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 the family of 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 Inc., Citigroup Inc. and Bank of America Corp., among others, say the rally could go even further as interest rates fall with the U.S. dollar.