Three of the global wealthiest people have achieved surprised everyone with a new level of their personal wealth. The first is Amazon.com Inc’s founder Jeff Bezos, who has eclipsed its net worth to $200 billion on 26th August as Amazon’s shares have climbed to a record. With this, Jeff’s ex-wife MacKenzie Scott, 50, has also become the world’s richest woman, following back L’Oreal SA heiress Francoise Bettencourt Meyers.
In the meanwhile, Elon Musk has broadened an extraordinary stretch of wealth gains for becoming a centibillionaire. On the same day, Tesla Inc’s shares have reformed its worth by pushing his net worth to $101 billion, listing Elon Musk among the world’s 500 richest people.
For straight 4 days, tech companies enhance Nasdaq Composite indexes and the S&P 500 to new highs, sustained by the news that the Federal Reserve can maintain short-term interest rates near zero for a minimum of 5 years.
The recently recorded gains by Jeff Bezos, 56, and Elon Musk, 49, have represented the newest high watermark for an accumulation of wealth in an upside-down year defined by 2 factors- surging markets and catastrophic loss human and economic.
So far, the global leading 500 richest people have gained $809 billion in 2020, a 14% increase since January, even though a worldwide pandemic has caused a record drop in gross domestic product and millions of layoffs in jobs.
The inequality of rising income has evoked a sharp response from a majority of progressive critics and politicians on the left. In July, the US politician Bernie Sanders has introduced legislation to tax ‘extreme’ wealth gains in the times of the pandemic.
In a statement, Bernie Sanders said that they could not continue to enable billionaires like Elon Musk and Jeff Bezos to become filthy rich. At the same time, millions of Americans face eviction, economic, and hunger desperation. Now its time to fundamentally change the national priorities.
Other wealthy people and icons view their massive wealth as justified and state that they’ve earned it by creating singular businesses. Great Hill Capital chairman Thomas Hayes said that when they look at Jeff Bezos and Elon Musk, they understated to say in their own ways that they’ve changed the world.
The rush in wealth is explicitly concentrated in the upper ranks of the billionaire’s index, largely fueled by tech stocks, which have been on a tear as the pandemic took more people online. This has also involved a hike in the number of retail investors buying stocks.
Elon Musk is now one of the 4 centibillionaires globally, which has seen his fortune grow by $73.6 billion in 2020; however, it is still smaller than Bezos’s growth, who is up by $87.1 billion. Facebook Inc. founder Mark Zuckerberg’s net worth topped $100 billion in July. On 26th August alone, its net worth rose by $8.5 billion.
The US tech tycoons are not the only beneficiaries. In July, Indian tycoon Mukesh Ambani has become the first Asian to rank among the five richest people globally. In 2020, Mukesh Ambani has gained $22.5 billion on the back of a boost in his conglomerate Reliance Industries Ltd. shares, whose tech sector has attracted recent investments from Silver Lake and Facebook.
Beside growing tensions with the US, China’s tech billionaires have gained in 2020 as well. Tencent Holdings Ltd. CEO Pony Ma has surprised everyone with a $16.6 billion in 2020 and is now worth $55.2 billion. Alibaba Group Holding Ltd.’s Jack Ma and NetEase Inc.’s William Ding have also added over $12 billion each, putting their fortunes at $58.9 billion and $30.8 billion, respectively.
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