PHOTO: Last year was excellent for billionaires

The richest people in the world became even wealthier last year, adding an incredible $241 billion to their existing wealth according to Bloomberg’s Billionaires Index, which tracks the 100 richest individuals year after year.

Overall, these individuals were worth $1.9 trillion at the end of last year, with only 16 individuals on the list losing value last year.

“Last year was excellent for billionaires,” claims John Catsimatidis, owner of Red Apple Group, adding that billionaires will seek opportunities this year, especially outside the U.S., to increase their advantage. The Spanish tycoon and owner of the retail chain Inditex and Zara saw his wealth increase the most in 2012, jumping from $22 billion to $57 billion thanks to the meteoric rise in the stock prices of his companies.

The rise in stock values in global markets last year was responsible for the flourishing portfolios of the richest. The MSCI World Index grew by 13% last year, and the Standard & Poor’s 500 gained the same amount in value. Key indices in Europe, on the other hand, grew by up to 20%. The position of the richest man on earth was cemented by Mexican telecommunications tycoon Carlos Slim – his wealth increased by $13 billion or 21% last year.

Software mogul Bill Gates holds the second spot on the list, with his wealth rising by $7 billion last year. The price of Microsoft stock, which increased by 3% last year, had only a minor impact on this. The third richest person, the legendary “Oracle of Omaha” Warren Buffet, earned $5.1 billion last year despite donating a fifth of his Class B Berkshire shares. Buffet, who has promised to share most of his wealth, spent much of last year advocating for higher taxes on the richest Americans.

“Income over one million dollars should be taxed at least 30%. All those earning over ten million dollars should be taxed at least 35%, and such a tax model must be progressive,” Buffet argued last year, convinced that the same tax cannot be applied to incomes of one million, 20 million, and 200 million dollars.

The fifth richest person, IKEA founder Ingvar Kamprad, was worth $42 billion at the end of last year, which means his fortune increased by 16%. Charles and David Koch share the sixth and seventh spots, each amassing $41 billion, while the eighth spot is held by software developer Larry Ellison, who also owns 25% of Oracle shares.