Connect with us
Gage

Billionaire Watch

Wealth of world’s billionaires hits $10.2 trillion

The total billionaire wealth globally has climbed by 27.5%, reaching $10.2 trillion, up from $8.0 trillion at the beginning of April. 

Published

on

Wealth of world’s billionaires hits $10.2 trillion

As market turbulence continues to propel the wealthiest amongst us; the world’s billionaires have seen their wealth surge to a peak of $10.2 trillion in July, a 14.61% increase from the $8.9 trillion at the end of 2017. 

This was uncovered in the 2020 Billionaires report tagged the “Riding Storm” which was published today, by the Swiss bank UBS and the accounting firm PwC. 

The report found out that the COVID-19 pandemic turbocharged the global economy’s transition to digital, and this has benefited today’s billionaires, as the pipeline of fresh technologies grows by the day. 

READ: Elon Musk now the third-richest person in the world

The COVID-19 crisis indeed has been the real border between the old and the new economy, as it has spurred increased opportunities for the innovators and the disruptors who dominate the Technology, Health, Industrials, and Entertainment & Media.

Specta

However, the net wealth of traditional billionaires in the intermediate industries and sectors, such as entertainment, financial services, materials, and real estate sectors lagged the rest of the universe. While the wealth of those in older industries suffers. 

READ: World billionaires’ wealth drop by $388 billion in 2018

With the number of billionaires declining by 43 to 2,058, the total billionaire wealth globally has climbed by 27.5%, reaching $10.2 trillion, up from $8.0 trillion at the beginning of April, and higher than the previous peak of $8.9 trillion at the end of 2017. The number of billionaires has increased from 2,158 in 2017 to 2,189. 

During 2018, 2019, and the first seven months of 2020, the Billionaire class as a whole saw their wealth increase by 19.1%. This clearly signals the polarization taking place, and the rising wealth divergence between billionaires across industries. 

Coronation ads

READ: MTN Nigeria records gain, investors profit up by N42 billion

Technology billionaires’ total wealth rose by 42.5% to $1.8 trillion, supported by the surge in tech shares. The net worth among those in entertainment, materials, real estate, and finance, lagged the rest of the universe with increases of 10% or less. 

However, healthcare billionaires’ total wealth increased by 50.3% to $658.6 billion, boosted by a new age of drug discovery and innovations in diagnostics and medical technology, as well as COVID-19 treatments and equipment. 

READ: 5 habits of Nigeria’s business billionaires you should emulate

Coronation ads

Stanbic IBTC

Geographically, Mainland China benefited most, as billionaire wealth grew fastest in Asia. As of early April 2020, there were 389 Chinese billionaires, worth a total of $1.2 trillion. Their wealth had grown by almost nine times, compared with twice in the US.

The report also revealed that US billionaires collectively controlled $3.6 trillion of the $10.2 trillion global wealth. Billionaires in Mainland China accounted for $1.7 trillion, while Germany and Russia accounted for $594.9 billion and $467.6 billion of the total billionaire wealth respectively. 

Jaiz bank ads

The report also spiked concerns on the issues of the growing wealth gap and rising inequality in the world, as the majority at the end of the scale has seen their wealth decline owing to the disruption by the global pandemic. The research arm of the United Nations has warned that global poverty could increase this year for the first time since 1990, reversing a decade of progress. 

However, it was suggested in the report that higher productivity is needed to address the huge public financial deficits while taking care to reduce social inequality and to tackle the environmental resource scarcity by doing more with less.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

1 Comment

1 Comment

  1. Henry Ehioghiren

    October 7, 2020 at 11:48 pm

    U see something just bother me when hear people talking about millions of billion dollars or Naira is this thought why me can’t even buy a car not to talk of building a house, when we i have a million naira in my account so that i can start to be a blessing someone out there that i crying out to me everyday.o God of money pls send me a helper to help of the spirit of poverty in Jesus name this is my account number 3075916393 first bank Henry Ehioghiren i believe in all those billion are there.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Billionaire Watch

Top 5 billionaires lost $8 billion in a day

The top 5 billionaires, as a group did not do well at the last trading session of the week amid an era showing the U.S dollar rebounded.

Published

on

Wealth of world’s billionaires hits $10.2 trillion

The top 5 billionaires on planet earth had an unimpressive showing at the most recent trading session.

The top 5 billionaires most recent daily loss stood at $7.754 billion

Elon Musk

The world’s richest person printed the highest wealth loss for the day as Elon’s wealth dropped by $4.28 billion. His wealth is now estimated to be worth $197 billion.

Specta

Tesla suffered significant losses at Friday’s trading session, on recent reports revealing its Model 3 is now only the fourth-best selling pure electric vehicle (EV) in Europe.

READ: Elon Musk’s wealth jumps in 2021, more than top 5 billionaires combined

Investors got alarmed that Tesla got outpaced by Renault and Volkswagen in an important car market like Europe.

  • Elon Musk, who a few weeks ago, surpassed Jeff Bezos to become the world’s richest person, is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.
  • However, for the long term, Stock experts anticipate that a Democratic-controlled U.S Senate is bullish for Tesla, on the bias that there would be more pro-renewable investments, at least for the next few years.

Jeff Bezos

Coronation ads

Jeff Bezos, the current CEO, and founder of Amazon is presently valued at about $182 billion, printing a wealth drop of $1.26 billion for the day.

  • Investors went short on the trillion-dollar valued company at its most recent trading session, taking into consideration that the tech company had become too powerful, particularly when Amazon dropped Parler, a social network that gained President Trump’s die-hard supporters after Twitter suspended his account.

READ: 5 habits of Nigeria’s business billionaires you should emulate

Bill Gates

In the third position is another popular tech genius, Bill Gates, the founder of the most valuable software company, Microsoft.

Coronation ads

For many years, Gates had been the world’s richest man. He now has a wealth fortune of $132 billion, as recent data revealed it dropped by $814 million for the day.

Stanbic IBTC

READ: World richest man, Jeff Bezos holds 5% of his wealth in cash

Bernard Arnault

Jaiz bank ads

Europe’s top entrepreneur and French celebrated fashion icon, Bernard Arnault, is fourth on the list with a fortune now estimated to be around $109 billion, with its most recent drop by $3.55 billion.

  • He is the only billionaire on the top 5 that isn’t from the tech ecosystem.
  • Most of his wealth comes from his controlling stake of LVMH, controlled through his holding known as Christian Dior.

READ: Billionaires worth over $100 billion made $270 billion in 2020

Mark Zuckerberg

Facebook’s founder, Mark Zuckerberg is fifth on the list, with a fortune estimated to now be valued at $95 billion, on the account, he was the only billionaire in the top 5 list that had a wealth gain for the day.

  • His most recent wealth daily gain stood at $2.15 billion amid an era of reports revealing global investors are weighing significantly on Facebook amid antitrust and privacy concerns.

READ: Facebook founder, Mark Zuckerberg, worth $104 billion keeps $2.3 billion in cash

Bottom line

The top 5 billionaires, as a group, infamously did not do well at the last trading session of the week amid an era showing the U.S dollar rebounded strongly.

Growing concerns that the leading global technology brands have grown too powerful has led some investors to trim their bullish bets cumulatively on the top 5 billionaires’ businesses.

app

Continue Reading

Billionaire Watch

Elon Musk’s wealth jumps in 2021, more than top 5 billionaires combined

Elon Musk has made more gains in 2021 than Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg, and Warren Buffet combined.

Published

on

Elon Musk needs $20 billion wealth gain to clinch world's richest man title

Stock holdings of Tesla recorded impressive gains on the NASDAQ and it is looking good for Tesla Founder and Chief Executive Officer, Elon Musk, whose fortune has gained $31.6 billion in 2021 alone.

What you should know

Elon Musk, now worth $201 billion, has made more gains in 2021 than Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg, and Warren Buffet combined.

READ: Nigeria’s GDP growth to rebound between 1.7% and 2.0% in 2021 – United Capital report

  • This takes to account that Jeff Bezos is down by $6.86 billion, Bill Gates’s wealth has grown by only about $712 million,  and Bernard Arnault – a french-born billionaire’s wealth is down by $2.25 billion in 2021.
  • Facebook’s Founder, Mark Zuckerberg has lost about $10 billion in value this year alone, as investors have reduced their stake in Facebook on privacy concerns and Warren Buffet printed a wealth gain of $1.25 billion.
  • Elon Musk, who a few weeks ago, surpassed Jeff Bezos to become the world’s richest person, is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.

READ: Why You Should Not Invest Like Warren Buffet

Specifically, the world’s celebrated engineer and philanthropist had led the revolution of electric cars which is showing great potential to replace fossil-based combustion engine-driven vehicles.

Specta
  • Electric-car maker, Tesla Inc’s share settled at $845 after the close of its most recent trading session.
  • Now worth $801 billion, Tesla has increased the concentration of heavyweight companies within the S&P 500.

READ:  Tips that will help you win in business – Amazon Founder 

Today, Tesla builds not only all-electric vehicles, but also infinitely scalable clean energy generation and storage products. Tesla believes that the faster the world stops relying on fossil fuels and moves towards a zero-emission future, the better.

Musk’s wealth gain is largely attributed to Tesla, the electric car automaker, which has gained about 700% in 2020 and has become by far the world’s most valuable automaker in the world, despite producing far less than Volkswagen, Toyota, or General Motors.

READ: Tesla’s market value bigger than any African country

Coronation ads

What to expect

Stock experts anticipate that a Democratic-controlled U.S Senate is bullish for Tesla, on the bias that there would be more pro-renewable investments, at least for the next few years.

Tesla has gained more than 23,900% since its 2010 initial public offering, including a 5-for-1 stock split in 2020.

Continue Reading

Billionaire Watch

Aliko Dangote’s net worth falls by $840 million

The net worth of Africa’s richest man declined by $840 million as the share price of his flagship company, Dangote Cement Plc drops.

Published

on

Dangote finally addresses how he amassed his wealth without father’s money, Dangote concludes plan to secure 10,000 trucks from Indonesia ,Dangote and other Nigerians hold form as Forbes releases the richest African billionaires list , Dangote injects N63 billion to revive moribund ANAMMCO in Southeast, Dangote subsea pipeline to handle three billion gas supply, link Niger Delta to Lekki, Dangote Fertilizer Contractor Staff tests Negative to COVID-19, Dangote: Report illegal haulage

Aliko Dangote, Africa’s richest man and the founder of Africa’s manufacturing conglomerate, Dangote Group Plc, saw his net worth fall by $840 million to $17.5billion between January 7 and 8.

This is according to the information obtained by Nairametrics from Bloomberg’s billionaire tracker.

READ: Facebook founder, Mark Zuckerberg, worth $104 billion keeps $2.3 billion in cash

The decline in Dangote’s net worth can be attributed to decline in the share price of his flagship company, Dangote Cement Plc (DCP), as the market capitalization of the company lost N339 billion on the Nigerian Stock Exchange (NSE), following the completion of the first tranche of the Cement behemoth’s share buyback programme.

READ: World richest man, Jeff Bezos holds 5% of his wealth in cash

Specta

It is important to know that majority of Dangote’s fortune is derived from his 86% stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries.

READ: Elon Musk posts best annual wealth gain ever, makes $140 billion in 2020

What you should know

  • Nairametrics reported on Friday, 8th January 2021, that the Shares of Dangote Cement Plc lost N339 billion, following the completion of the first tranche of the Cement behemoth’s share buyback programme.
  • The report revealed that the market capitalization of the company, in just a week, declined from N4,173,220,263,484.50 at the open of trade on Monday 4th of January to N3,834,114,166,125.00 at the close of trade today the 8th of January 2021.
  • This development comes a week after the company successfully completed the first tranche under the Share Buy-Back Programme, as the company bought back 40,200,000 DCP shares in the open market between 30th and 31st December. The unit bought represents 0.24% of the entire current issued shares of 17,040,507,404 ordinary shares.

Continue Reading
Advertisement




Advertisement