Warren Buffet is the fifth richest person in the world. His net worth is $117 billion. The four wealthiest icons ahead of him are Elon Musk, who is believed to become the first trillionaire by 2024, Jeff Bezos, Bill Gates and Bernard Arnault.
Fortunes of the 91-year-old jumped by $7.8 this year when the top four lost wealth. Tesla's chief executive Elon Musk lost $62 billion and Microsoft co-founder Bill Gates lost $12.5 billion in 2022. Facebook CEO Mark Zuckerberg lost $54 billion in February as shares of the company lost value.
The loss of wealth was witnessed by Sergey Brin and Larry Page from Google, and Larry Ellison from Oracle. It is said these business tycoons may have been ahead of Buffet if their net worth would not have been lost values. The tumble in stocks of tech companies helped Buffet to surpass them and rank in the top 5 list.
The shares of Buffet's company Berkshire Hathaway moved up by 7 percent this year due to diversification and the strong beliefs of investors in the move. However, 44 percent of the portfolio is of the iDevice giant Apple. The diversification was wide with significant sell-offs of tech stocks.
Buffet usually recommends investors to choose index funds as these are equipped with a wide range of stocks and diversification is automatic. One simple example is the S&P 500 which holds stocks of Google, Coco-Cola, Apple and more such big companies.
He earlier said diversified indexes are best for retirement savings and this is the reason one should buy the S&P 500 index fund as it is a low-cost fund.
About Warren Buffet
Warren Buffet was born in 1930 in Nebraska, United States. He is an investor, businessman and philanthropist. He leads the Berkshire Hathaway company with Charlie Munger. He holds the CEO and chairman position in the company. His net worth is more than $125 billion.
He was inclined towards investment at a very early age and his first venture was when he was just 11-year-old. He founded Buffet Partnership in 1956 and thereafter acquired Berkshire Hathaway textile manufacturing company. Charlie Munger joined in 1978 as vice-chairman.
About Berkshire Hathaway
Berkshire Hathaway was founded in 1839 by Oliver Chace as Valley Falls Company and thereafter in 1929 as Berkshire Fine Shipping. It is a public company and headquartered in Kiewit Plaza, Nebraska, US. It deals in diversified investments, food processing, restaurants, property, insurance, real estate, consumer products and more.
The key people currently handling Berkshire Hathaway include CEO and chairman Warren Buffet and vice chairman Charles Munger.