{"id":18367,"date":"2020-08-29T21:10:31","date_gmt":"2020-08-29T21:10:31","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=18367"},"modified":"2020-08-29T21:10:31","modified_gmt":"2020-08-29T21:10:31","slug":"worlds-richest-people-including-musk-bezos-smashed-wealth-records-this-week-business-news","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=18367","title":{"rendered":"World\u2019s richest people including Musk, Bezos smashed wealth records this week – business news"},"content":{"rendered":"

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It\u2019s been one of the most lucrative weeks in history for some of the world\u2019s wealthiest people.<\/p>\n

The net worth of Amazon.com Inc. founder Jeff Bezos topped the once-unfathomable amount of $200 billion. Entrepreneur, inventor, provocateur Elon Musk added the title of centibillionaire when his fortune soared past $100 billion fueled by Tesla Inc.\u2019s ceaseless rally. And by Friday, the world\u2019s 500 wealthiest people were $209 billion richer than a week ago.<\/p>\n

Musk\u2019s surging wealth expanded the rarefied club of centibillionaires to four members. Facebook Inc. co-founder Mark Zuckerberg, the world\u2019s 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.<\/p>\n

This week marked just the latest boon for the personal fortunes of the richest of the rich, whose red-hot growth has been largely driven by surging markets, particularly for tech shares. US stocks reached fresh highs on Friday as investors took confidence in the Federal Reserve\u2019s new inflation approach.<\/p>\n

Also read:\u2009Elon Musk\u2019s Neuralink venture unveils pig with computer chip in brain<\/a><\/b><\/p>\n

<\/b>Pay Package<\/b><\/p>\n

Musk\u2019s net worth has grown by $76.1 billion this year, propelled by Tesla\u2019s stock price and a boosted valuation of Space Exploration Technologies Corp., or SpaceX. Also helpful: an audacious pay package — the largest corporate pay deal ever struck between a CEO and a board of directors — that could yield him more than $50 billion if all goals are met.<\/p>\n

Elon Musk unlocks $2.1 billion award as Tesla hits milestone<\/b><\/p>\n

Still, Musk\u2019s 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\u2019s 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.<\/p>\n

Also read:\u2009Elon Musk\u2019s wealth exceeds $100 billion while Jeff Bezos worth twice as much<\/a><\/b><\/p>\n

Scott is now $700 million shy of surpassing L\u2019Oreal SA heiress Francoise Bettencourt Meyers as the world\u2019s richest woman.<\/p>\n

The heady pace of wealth accumulation is in stark contrast to the state of the global economy. Growth has slumped sharply since the pandemic began with companies laying off millions of workers and consumer demand cratering.<\/p>\n

Income Inequality<\/b><\/p>\n

The brunt of economic pain has been borne by young and lower-wage workers, whose jobs are typically more vulnerable to Covid-related layoffs.<\/p>\n

\u201cThere is little doubt that the pandemic will exacerbate inequality in incomes and wealth, both in the short term and in the longer term,\u201d said Miles Corak, an economics professor who studies income inequality at the Graduate Center of the City University of New York.<\/p>\n

The world\u2019s 500 richest people have collectively grown their fortunes by $871 billion this year, a 15% increase, according to the billionaires index.<\/p>\n

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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s been one of the most lucrative weeks in history for some of the world\u2019s wealthiest people. The net worth of Amazon.com Inc. founder Jeff Bezos topped the once-unfathomable amount of $200 billion. Entrepreneur, inventor, provocateur Elon Musk added the title of centibillionaire when his fortune soared past $100 billion […]<\/p>\n","protected":false},"author":1,"featured_media":18368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-18367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/08\/berlin-photo-automobile-awards-wheel-golden-steering_e781207e-e9cc-11ea-b931-a708c0ef05a7.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/18367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18367"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/18367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/18368"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}