The world’s 500 richest people have increased their wealth by $1tn (£745bn) so far this year due to a huge increase in the value of global stock markets, which are likely to finish 2017 at record highs.
The big increase in the fortunes of the ultra-wealthy comes as billions of poorer people across the world have seen their wealth standstill or decline. The gap between the very rich and everyone else has widened to the biggest it has been in a century and advisers to the super-rich are warning them of a “strike back” from the squeezed majority.
The globe’s 500 richest people, as measured by the Bloomberg billionaires index,have seen the value of the wealth increase by 23% so far this year, taking their combined fortunes to $5.3tn. The increase is largely the result of booming stock markets. The MSCI World Index and the US Standard & Poor’s 500 are both up almost 20% so far this year. The UK’s FTSE 100 is up more than 6% – and hit a new closing high of 7,620.7 points on Wednesday.
Read more on: https://amp.theguardian.com/inequality/2017/dec/27/worlds-richest-500-see-increased-their-wealth-by-1tn-this-year?__twitter_impression=true