World’s Richest Gain $26 Billion as Sanctions Hit Russia
The 300 wealthiest people on Earth added $25.6 billion to their collective net worth this week as the U.S. government imposed economic sanctions on several Russian billionaires.
Amancio Ortega was the week’s biggest gainer, according to the Bloomberg Billionaires Index. The 77-year-old co-founder of Inditex SA, the world’s largest clothing retailer, added $2.8 billion to his fortune as the company rallied 2 percent to a one-month high. The company, which owns the Zara chain, said March 19 it plans to open more than 450 new stores this year. Ortega, the world’s fourth-wealthiest person, has a $63.1 billion net worth.
Russia richest people staged a comeback after losing more than $20 billion since the start of the Crimean crisis on Feb. 28, according to the Bloomberg ranking. The country’s 20 wealthiest citizens added $6.4 billion during the week.
“We didn’t see a shooting war break out over Ukraine, which means the stock market has come back as a result,” Walter “Bucky” Hellwig, a senior vice president at BB&T Wealth Management, said by phone from his office in Birmingham, Alabama. “The sanctions were probably less than what was expected.”
Moscow’s Micex Index was up 6 percent for the week. The Standard & Poor’s 500 Index rose 1.4 percent to close at 1,866.52 in New York.
http://www.bloomberg.com/news/2014-03-21/world-s-richest-gain-26-billion-as-sanctions-hit-russia.html
