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THE CHANGING FORTUNES OF THE WORLD’S RICHEST
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testament to the red-hot stock market, ten billionaires from the U.S. and Asia—with fortunes minted in industries spanning technology, retail, financials and food—got $49 billion richer in the week through Friday, August 28.
The biggest gainer is Facebook cofounder and CEO Mark Zuckerberg, who became a centibillionaire for the first time on Tuesday—just one week after he testified before the Federal Trade Commission as part of its antitrust probe into big tech firms. The 36-year-old’s fortune jumped nearly $10 billion this week as Facebook shares climbed 4%, setting a new all-time high on Wednesday. Bullish analysts have cited huge upside potential thanks to the firm’s recently announced ecommerce push and ongoing dominance in the digital ad space, particularly with small businesses. As of Friday’s market close, Zuckerberg is worth $107.8 billion, making him the fourth-richest person on the planet.
Six other Americans made up this week’s biggest gainers, all of whom are at least $3 billion richer since last Friday, as the S&P 500 finished the week up 3%. The index is on pace to nab its best August performance since the late 1980s.
Electric vehicle pioneer Elon Musk is the week’s second-biggest gainer, adding $6.1 billion to his fortune as Tesla shares continue an upward tear. Like Zuckerberg, Musk’s fortune crossed $100 billion this week, though it ended the week at $97.8 billion.
Two NBA team owners—Dan Gilbert, chair of mortgage-lending giant Rocket Companies and owner of the Cleveland Cavaliers, and former Microsoft CEO Steve Ballmer, owner of the Los Angeles Clippers—are also surging on massive stock gains. Microsoft shares climbed 7% during the week, closing at an all-time high on Friday. But Ballmer’s focus was on the Clippers, which voted to boycott the remainder of the playoffs as emotions flared at a team meeting over police shootings (that decision was reversed a day later). The Clippers released a statement from Ballmer on Wednesday, in which he said, “I am again angry over the shooting of a Black man, Jacob Blake,” referring to the 29-year-old shot in the back by a police officer in Kenosha, Wisconsin on Sunday, before calling for bipartisan criminal justice reform and “real police accountability.” Ballmer ended Friday worth $77 billion, up $4.4 billion from last week.
All of the remaining top gainers hail from either Singapore or China, where benchmark stock indices for the Singapore, Hong Kong and Shanghai exchanges remained virtually flat this week.
Heading up this group, and posting the week’s largest percentage gain, is Wang Wei, the majority owner and chair of S.F. Holding, a package delivery service known as the “Fedex of China.” Shares of the Shenzhen-based courier surged 22% in the week through Friday, after a second-quarter earnings report on Wednesday revealed that profit jumped 21% in the first half of 2020. Wang added almost $6 billion to his $31.4 billion fortune this week, including nearly $3 billion on Friday, making him the day’s largest gainer. He ended the week as China’s fourth-richest person, surpassing William Lei Ding, the founder of online gaming company NetEase, and real estate tycoon Hui Ka Yan.
HERE ARE THE 10 BILLIONAIRES WHOSE FORTUNES JUMPED THE MOST THIS WEEK.
The net worth change is from Friday, August 21, to Friday, August 28.
NET WORTH | $107.8 BILLION, UP $9.7 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | FACEBOOK
NET WORTH | $97.8 BILLION, UP $6.1 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | TESLA MOTORS, SPACEX
Billionaire Wang Wei, chairman of SF Holding Co., in Hong Kong.
© 2017 Bloomberg Finance LP
NET WORTH | $31.4 BILLION, UP $5.9 BILLION
COUNTRY | CHINA
SOURCE OF WEALTH | PACKAGE DELIVERY
NET WORTH | $58.3 BILLION, UP $4.8 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | QUICKEN LOANS
NET WORTH | $77 BILLION, UP $4.4 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | MICROSOFT
NET WORTH | $82.4 BILLION, UP $4 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | BERKSHIRE HATHAWAY
NET WORTH | $20.9 BILLION, UP $3.8 BILLION
COUNTRY | CHINA
SOURCE OF WEALTH | SMARTPHONES
NET WORTH | $65.7 BILLION, UP $3.5 BILLION
COUNTRY | UNITED STATES
SOURCE OF WEALTH | WALMART
Alice Walton
Photograph by Tim Pannell/The Forbes Collection
