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FINANCIAL CHRONICLE™ » FUN CHRONICLE™ » The richest get richer - 100 wealthiest gain US$14b

The richest get richer - 100 wealthiest gain US$14b

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Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
[NEW YORK] The 100 wealthiest people on the planet added US$14 billion to their collective net worth this week as the Standard & Poor's 500 Index delivered its strongest start to a year since 1997.

One of the week's biggest winners was Charoen Sirivadhanabhakdi, according to the Bloomberg Billionaires Index. Thailand's richest man won control of Fraser & Neave Ltd last week after his S$13.8 billion offer for the 130-year-old property and beverage company gained the backing of a majority of shareholders. He has an US$11.2 billion fortune, up US$1.6 billion for the week.

"US equities remain the default asset class as investors continue to rotate out of others that appeared fully or overvalued," said Stephen Pendergast, first vice-president and investment officer at Wells Fargo Advisors, in a telephone interview from his office in Danbury, Connecticut.
http://www.businesstimes.com.sg/premium/world/richest-get-richer-100-wealthiest-gain-us14b-20130204

"Additionally, the euro has been surprisingly strong, which has accelerated cross border money flows into the US," he said.

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