LOS ANGELES: The richest people on earth became US$1 trillion richer in 2017, more than four times last year’s gain, as stock markets shrugged off economic, social and political divisions to reach record highs.The 23% increase on the Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people, compares with an almost 20% increase for both the MSCI World Index and Standard & Poor’s 500 Index.Amazon.com Inc. founder Jeff Bezos added the most in 2017, a US$34,2bil gain that knocked Microsoft Corp. co-founder Bill Gates out of his spot as the world’s richest person in October. Murdoch added US$2.7bil.In all, the 58 of the 500 billionaires who saw their fortunes shrink in 2017, lost a combined US$46bil.New WealthThe Bloomberg index discovered 67 hidden billionaires in 2017. Renaissance Technologies’s Henry Laufer was identified with a net worth of US$4bil in April. The price of housing has topped US$300mil, the cost of divorce has hit US$1bil and a rediscovered painting by Leonardo da Vinci sold for US$450.3mil at a Christie’s auction in November, the most expensive work ever sold.“Would you believe it?” Eli Broad, who has a US$7.4bil fortune and his own museum in Los Angeles, said after the sale. “It’s wild.” - Bloomberg

Source: The Star December 27, 2017 05:52 UTC