Elon Musk, Mark Zuckerberg Lead a $852 Billion Surge Among World’s Richest People

The world’s 500 richest people added $852 billion to their fortunes in the first half of 2023.

According to Bloomberg data, each member of the Bloomberg Billionaires Index earned an average of $14 million each day over the last six months. It was the finest half-year for billionaires since the economy recovered from a COVID-induced slowdown in the second half of 2020.

The gains occurred in tandem with a global stock market surge, as investors ignored the effects of central bank interest rate hikes, the ongoing war in Ukraine, and a regional bank crisis. The S&P 500 gained 16%, while the Nasdaq 100 gained 39% for its best-ever first half, thanks to investor enthusiasm for artificial intelligence.

While Elon Musk and Mark Zuckerberg debate organizing a cage bout, Tesla Inc.’s CEO came out on top in dollar terms. Musk, the world’s richest individual, increased his net worth by $96.6 billion this year through June 30, while Meta Platforms Inc. CEO Zuckerberg increased his net value by $58.9 billion.

Gautam Adani’s net worth dropped the most in the last six months, losing $60.2 billion. Adani, the chairman of Adani Group, also suffered the largest one-day loss of any billionaire, losing almost $20.8 billion on Jan. 27, after short seller Hindenburg Research accused his conglomerate of accounting fraud and stock manipulation, which Adani disputes.

Nate Anderson’s Hindenburg also reduced the net worth of another billionaire, Carl Icahn. His Icahn Enterprises LP experienced its worst one-day decline after Hindenburg reported that it was shorting the stock, claiming that it was excessively undervalued in comparison to its holdings. Icahn’s net worth dropped $13.4 billion, or 57%, the most of any member of the Bloomberg Billionaires Index during the period.

Musk’s riches grew even more in July, as Tesla shares rose 6.9% in New York on Monday, adding an additional $13 billion to his fortune.