World’s richest add $26b to their wealth this week

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By BLOOMBERG NEWS 
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Amancio Ortega was the week's biggest gainer, according to the Bloomberg Billionaires Index. The  77-year-old co-founder of Inditex, the world's largest clothing retailer, added $2.8 billion to his fortune as the company rallied two per cent to a one-month high.

New York.- The 300 wealthiest people on earth added $25.6 billion to their collective net worth this week as the US government imposed economic sanctions on several Russian billionaires.

Amancio Ortega was the week's biggest gainer, according to the Bloomberg Billionaires Index. The  77-year-old co-founder of Inditex, the world's largest clothing retailer, added $2.8 billion to his fortune as the company rallied two per cent to a one-month high.

The company, which owns the Zara chain, said March 19 it plans to open more than 450 new stores this year. Ortega, the world's fourth-wealthiest person, has a $63.1 billion net worth.

Russia richest people staged a comeback after losing more than $20 billion since the start of the Crimean crisis on February 28, according to the Bloomberg ranking. The country's 20 wealthiest citizens added $6.4 billion during the week.

Judo partner
The US and European Union expanded sanctions levied against Russians tied to Vladimir Putin this week in response to Russia's annexation of Crimea. Those targeted by the US March 20 included oil-trading billionaire Gennady Timchenko and Arkady Rotenberg, a former judo partner of Putin whose companies won more than $7 billion of contracts for the Winter Olympics.

Timchenko sold his 44 per cent stake in Gunvor Group, one of the world's largest commodity traders, to partner Torbjorn Tornqvist, according to a company statement. The move came a day before the US Treasury Department imposed sanctions on the 61-year-old billionaire, who controls a $7.9 billion fortune.

Vladimir Lisin, 57, chairman and owner of Novolipetsk Steel and the country's 13th-wealthiest person, has lost more than $2 billion this month after the company fell 15 per cent. He has a $9.9 billion net worth.

'Trade restrictions'
Alisher Usmanov, Russia's richest man, lost $85 million this week. He's sold shares of Apple and Facebook and has bought stakes in Chinese technology companies, Ivan Streshinskiy, head of USM Advisors, the billionaire's asset- management company, said in a March 14 interview in Moscow.

Bill Gates remains the world's richest person. The Microsoft co-founder gained $1.7 billion as the Redmond, Washington-based company reached a 14-year high. The 58-year-old has a net worth of $79.3 billion, more than 80 per cent of which is held outside of software maker. Carlos Slim regained his title as the world's second-richest person, a week after he was passed by Warren Buffett. Slim's America Movil added 2.0 per cent during the week. by BLOOMBERG NEWS 

 

 

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