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The personal fortunes of rich men in the world has risen sharply this week due to surging markets, especially in tech shares. The US stocks reached new highs on Friday as investors took confidence in the Federal reserve’s new inflation approach

According to Bloomberg, this week will go down in history as one of the most lucrative for some of the world’s wealthiest people.

The net worth of Amazon.com Inc. founder Jeff Bezos tops with $200 billion. Entrepreneur, inventor, provocateur Elon Musk added the title of centibillionaire when his fortune soared past $100 billion fueled by Tesla Inc.’s ceaseless rally. Musk’s net worth has grown by $76.1 billion this year, propelled by Tesla’s stock price and a boosted valuation of Space Exploration Technologies Corp., or SpaceX.

And by Friday, the world’s 500 wealthiest people were $209 billion richer than a week ago. Musk’s surging expanded the rarefied club of centibillionaires to four members.

Facebook Inc. co-founder Mark Zuckerberg, the world’s third-richest person, joined Bezos and Bill Gates among the ranks of those possessing 12-figure fortunes earlier this month. Together, their wealth totals $540 billion, according to the Bloomberg Billionaires Index. This week marked just the latest boon for the personal fortunes

Still, Musk’s gain is second to that of Bezos, whose fortune has grown by $84.9 billion in 2020 as pandemic-induced lockdowns spur demand for Amazon deliveries. Bezos’s fortune has doubled since he crested the $100 billion mark in late 2017, even after ceding a quarter of his Amazon stake to ex-wife MacKenzie Scott in a divorce last year. Scott is now $700 million shy of surpassing L’Oreal SA heiress Francoise Bettencourt Meyers as the world’s richest woman. The impressive  pace of wealth accumulation is in stark contrast to the state of the global economy. Growth has declined sharply since the pandemic began with companies laying off millions of workers and consumer demand cratering.

source:bloomberg