Elite $100-billion club gets two new members thanks to tech boom
Google co-founders Larry Page, pictured, and Sergey Brin are now worth over $100-billion each
The rally in tech shares has taken the number of people with fortunes of more than US$100-billion to eight.
Google co-founders Larry Page and Sergey Brin joined the exclusive club last week, entering a group dominated by US tech entrepreneurs, according to the Bloomberg Billionaires Index. The world’s eight richest people together hold fortunes of more than $1-trillion and have added $110 billion-combined this year.
In 2017, Amazon.com’s Jeff Bezos was the first to hit the $100-billion milestone since Microsoft co-founder Bill Gates back in 1999. Gates’s wealth then slumped when the dot-com bubble burst, and he regained the title of centibillionaire only in 2019. Tesla’s Elon Musk and Facebook’s Mark Zuckerberg joined the club last year as the tech industry led a boost in wealth creation with the coronavirus pande
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Bill Gates
Unless you’re the world’s richest person, you shouldn’t be buying bitcoin. That’s the message from Bill Gates – the third richest.
With a rally of more than 400% over the past year, bitcoin has become increasingly mainstream, and everybody including prominent investors and policy makers have been talking about it. Elon Musk’s Tesla recently invested US$1.5-billion in the cryptocurrency and said it would accept it for payments.
For Gates, it’s not something Main Street should buy into plus it’s bad for the environment as mining the coins requires a lot of energy.
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Gim Seong-gon was running a steel-manufacturing business in the late 1980s when he became fascinated by wind power. The South Korea native saw growth potential in the field and decided to get involved.
It was a good decision. With an early injection of capital from Goldman Sachs, his CS Wind Corp has become the worldâs biggest maker of wind towers. The companyâs shares have rallied for the past four years, surging almost fivefold last year alone, and expectations are running high for even more growth with the change of administrations in Washington.
Gim, 67, the son of a farmer, is now one of the wealthiest people in South Korea. The 51 per cent stake in the company he owns with his family is valued at $US1.4 billion ($1.8 billion), according to the Bloomberg Billionaires Index.