The 40 people on the planet with the most money are now $7.2 billion richer as they added on to their collective net worth this week. Amancio Ortega and Warren Buffett also dueled for the title of the third richest person in the world.
On August 6, Ortega knocked the 81 year old Buffett from his number three spot on the Bloomberg Billionaires Index because shares of Inditex SA, the largest clothing retailer, went up a total of 3.8% on that particular day. But the stock of the company dropped 1.8% yesterday, and this caused Ortega to be worth less than the Berkshire Hathaway chairman once again.
Ortega is currently worth $44.8 billion, and Warren Buffett is now worth 45.5 billion. Ortega has made $9.5 billion over the last year.
“We’re treading water. It was a pretty flat market this week,” said Jack Ablin, CIO of BMO Harris Private Bank based out of Chicago. He currently oversees about $60 billion worth of assets. “Draghi kept his mouth closed and most of the other leaders are in their bathing suits some place.”
For the sixth day in a row, the Standard & Poor’s 500 index rose consistently. This is the biggest rally that it has had since 2010. The reason for the continuous rise is that there is speculation that the Federal Reserve is going to provide more stimulus measures. The cost of commodities fell, and treasuries rose as data from the French and Chinese show us that the overall global economy is slowing down.
The S&P 500 added 1405.87 points which is a 1.07 percentage gain during the previous week. The Stoxx Europe 600 index rose 1.62%, and closed at 269.88.