The rally in tech shares has taken the number of people with fortunes of more than 100 billion to eight. Google cofounders Larry Page and Sergey Brin joined the exclusive club last week, entering a group dominated by U.S. tech entrepreneurs, according to the Bloomberg Billionaires Index. The worlds eight richest people together hold fortunes of more than 1 trillion and have added 110 billion combined this year.
In 2017, Amazon.com Inc.s Jeff Bezos was the first to hit the 100 billion milestone since Microsoft Corp. cofounder Bill Gates back in 1999. Gatess wealth then slumped with the dotcom bubble burst, and he regained the title of centibillionaire only in 2019. Tesla Inc.s Elon Musk and Facebook Inc.s Mark Zuckerberg joined the club last year as the tech industry led a boost in wealth creation with the coronavirus pandemic accelerating a switch to online. Billionaires with wealth of at least 100 billion are mostly U.S.based. Democratic Senator Elizabeth Warren and other progressive lawmakers recently revived plans to introduce a wealth tax, though the proposal is unlikely to go anywhere in a narrowly divided Congress.
Warren Buffett briefly reached the 100 billion mark in March before hitting it again last week, while Bernard Arnault of Frances luxury group LVMH has been part of the elite group on and off since 2019.