Stock surges during the COVID-19 pandemic have pushed the fortunes of five business moguls into $100 billion territory, as per the Bloomberg Billionaire Index (BBI). Newest member to the club is French luxury brand LVMH’s CEO Bernard Arnault.
Arnault’s bounty came as investors rushed for equities after Pfizer announced that its vaccine candidate showed 90 percent effectiveness against COVID-19, Bloomberg reported.
The other four “centibillionaires” are usual suspects Bill Gates, Elon Musk, Jeff Bezos and Mark Zuckerberg. These five alone collectively added $68 billion to their fortunes on November 9, as per BBI. The report thus called 2020 “a banner year for the world’s richest” as the BBI’s 500 occupants collectively added $1.2 trillion to their wealth since January – a 21 percent jump.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
This is the first time five individuals have made the milestone and even as latest as 2018, Bezos was the sole centibillionaire. Bezos in fact is a centibillionaire ‘twice-over’ notwithstanding his divorce and subsequent wealth split with MacKenzie Scott.
Chuck Collins, director of the Program on Inequality and the Common Good at the Institute for Policy Studies cautioned that the milestone was not one to celebrate, but is “rather a troublesome reflection of a broken global economic system.”
The biggest gain was Zara-owner Amancio Ortega who added $7.6 billion thanks to the influx from investors. The push was so big it erased half of his losses due to the pandemic.
The biggest loser meanwhile was Zoom chief executive Eric Yuan, who flushed $5.1 billion as company shares nosedived.
- Bernard Arnault becomes world's second-richest person
- The world now has three people worth more than $100 billion each
- New Coke, Cheetos lip balm among 50 all-time worst product flops
- 1988: The Year Donald Trump Lost His Mind
- Dog About Town: Walking through wildflowers and more things to do
- Dog About Town: Strolling and more things to do with your pooch
- Dog About Town: Shopping, playing and more things to do
- Dog About Town: A fun run, bar hopping and more things to do
- Dog About Town: Sipping cider and brews and more things to do
- Dog About Town: Take your pooch to a birthday party this weekend
Pandemic stock surges push LVMH titan Bernard Arnault to centibillionaire status; list now contains 5 of the world’s richest men have 670 words, post on www.moneycontrol.com at November 10, 2020. This is cached page on U.S News. If you want remove this page, please contact us.