The world's wealthiest people, whose fortunes already strained comprehension, collectively gained $1 trillion last year, according to Bloomberg's Billionaires Index.
Elon Musk, the world's richest person, alone gained nearly $118 billion in just the last 12 months. Meanwhile, the United Nations estimated 150 million people fell into poverty in 2021.Elon Musk, the world's richest person, alone gained nearly $118 billion in just the last 12 months.Other big gainers in the billionaire bunch: Luxury goods magnate Bernard Arnault and Google buddies Larry Page and Sergey Brin .
That stimulus effort fueled a stock bonanza in 2020 and 2021, but the Fed gravy train is going away in the first half of this year.Read MoreThe S&P 500 gained nearly 27% last year, while the Dow gained about 19% and the Nasdaq ended the year up 21%. Valuations on other assets such as cryptocurrencies, commodities and property also soared, further bolstering the uber-wealthy's coffers.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla at $1 trln must do more than just deliverElon Musk’s automaker added $100 bln of market value after serving customers with almost a million vehicles in 2021. The shares tend to pop when Tesla exceeds expectations. But maintaining its valuation will turn the focus onto more ambitious and difficult promises.
Read more »
White House investing $1 billion to boost competition in meat-processing industry and lower consumer pricesThe White House announced it would allocate $1 billion in funding from the American Rescue Plan to independent meat and poultry producers as part of an effort to boost competition in the meat-processing industry and lower prices for consumers.
Read more »
White House Pledges $1 Billion Investment In Small Food Processors To Combat 'Meatflation'The U.S. Chamber of Commerce criticized the White House’s plan to prop up independent meat processors, deeming it a “‘government-knows-best’ regulatory approach” that will further raise meat and poultry prices.
Read more »
CFTC Fines Crypto Betting Service Polymarket $1.4M for Unregistered SwapsJUST IN: The CFTC has fined PolymarketHQ $1.4 million and ordered it to wind down certain markets by Jan. 14. nikhileshde reports
Read more »
Biden offers $1 billion to small meat producers to fight inflationThe Biden administration will offer $1 billion to help independent meat and poultry producers in its latest measure to fight inflation, the White House announced Monday.Driving the news: The Biden administration has argued that large corporations and corporate monopolies are responsible for rapidly rising prices. It specifically blames four monopolists in the meat-processing industry for increasing meat prices.Stay on top of the latest market trends and economic insights with Axios Markets. Subs
Read more »
Crypto predictions platform Polymarket fined $1.4M by CTFCThe CFTC has ordered Polymarket to pay a civil monetary penalty of $1.4 million along with winding back any markets on the platform that do not comply with CFTC and CEA regulations.
Read more »