Crypto News: Big money

Good morning. The rich got even richer this year. The wine world is set for some changes in 2026. And we look at why Marie Antoinette still sells, over 200 years later. Listen to the day's top stories.

— Marc Perrier

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What a year for the ultra wealthy. The world's 500 richest people added a record $2.2 trillion to their collective fortunes in 2025, as booming markets sent the value of their holdings soaring, according to the Bloomberg Billionaires Index. And about a quarter of this year's gains went to just eight billionaires.

Fortunes may be slightly dented as the year wraps up, with US futures
signaling more losses for the S&P 500 and the Nasdaq 100 on the final trading day of 2025. Precious metals are stumbling as well, with gold and silver falling, but both remain on track for record annual performances.

Michael Burry, the money manager made famous in The Big Short, denied being short on Tesla shares despite earlier this month calling the company "ridiculously overvalued." Meanwhile, Elon Musk's xAI is planning an expansion of its massive data center complex in Memphis, and has purchased a third building in the area as the company boosts its AI computing capacity.

Trump's Venezuela Escalation Raises Questions on Next Steps

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Going strong. President Xi Jinping declared China is set to meet its economic targets for 2025, with growth expected to reach "about 5%," providing an upbeat backdrop to data showing a recovery in the nation's manufacturing sector. Beijing also announced initial public spending plans worth a total of $51 billion to boost growth next year.

Deep Dive: The Wine Forecast

Source: Getty Images

How will wine change in 2026? Bloomberg's Elin McCoy has been peering into her crystal glass and breaks it down.

Climate change will affect grape growing for the foreseeable future, causing winemakers to plant more vines in cooler climes like Sweden.
Nonalcoholic wine will go more mainstream, with bigger selections in restaurants and better tasting bottles as technology improves.
Brace yourself, white wine will keep outpacing red. Winegrowers in Sancerre even opened a new office in Bangkok in December.
And you'll be drinking more sparking wine, from surprising places, as bubbly is now considered an everyday wine.

The Big Take

We look back at some of our most consequential journalism of 2025—the stories that captured the spirit of the year and offered a glimpse into what's next for the global economy.

Big Take Podcast

Unpacking Xi Jinping's Very Good Year

Opinion

Photographer: Haiyun Jiang/AFP/Getty Images

The West as we know it is near death—but still worth fighting for, Marc Champion writes. The concept serves as a sort of ideological glue that holds NATO and the EU together. Lose that bond and it's hard to see the West, or the secularism and tolerance that made it attractive, surviving.

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Before You Go

A 1783 portrait of Marie Antoinette by court painter Louise Élisabeth Vigée Le Brun, in the collection of the Palace of Versailles. Source: Public Domain

Marie Antoinette, the French queen guillotined in 1793, remains a powerful style influencer—and cautionary tale—over two centuries later. Her jewelry, furniture, and likeness command high prices, inspiring everything from luxury goods to fashion shows.

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