The richest 500 people would still have enormous amounts of money if they together hadn’t gained $1 trillion, of course. There’s plenty that could be done to improve the lives of many millions of people with that $1 trillion too, and it’s disappointing how much of it continues to sit idle when it could be invested productively instead.
The richest people on earth became $1 trillion richer in 2017, more than four times last year’s gain, as stock markets shrugged off economic, social and political divisions to reach record highs.
The 23 percent increase on the Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people, compares with an almost 20 percent increase for both the MSCI World Index and Standard & Poor’s 500 Index.
It should also be noted that the stock market measures the expected value of future corporate profits, not economic well-being for most people. The stock market is an accurate indication of how well the top 1 percent are doing, however, as they’re the people who stock ownership tends to be concentrated in.