The mega-rich saw their net worth spike to $5.9 trillion in 2019 as the Trump economy continued to expand.
Strong fundamentals are expected to push the stock market further up in 2020.
Top billionaires saw big gains through stocks and emerging assets.
The Trump economy is continuing to march forward, and the rich are now collectively worth $5.9 trillion. Heading into 2020, billionaires are likely to get even richer.
A rise in market liquidity, a low benchmark interest rate, and the strong upsurge in U.S. stocks will further boost the mega-wealthy over the next 12 months.
How the billionaires did it
According to Bloomberg, 172 billionaires in the U.S. raked in $500 billion in 2019, with Facebook CEO Mark Zuckerberg and Microsoft co-founder Bill Gates earning $27.3 billion and $22.7 billion respectively.
Most of the ultra high net worth individuals saw large gains in their wealth due to the recovery of the stock market and emerging assets.
Bill Gates, for instance, briefly overtook Amazon CEO Jeff Bezos with a net worth of over $110 billion. The strong performance of Microsoft and its cloud computing department, which won a $10 billion contract from the Pentagon, pushed Gates’ fortune further up.