The 500 billionaires on the Bloomberg Billionaires Index added $1.5 trillion in net worth in 2023, fully recovering $1.4 trillion lost last year.
Their fortunes surged due to the strong performance of tech stocks despite elevated inflation, recession fears, high interest rates, and increasing war risks worldwide.
Elon Musk reclaimed the title of the world’s richest person, surpassing Bernard Arnault, French CEO of luxury-goods conglomerate LVMH. Musk is set to end the year with a net worth of $232.4 billion, a $95.4 billion increase year-to-date. His net worth is closely tied to the performance of Tesla shares, which are up more than 100% this year.
Arnault is next on the list as the second wealthiest person in the world, with a net worth of $179 billion. Amazon’s Jeff Bezos is number three with a net worth of $178.3 billion, and Bill Gates number four at $140.5 billion.
Despite Arnault’s net wealth hitting a new record high this year, the Federal Reserve’s most aggressive interest rate hiking cycle in a generation has dented the fortunes of the top five on the Bloomberg list.
The Fed pivot, with rate traders now pricing in well over six cuts through the end of 2024, helped unleash a stock market rally; in return, the net wealth of the top billionaires moved higher in recent months.
Democrats are furious Musk is crowned once more as the world’s richest person as the Biden administration weaponizes federal agencies against the billionaire.
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