Elon Musk made $140 billion in 2020! He is now worth $167 billion. This is supremely insane, but pure. Yes, it feels like America and China have a different concoction on this drink called “entrepreneurial capitalism”. If you go with purchasing power parity, China might have minted dozens who added excess of $10 billion in their big purses in 2020!
Billionaires have always traveled in a different orbit than the rest of us. Nicer things, more power, rocket-launching stations. But 2020 threw that gulf into stark relief.
While much of the world grappled with soaring unemployment and plunging growth, the 0.001% benefited from unprecedented wealth creation.
The world’s 500 richest people added $1.8 trillion to their combined net worth this year and are now worth $7.6 trillion, according to the Bloomberg Billionaires Index. Equivalent to a 31% increase, it’s the biggest annual gain in the eight-year history of the index and a $3 trillion jump from the market’s nadir in March.
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