The richest people on the planet added $15.2 billion to
their collective net worth this week as global markets rose on speculation that
Europe will move to ease borrowing costs in Italy and Spain according to a
report in Businessweek.
The week’s biggest gainer was Spanish retail tycoon Amancio
Ortega, who added $3 billion to his fortune after Inditex, the world’s largest
clothing retailer, announced plans to build a 753,000 square-foot logistics
center in Spain’s Guadalajara province. Inditex shares were up 3.8 percent for
the week. Ortega’s gain came as Spain’s
unemployment rate reached 24.6 percent, the highest on record. With a net worth
of $43.5 billion, the 76-year-old is Europe’s richest man, and ranks fourth on
the Bloomberg Billionaires Index.
“At the beginning of the week we had a flood of bad news,
starting with Greece and culminating with Spain credit at all- time wides,”
said Nelson Saiers, CIO of Alphabet Management LLC, a New York-based hedge fund
with more than $500 million under management. “When Mario Draghi came out
midweek and said the ECB would do whatever it takes to protect the euro, that
hit the brakes on the bad news and the market ripped,” he said, referring to
the European Central Bank president….
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