The World's Richest End 2016 $237B Richer In The Midst Of Global Populist Movement
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This year will be remembered as the time populism shook up power, politics and major economies across Europe and the US. But while 2016 has been a victory for populist voters, the world's richest are ending the year with a bang too, adding a whopping $237B to their ledgers.
"The people" had their say this year, including the shocking Brexit vote where the UK decided to leave the European Union, followed by President-elect Donald Trump's upset victory in November and Italy limiting the power of its Senate in December. While populist voters pushed for reform that would benefit the masses, the richest people in the world faced volatility, with $4.8 trillion in daily net worth gains and losses through the year, Bloomberg reports.
Real estate mogul Warren Buffett of Berkshire Hathaway was a big winner, reclaiming his throne as the second-richest person in the world two days after Trump's win. Buffett experienced a year-end rally that upped his fortune by 19% to $74.1B. [Bloomberg]