According to Forbes, Warren Buffett surpassed all other U.S. billionaires this year with a $12.3 billion surge in his personal fortune. This is largely due to his firm Berkshire Hathaway gaining a 20% increase in profit this fiscal year. Statistically, Buffett is now worth $74.2 billion, making him the 2nd-richest person in the world behind Bill Gates (who is worth $84 billion).
The one loss Buffett experienced in 2016 was the presidential election. He was a staunch supporter and advocate of Hillary Clinton and her campaign. Despite that misfire, Berkshire Hathaway stocks jumped up 6%, giving Buffett an additional $3.6 billion to put in his pockets. In total since the election, Buffett has accumulated around $7.8 billion.
Buffett’s firm is the largest shareholder of Wells Fargo, which experienced a massive scandal back in September. The mega bank decided to open millions of accounts without customers’ permission. As a result, Wells Fargo was fined $185 million. In correlation, Buffett’s firm’s stocks began to drop.However, the firm made its comeback in November following Donald Trump winning the election.
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