Business News

Jeff Bezos and Elon Musk broke wealth information in 2020

The founder of Amazon and the inventor of Tesla made $ 217,000 million in profit in the heat of the pandemic, according to the Bloomberg Billionaires Index.

Grow your business, Not your inbox

Stay up to date and subscribe to our daily newsletter now!

4, 2021

4 min read

This article has been translated from our Spanish edition using AI technologies. Errors can occur due to this process.

In 2020, the pandemic dealt a severe blow to the economies of millions of families around the world. While some grappled with unemployment, lower wages, lower purchasing power and low economic growth, billionaires like Jeff Bezos and Elon Musk made record profits.

According to the Bloomberg Billionaires Index, 0.001% of the population benefited from the health crisis. This year, the world's 500 richest people added $ 1.8 trillion to their total assets and are now valued at $ 7.6 trillion.

This represents a 31% increase and a 3 trillion rally from the market's lowest level in March. In addition, this is the largest annual gain in the eight-year history of the Bloomberg Index.

In the top 25 tycoons it is noticeable that there are five people with assets of more than $ 100 billion. The next 20 have at least $ 50 billion. Together, the two richest men in the world earned around $ 217 billion in 2020.

Jeff Bezos, founder and CEO of Amazon, remains the richest person in the world. This is explained by the boom in online retailing during the lockdown due to the coronavirus pandemic. Over the past 12 months, Bezos' net worth grew 63% thanks to the $ 72.7 billion he added to the 116 billion he owned in late 2019.

Elon Musk had the highest merit, possibly in the fastest time of wealth creation in history. The SpaceX and Tesla owner rose to second place after the value of its electric vehicle maker increased. In total, the businessman earned around 144 billion US dollars in all of his businesses last year.

The world's richest 500 people increased their total wealth by $ 1.8 trillion in 2020. That 31% increase is the largest annual gain in the history of the Bloomberg Billionaires Index.

Read more about @business:

– Bloomberg Quicktake (@Quicktake) January 1, 2021

Asian wealth increase

Chinese index members added $ 569 billion to their net worth, more than any other country except the United States.

Zhong Shanshan, the bottled water mogul Nongfu Spring, became the richest person in Asia. Initial bids from two of his companies added $ 70.9 billion to his net worth. That year he replaced Mukesh Ambani, President, CEO and largest shareholder of Reliance Industries, India's largest private corporate conglomerate.

The rise of videoconferencing added wealth to Eric Yuan, the Chinese immigrant from Zoom Video Communications Inc. John Foley, CEO of Peloton Interactive Inc., also became a billionaire thanks to the combination of his routine app and the income from exercise equipment. Perfect for athletes who didn't have a gym in the pandemic.

On the other hand, Jack Ma is one of the millionaires in the region who have not been successful. The now retired founder of Alibaba Group Holding Ltd. started 2020 as the richest person in China, but everything changed after he criticized Chinese regulators.

In November, the Chinese government thwarted the listing of its Ant Group Co. and in December opened an investigation into Alibaba for alleged monopoly practices. This caused the stock of the online trading company to decline in value, draining his fortune and taking him off his job.

With information from Bloomberg.

Related Articles