last year. 

Jeff Bezos and Bill Gates ended 2021 with a “moderate” gain of $5 and $7 billion, respectively.

Beyond the richest 10, 2021 wasn’t bad for other wealthy individuals, either. Some 2,600 billionaires worldwide added $1.6 trillion to their wealth and are now worth a total of $13.6 trillion.

Even in 2020, in the peak of the pandemic when the world's economies were hanging by a thread, it was extremely lucrative for the world’s wealthy, who managed to nearly double their total wealth since 2019 adding nearly $2 trillion  to their collective fortune.

Last year, United States-based wealthy individuals made the biggest contribution by adding a total of $945 billion to their fortunes, mostly thanks to soaring stock market indexes.

Due to the domestic stock market jump, Indian billionaires have had the second best year in 2021, adding $210 billion to their collective net worth. Russian billionaires are third, aggregating $145 billion.

Chinese billionaires led the world in wealth growth in 2020, but due to the government's crackdown on domestic industries, they fell to fourth place last year. The Chinese wealthy are “only” 4% richer than a year ago, compared to a 60% gain in 2020, while some even have lost billions.

Despite the vaccine rollouts and re-opening economies, the global market faced several problems last year, such as issues with global supplies and new virus variants. Still, the global economy managed to grow 5.1% in 2021. As for this year, it is estimated that it will grow 4%.

According to the 2022 World Inequality Report, billionaires worldwide owned 1% of global wealth in 1995, and now own over 3% of global wealth.

The world’s wealthiest 1% took nearly 40% of all additional wealth accumulated since the mid-1990s. In comparison, the fortunes of the bottom 50%, approximately 4 billion people, accumulated just 2%--a figure that remains unchanged since the late 1990s.

The report found that the richest 10% of the global population owns 75% of all wealth in the world, while Europe is still  the “most equal” region in the world where the top 10% own approximately 36% of the region’s total income share.

On the other side, the Middle East and North Africa are the  “most unequal” regions, with the wealthiest 10% of the region’s population owning 58% of the income share.

In the United States alone, households in the lower third of the wealth distribution, a total of some 110 million people — have no wealth to speak of at all.

Also, every fifth household in the U.S. has a negative net worth, meaning that their assets are of lower value than their debts. Debts that they most likely own to the above-mentioned billionaires.

Back to homepage

Leave a comment

Leave a comment