12 Billionaires Including Bezos and Musk Surpass $1 Trillion in Wealth
[Asia Economy Reporter Jeong Hyunjin] As the S&P 500 index surpassed an all-time high and the U.S. stock market continued its strong rally, the combined wealth of the 12 richest individuals in the United States exceeded $1 trillion (approximately 1,184 trillion KRW).
On the 18th (local time), MarketWatch, an economic media outlet, cited a report from the U.S. think tank Institute for Policy Studies (IPS), stating that the wealth of 12 American billionaires, including Jeff Bezos, CEO of Amazon, increased by 40% compared to before the COVID-19 pandemic. The amount totaled $283 billion (approximately 335 trillion KRW). IPS added that $1 trillion is more than the combined gross domestic product (GDP) of Belgium and Austria.
The world's richest person, CEO Jeff Bezos, had a net worth below $120 billion in March but surged to $180 billion in just five months. Amazon's stock price rose nearly 80% this year, significantly increasing his mostly stock-based wealth. The second richest was Bill Gates, founder of Microsoft (MS), followed by Mark Zuckerberg, CEO of Facebook. Zuckerberg's wealth surpassed $100 billion on the 6th due to Facebook's stock price increase. Tech stocks like MS and Facebook were key contributors to the S&P 500 and Nasdaq indices reaching record highs.
The billionaire with the largest increase in wealth was Elon Musk, CEO of Tesla. Due to Tesla's stock price hitting an all-time high, Musk's assets skyrocketed from $20 billion to $84.8 billion. His ranking rose to 5th among the 12.
Among the 12 richest, including Warren Buffett, chairman of Berkshire Hathaway who ranked 4th, none experienced a decrease in wealth over the past five months. The list also included Steve Ballmer, former MS CEO; Larry Ellison, CEO of Oracle; Google co-founders Larry Page and Sergey Brin; and Walmart heirs Alice Walton, Jim Walton, and Rob Walton.
Although their total assets dropped by $100 billion in a short period between January 1 and March 18 due to the impact of COVID-19, all except Buffett quickly recovered to levels seen in September last year. IPS referred to them as the "Oligarchic Dozen." It expressed concern, stating, "In a democratic society, too much economic and political power is concentrated in the hands of a few."
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