Warren Buffett Loses His Position as the World’s Third-Richest Person

Jul 6, 2018  •  Post A Comment

In a shakeup among the world’s richest people, there’s a new No. 3 with the co-founder of Facebook, Mark Zuckerberg, overtaking Warren Buffett, Bloomberg reports.

“Zuckerberg, who trails only Amazon.com Inc. founder Jeff Bezos and Microsoft Corp. co-founder Bill Gates, eclipsed Buffett Friday as Facebook shares climbed 2.4 percent, according to the Bloomberg Billionaires Index,” the story reports.

The move solidifies technology as “the most robust creator of wealth,” the report says.

“It’s the first time that the three wealthiest people on the ranking made their fortunes from technology,” Bloomberg notes. “Zuckerberg, 34, is now worth $81.6 billion, about $373 million more than Buffett, the 87-year-old chairman and chief executive officer of Berkshire Hathaway Inc.”

The report adds: “Technology fortunes make up about a fifth of the more than $5 trillion in wealth tracked by the Bloomberg index, more than any other sector. The ranking, which tracks the world’s 500 richest people, is updated after the close of each trading day in New York.”

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