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11 Nov 2016

Donald Trump’s victory pushes his fierce critic, Warren Buffet, to second richest in the world

The victory of President-elect Donald Trump, has pushed one of his fiercest critics, Warren Buffett, to the second spot on the world’s rich list.

According to Bloomberg, Buffett added $5.8 billion to his fortune this week, leading gains for the world’s wealthiest as he leapt over Spain’s Amancio Ortega and Amazon.com Inc. founder, Jeff Bezos, to reclaim the number two spot.

In campaigning for Hillary Clinton, Buffet said: “How in the world can you stand up to a couple of parents who lost a son and talk about sacrificing because you were building a bunch of buildings?”

“Trump and his family have sacrificed nothing; building buildings is not sacrifice. I ask Donald Trump: ‘Have you no sense of decency, sir?’”

Buffett gained some billions as shares in Wells Fargo & Co. soared 13 percent in the two days after the election on perception that a Republican administration would bring less regulation.

Berkshire Hathaway Inc., owned by Buffet holds a 10 percent stake in the San Francisco-based lender.

Carlos Slim, Mexico’s wealthiest person, saw his fortune fall by $5.4 billion as the peso fell to a record 20.78 per dollar. Ortega, founder of clothing retailer Zara, lost $2.5 billion and fell to the number three spot after Buffett.

Bill Gates remains the world’s richest person, with an increase of $180 million, bringing his total fortune to $87.1 billion.

Mark Zuckerberg, Facebook chief executive officer,  lost $1.6 billion of net worth while Amazon’s CEO Bezos was down by $3.9 billion.

Billionaire donors to the two campaigns overwhelmingly favoured Clinton, with 17 members of the Bloomberg index giving $21.1 million to her campaign.

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