Billionaire Backlash—Here It Comes!

David Rubenstein has doubled his fortune since 2009. Jamie Dimon has more than tripled his net worth. Stephen Schwarzman has increased his wealth six-fold. It’s a remarkable showing given the economic and political tumult of the past decade, from Lehman Brothers to Brexit to Donald Trump. The fortunes of a dozen 2009 Davos attendees have soared by a combined $175 billion, even as median U.S. household wealth has stagnated, a Bloomberg analysis found.

Data from UBS and PwC Billionaires Insights reports show that global billionaire wealth has grown from $3.4 trillion in 2009 to $8.9 trillion in 2017. Central bank actions to fight the financial crisis – record low interest rates and bond-buying programs – have underpinned this ballooning wealth by driving up the prices of stocks and other assets.