There was a time when Warren Buffett ruled the world’s wealthy people list for decades. Recently, tech companies have left him very much behind. His ventures did not bring good profits for him. Now, at the age of 90, Warren’s wealth has surpassed the $100 billion mark.
How Warren Buffet Joined a $100 Billion Club?
On Wednesday, Warren Buffett’s wealth saw a surge to $100.4 billion. He is currently the executive chairman of Berkshire Hathaway Inc. As per the Bloomberg Billionaire Index, he is the sixth person in the $100 billion club worldwide. Given below is the list of 6 business giants having a wealth of more than $100 billion:
Warren’s wealth saw a sudden surge due to the new government initiatives, central bank policy, and a surge in the share market. Joe Biden-led US government has passed a covid relief bill of $1.9 trillion for the business sector. This relief is in addition to the $3 trillion that has been disbursed in the last year.
Berkshire is the main source of Warren’s income. The company started well in 2021. Its share saw a surge of 15% this year. Overall, S&P 500 Index recorded a 3.8% growth in 2021. Buffett has bought a significant number of Berkshire shares in recent times.
Berkshire, the source of virtually all of Buffett’s wealth, has had a good start to 2021. The firm’s shares are up 15% this year, outpacing the 3.8% gain of the S&P 500 Index. Buffett is a known investor who bought a share of other organizations as well.
Warren Buybacks Share Equivalent of $24.7 Billion Value
Recent tech push did not bring any big investors to Berkshire. Buffett is struggling to make the company grow further. Investors are also unable to invest in Berkshire due to the sheer size of the conglomerate.
This situation brought Berkshire’s share value down in the last 5 years. In 2020, Warren spent $24.7 billion to buybacks company shares. As per the filings report, he bought $4.2 billion stock last month.
Warren Buffett is known for his philanthropy activities. He has donated a big chunk of his wealth for the betterment of society. It is quite amazing to see that he surpassed the $100 billion marks after such a big level of donations. Bill Gates, Warren Friend, has also a known philanthropist with the penalty for social activities. Since 2006, he has donated more than $37 billion Berkshire stock for philanthropy work. As per the estimation, his wealth would have been near $192 billion if he did not donate that much money.
As per Bloomberg Billionaire Index, the world’s 500 richest people hold $1.8 trillion in wealth in 2020 alone. These numbers show a K-shaped post-pandemic economic recovery.
While millions of disproportionately poor, working-class, and minority people remain unemployed, the rich have seen incomes and net worth levels rise thanks to a buoyant stock market and rising home prices. In the US, 8 million population entered into poverty in the second half of 2020.
On Wednesday, Buffett’s wealth was surged by $1.9 billion due to record growth in Berkshire share value. Berkshire shares are in demand for the last two days.