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Elon Musk, the world's richest person, added $96.6 billion in the past six months. — AP file
The world’s 500 richest people added $852 billion to their fortunes in the first half of 2023 as each member of the Bloomberg Billionaires Index made an average of $14 million per day over the period.
Elon Musk, the world's richest person, added $96.6 billion in the past six months, growing the most in the first half of 2023, while India’s Gautam Adani’s net worth sank the most in the same period, losing $60.2 billion to end up 21st in the index.
According to Bloomberg, the first half of 2023 was the best half-year for billionaires since the back half of 2020, when the economy rebounded from a Covid-induced slump.
The gains coincided with a broad stock market rally, as investors brushed off the effects of central bank interest rate hikes, the ongoing war in Ukraine, and a crisis in regional banks. The S&P 500 rose 16 per cent and the Nasdaq 100 surged 39 per cent for its best-ever first half as investor mania over artificial intelligence boosted tech stocks.
While Elon Musk and Mark Zuckerberg flirt with scheduling a cage match in Las Vegas, Tesla Inc.’s chief executive officer came out on top in dollar terms. While Musk added $96.6 billion, the Meta CEO gained only $58.9 billion.
As on July 5, Musk’s wealth stood at $247 billion, according to the Bloomberg Index. Others among the top 10 list include Bernard Arnault ($199 billion); Jeff Bezos $(155 billion), Bill Gates ($134 billion), Larry Ellison ($132 billion), Steve Balmer ($117 billion), Warren Buffet ($115 billion), Larry Page ($110 billion), Mark Zuckerberg ($104 billion); and Sergey Brin ($104 billion).
Musk, who had previously lost the title of the world's richest person to Arnault, reclaimed the position in June, according to Forbes. In December 2022, Musk's net worthfell by over $100 billion to reach $168.5 billion, falling short of Arnault's $172.9 billion. In May 2023, Musk's Twitter suffered financially with the current valuation of Twitter being approximately $15 billion, representing a decline of 33 per cent since its acquisition. However, Musk regained the top position again last month.
Adani’s net worth sank the most in the six-month period, losing $60.2 billion. — Reuters file
Adani’s net worth sank the most in the six-month period, losing $60.2 billion. Adani, chairman of Adani Group, also posted the biggest one-day loss of any billionaire, shedding about $20.8 billion on January 27, after short-seller Hindenburg Research accused his group of accounting fraud and stock manipulation — a claim Adani denies.
Hindenburg, founded by Nate Anderson, also knocked down the net worth of another billionaire: Carl Icahn. His Icahn Enterprises LP had its steepest one-day drop after Hindenburg disclosed it was shorting the shares, saying the stock was significantly overvalued relative to its holdings. Icahn’s net worth fell $13.4 billion, or 57 per cent — the largest percentage drop of any member of the Bloomberg Billionaires Index in the period.
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