The rich get richer as the populists get more popular
A year of shock reversals for political establishments at the hands of populists proved good for the super rich who saw their fortunes surge by billions
In a year when populist voters reshaped power and politics across Europe and the US, the world’s richest people are ending 2016 with $237bn more than they had at the start. Triggered by disappointing economic data from China at the beginning, the UK’s vote to leave the EU in the middle and the election of billionaire Donald Trump at the end, the biggest fortunes on the planet whipsawed through $4.8-trillion of daily net worth gains and losses during the year, rising 5.7% to $4.4-trillion by the close of trading December 27, according to the Bloomberg Billionaires Index. "In general, clients rode through the volatility," said Simon Smiles, chief investment officer for ultra-high-net-worth clients at UBS Wealth Management. "2016 ended up being a spectacular year for risk assets. Pretty remarkable given the start of the year." The gains were led by Warren Buffett, who added $11.8bn during the year as his investment firm Berkshire Hathaway’s airline and banking holdings soared after Tru...
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