The richest of the rich keep getting richer
he richest of the rich keep getting still richer. Indeed, it has been a fantastic year for an elite subset of the world’s wealthiest. The top five gainers of 2019 added nearly $112 billion to their fortunes. That is well more than double the jump in 2018, when the fortunes of the five biggest winners increased by just over $48 billion. Driving up these audacious gains were outperforming stocks, not just in the U.S., where equity markets hit record highs, but in other parts of the world as well.
Similarly, last year’s biggest gainer, Jeff Bezos, is now one of the biggest losers, due to his $30 billion-plus divorce settlement with his wife of 25 years, . His fortune dropped only by approximately $13 billion, as Amazon’s stock rose 18%, counteracting much of the drop. Sometimes being the biggest loser is not such a bad thing. Indian tech magnate Azim Premji, who is chairman of the $8.4 billion IT company Wipro, announced in March that he had transferred more than 60% of his stake in Wipro to his foundation over the years. “To whom much has been given, much should be expected,” he told
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