Tech and pharma may be getting the attention these days, but three mining billionaires are quietly padding their fortunes with an investment that’s decidedly more old school.
Saudi Arabia’s Mohammed Al Amoudi and Russia’s Alexander Nesis and Suleiman Kerimov have the largest exposure to gold among the world’s wealthiest people, according to the Bloomberg Billionaires Index. As a result, they’ve collectively become $2.8-billion richer this year.
With the coronavirus pandemic devastating economies and central banks and governments boosting stimulus measures, gold is once again king. Investors flocking to the precious metal pushed its price to a record high this week. Goldman Sachs Group, Citigroup and Bank of America, among others, say the rally could go even further as interest rates fall with the US dollar.
Kerimov, whose family controls about 77% of Polyus, Russia’s biggest gold miner, is now worth $6.6-billion, according to the Bloomberg index. He’s added $1.6-billion this year as his company’s shares have almost doubled in price. The fortune of Nesis, whose ICT Group has a 27% stake in Polymetal International, has risen to $3.7-billion, while that of Midroc Gold Mine’s Al Amoudi stands at $9.2-billion. Egyptian billionaire Naguib Sawiris said in March he was increasing his exposure to gold.
While gold bugs are gaining, 2020 has largely been the year of technology and pharmaceuticals as Covid-19 has kept people home and scientists race to find a cure.
Amazon.com’s Jeff Bezos, Tencent Holdings’ Pony Ma, and Jiang Rensheng, chairman of vaccine maker Chongqing Zhifei Biological Products, are among the billionaires whose fortunes have surged the most. They’ve gained more than $14-billion each this year, according to the Bloomberg index.