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Tech billionaires amassed wealth faster than anyone else in 2017

Tech billionaires amassed wealth faster than anyone else in 2017
[Photo: Flickr user 401(K) 2012]

The richest people in the world are just getting richer. In 2017 alone, the wealthiest people on the planet made $1 trillion, reports Bloomberg, which keeps track of the 500 richest people via its Bloomberg Billionaires Index. This year, the super-rich people on the index saw four times more financial gain than they did last year.

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Tech billionaires performed especially well among the rich elite, raking in more money than is conceivable, and faster than any other sector. Bloomberg writes:

It was also a banner year for tech moguls, with the 57 technology billionaires on the index adding $262 billion, a 35% increase that was the most of any sector on the ranking.

Those topping the index include the usual suspects: Jeff Bezos and Bill Gates, as well as Tencent Holdings cofounder Ma Huateng. Meanwhile, despite a soaring stock market and headlines depicting a booming economy, income inequality continues to get worse. Total wages have only increased marginally, meaning poor people have not reaped the fruits of our current economy. And with President Trump’s tax plan, this disparity will likely be further exacerbated.

Congratulations to the tech billionaires for adding riches to their riches, though.

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