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Billionaires are ending 2016 with $237 billion more than they started the year with. (Photo: Dean Chahim/flickr/cc)
2016 Was Totally Awesome! (For Billionaires)
Billionaires like fracking pioneer Harold Hamm saw big gains this year
Dec 28, 2016
The world's wealthiest can celebrate 2016 as a banner year.
That's according to the Bloomberg Billionaires Index. Bloomberg writes Wednesday that
the biggest fortunes on the planet whipsawed through $4.8 trillion of daily net worth gains and losses during the year, rising 5.7 percent to $4.4 trillion by the close of trading Dec. 27, according to the Bloomberg Billionaires Index.
That translates to $237 billion more for the uber-wealthy than they started the year with, according to the index's rankings.
Notching the biggest gain was American investor Warren Buffett, who boosted his wealth $11.8 billion over the year. A vocal backer of Hilary Clinton during the presidential campaign, the Berkshire Hathaway head "has done just fine so far with a Donald Trump victory," as CNBCwrote last month.
Bloomberg notes that he "reclaimed his spot as the world's second-richest person two days after Trump's victory ignited a year-end rally that pushed Buffett's wealth up 19 percent for the year to $74.1 billion." In fact, Bloomberg adds,
U.S. billionaires--including Buffett-- favored Trump's rival Hillary Clinton. Still, they profited from his victory when they added $77 billion to their fortunes in the post-election rally fueled by expectations that regulations would ease and American industry would benefit.
Also claiming one of the top five biggest gains of the year is fracking tycoon and Trump energy advisor Harold Hamm. It is billionaires in his sector of energy, mining, and metals that are "best-performing category on the ranking," Bloomberg notes.
"Hamm's fortune," Bloomberg continues, "was propelled by a strengthening oil price and expectations a Trump administration will slash fossil-fuel regulations. Hamm added $8.4 billion to more than double his fortune to $15.3 billion."
The new rankings come as reports show inequality in the U.S. and across the globe widening.
Nobel Peace laureate Muhammad Yunus declared this month that the global wealth gap is "a ticking time bomb and a great danger to the world," yet the issue has failed to garner significant corporate media attention
Meanwhile, Trump, who will preside over the possibly richest cabinet ever, has proposed a tax plan that would benefit the wealthiest households.
On January 20th, it begins...
Political revenge. Mass deportations. Project 2025. Unfathomable corruption. Attacks on Social Security, Medicare, and Medicaid. Pardons for insurrectionists. An all-out assault on democracy. Republicans in Congress are scrambling to give Trump broad new powers to strip the tax-exempt status of any nonprofit he doesn’t like by declaring it a “terrorist-supporting organization.” Trump has already begun filing lawsuits against news outlets that criticize him. At Common Dreams, we won’t back down, but we must get ready for whatever Trump and his thugs throw at us. Our Year-End campaign is our most important fundraiser of the year. As a people-powered nonprofit news outlet, we cover issues the corporate media never will, but we can only continue with our readers’ support. By donating today, please help us fight the dangers of a second Trump presidency. |
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The world's wealthiest can celebrate 2016 as a banner year.
That's according to the Bloomberg Billionaires Index. Bloomberg writes Wednesday that
the biggest fortunes on the planet whipsawed through $4.8 trillion of daily net worth gains and losses during the year, rising 5.7 percent to $4.4 trillion by the close of trading Dec. 27, according to the Bloomberg Billionaires Index.
That translates to $237 billion more for the uber-wealthy than they started the year with, according to the index's rankings.
Notching the biggest gain was American investor Warren Buffett, who boosted his wealth $11.8 billion over the year. A vocal backer of Hilary Clinton during the presidential campaign, the Berkshire Hathaway head "has done just fine so far with a Donald Trump victory," as CNBCwrote last month.
Bloomberg notes that he "reclaimed his spot as the world's second-richest person two days after Trump's victory ignited a year-end rally that pushed Buffett's wealth up 19 percent for the year to $74.1 billion." In fact, Bloomberg adds,
U.S. billionaires--including Buffett-- favored Trump's rival Hillary Clinton. Still, they profited from his victory when they added $77 billion to their fortunes in the post-election rally fueled by expectations that regulations would ease and American industry would benefit.
Also claiming one of the top five biggest gains of the year is fracking tycoon and Trump energy advisor Harold Hamm. It is billionaires in his sector of energy, mining, and metals that are "best-performing category on the ranking," Bloomberg notes.
"Hamm's fortune," Bloomberg continues, "was propelled by a strengthening oil price and expectations a Trump administration will slash fossil-fuel regulations. Hamm added $8.4 billion to more than double his fortune to $15.3 billion."
The new rankings come as reports show inequality in the U.S. and across the globe widening.
Nobel Peace laureate Muhammad Yunus declared this month that the global wealth gap is "a ticking time bomb and a great danger to the world," yet the issue has failed to garner significant corporate media attention
Meanwhile, Trump, who will preside over the possibly richest cabinet ever, has proposed a tax plan that would benefit the wealthiest households.
The world's wealthiest can celebrate 2016 as a banner year.
That's according to the Bloomberg Billionaires Index. Bloomberg writes Wednesday that
the biggest fortunes on the planet whipsawed through $4.8 trillion of daily net worth gains and losses during the year, rising 5.7 percent to $4.4 trillion by the close of trading Dec. 27, according to the Bloomberg Billionaires Index.
That translates to $237 billion more for the uber-wealthy than they started the year with, according to the index's rankings.
Notching the biggest gain was American investor Warren Buffett, who boosted his wealth $11.8 billion over the year. A vocal backer of Hilary Clinton during the presidential campaign, the Berkshire Hathaway head "has done just fine so far with a Donald Trump victory," as CNBCwrote last month.
Bloomberg notes that he "reclaimed his spot as the world's second-richest person two days after Trump's victory ignited a year-end rally that pushed Buffett's wealth up 19 percent for the year to $74.1 billion." In fact, Bloomberg adds,
U.S. billionaires--including Buffett-- favored Trump's rival Hillary Clinton. Still, they profited from his victory when they added $77 billion to their fortunes in the post-election rally fueled by expectations that regulations would ease and American industry would benefit.
Also claiming one of the top five biggest gains of the year is fracking tycoon and Trump energy advisor Harold Hamm. It is billionaires in his sector of energy, mining, and metals that are "best-performing category on the ranking," Bloomberg notes.
"Hamm's fortune," Bloomberg continues, "was propelled by a strengthening oil price and expectations a Trump administration will slash fossil-fuel regulations. Hamm added $8.4 billion to more than double his fortune to $15.3 billion."
The new rankings come as reports show inequality in the U.S. and across the globe widening.
Nobel Peace laureate Muhammad Yunus declared this month that the global wealth gap is "a ticking time bomb and a great danger to the world," yet the issue has failed to garner significant corporate media attention
Meanwhile, Trump, who will preside over the possibly richest cabinet ever, has proposed a tax plan that would benefit the wealthiest households.
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