Berkshire Hathaway, Chairman of the Board of Directors, Warren Buffett has been a staple of the world's wealth rankings for decades, but in recent years he has slipped to the bottom of the list as tech investor fortunes rose and his equity ownership reduced.
According to ArabiaNet, the fortune of 90-year-old Warren Buffett jumped on Wednesday to $ 100.4 billion, according to the Bloomberg Billionaires Index, making Buffett the sixth member of the $ 100 billion club, a group that includes Jeff Bezos, Elon Musk and his friend Bill Gates. It is on Arabic.net.
The group's combined wealth has grown rapidly, supported by government incentives, central bank policy, and a surging stock market.
On Wednesday, President Joe Biden's $ 1.9 trillion relief bill from Covid-19 removed the last congressional hurdle as the House voted to pass the legislation, adding to the $ 3 trillion or so in stimulus Washington has already disbursed last year.
Berkshire Hathaway has been the source of nearly all of Buffett's wealth, with the company's Class A shares up 15% this year, helped by Buffett's recent push to spend record sums of money to buy back Berkshire's private shares, a remarkable shift for the investor who previously preferred to use a cash pile of $ $ 138 billion to buy other business or common stock.
Share repurchase
Buffett has struggled in recent years to find big deals to spur Berkshire's growth, in part due to the sheer size of the company. This has resulted in business performance below the SP 500 over the past five years. But last year, Buffett spent a record $ 24.7 billion on repurchases and filings indicating that he had already bought $ 4.2 billion worth of stocks as of mid-February.
Although his fortune exceeded $ 100 billion, that wealth would have doubled if his donation was added in 2006 by more than $ 37 billion, representing half of his Class A shares in Berkshire Hathaway, and by her calculation, Buffett's wealth could exceed $ 192 billion.
