Multi-billionaire Warren Buffett made on average $32.2m
(£26.3) every day in the year that populism triumphed in global politics.The ‘Wizard of Omaha’ regained his spot as the world’s
second-richest person two days after the US election result despite opposing Mr
Trump throughout the campaign.
Critics are claiming this is yet more evidence that the
70-year-old property magnate’s presidency will not "drain the swamp".London School of Economics fellow in comparative politics,
Dr Brian Klaas, said billionaires like Mr Buffett will “very likely” gain from
Mr Trump’s era.
“Ironically, the areas where Trump is going to find the most
common ground with Congressional Republicans isn't on trade policy or reforming
Washington,” said Dr Klaas, speaking to The Independent.“It's on supply-side tax cuts, deregulation, and an erosion
of the social safety net.
“All three of those approaches are great for business
titans, but awful for the working class base that was integral to his electoral
victory.”Harvard Business School reject Mr Buffet is the chairman,
chief executive and largest shareholder of multinational Berkshire Hathaway.
The 86-year-old challenged Mr Trump to release his tax
returns during the election campaign and appeared alongside Hillary Clinton as
one of her most influential advocates.The twice-married father-of-three asked Mr Trump “Have you
no sense of decency, sir?” at a Ms Clinton rally in August.
Yet, the worth of his airline and banking holdings soared
after Mr Trump’s surprise victory.
He added $11.8bn (£9.6m) to his wealth in 2016 which marked
a 19 per cent increase up to $74.1bn (£60.5m).Generally, the country’s richest were opposed to Mr Trump,
but US billionaires have reportedly added $77bn (£62.2m) to their fortunes
since his landmark win.The world’s richest 500 people, according to Bloomberg
Billionaires Index, increased their wealth from approximately $4.2 trillion
(£3.4 trillion) at the beginning of the year to $4.4 trillion (£3.6 trillion).
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