Warren Buffett has moved up on Bloomberg's rich list, where his estimated $161 billion net worth puts him $1 billion ahead of Bill Gates.
Warren Buffett has surpassed Bill Gates to become the world's fifth-richest person, with his net worth reaching $127.6 billion, largely due to a significant $18 billion increase in his wealth this year. This surge is primarily attributed to the strong performance of Berkshire Hathaway, where Buffett holds a substantial stake. The company's stock has seen a 20% rise in 2023, driven by its diverse investments in sectors like insurance, utilities, and consumer goods, as well as its cash reserves which are now at a record high. Meanwhile, Bill Gates, who has been actively involved in philanthropy, saw his wealth decrease by $4 billion, bringing his net worth to $127.3 billion. Gates has donated over $59 billion to the Gates Foundation, which has impacted his wealth accumulation compared to Buffett's investment-focused strategy.
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