World’s Richest People Smashed
Wealth Records
This Week
" . . . And by Friday, the world’s 500 wealthiest people were $209 billion richer than a week ago.
Musk’s surging wealth expanded the rarefied club of centibillionaires to four members. Facebook Inc. co-founder Mark Zuckerberg, the world’s third-richest person, joined Bezos and Bill Gates among the ranks of those possessing 12-figure fortunes earlier this month. Together, their wealth totals $540 billion, according to the Bloomberg Billionaires Index.
U.S. stocks reached fresh highs on Friday as investors took confidence in the Federal Reserve’s new inflation approach. . .
Bezos’s fortune has doubled since he crested the $100 billion mark in late 2017, even after ceding a quarter of his Amazon stake to ex-wife MacKenzie Scott in a divorce last year.
Scott is now $700 million shy of surpassing L’Oreal SA heiress Francoise Bettencourt Meyers as the world’s richest woman.
The world’s 500 richest people have collectively grown their fortunes by $871 billion this year, a 15% increase, according to the billionaires index.
— With assistance by Jack Witzig, and Jack Pitcher
The heady pace of wealth accumulation is in stark contrast to the state of the global economy. Growth has slumped sharply since the pandemic began with companies laying off millions of workers and consumer demand cratering.
Income Inequality
The brunt of economic pain has been borne by young and lower-wage workers, whose jobs are typically more vulnerable to Covid-related layoffs.
“There is little doubt that the pandemic will exacerbate inequality in incomes and wealth, both in the short term and in the longer term,” said Miles Corak, an economics professor who studies income inequality at the Graduate Center of the City University of New York.
All Things Monetary: Money Supply, Money Velocity and Supply Shocks > The Pros + The Cons
That's a lot to throw at anyone - but let's do it anyway. OKThaw substance and meat of this post is taken from arguments and data that were published this morning - very early the day after Fed Reserve President Jay Powell made an announcement on longer-term objectives of a change in the central bank's monetary policy . . .
