Record Increase in Wealth of World’s Billionaires Seen in 2020
In the first half of 2023, the combined wealth of the world’s 500 wealthiest individuals surged by $852 billion.
Each member of the Bloomberg Billionaires Index earned an average of $14 million a day over the past six months, according to data compiled by Bloomberg. It was the best six months for billionaires since the end of 2020, when the economy recovered from the recession caused by the coronavirus.
The gains coincided with a broad stock market rally as investors dealt with central bank interest rate hikes, the ongoing war in Ukraine and the crisis in regional banks. The S&P 500 rose 16% and the Nasdaq 100 39% for its best first half ever as investor frenzy over artificial intelligence lifted tech stocks.
While Elon Musk and Mark Zuckerberg are flirting with organizing a cage match, the CEO of Tesla Inc. rose to number one in dollars. Musk, the world’s richest person, increased his net worth by $96.6 billion this year through June 30, while Meta Platforms Inc. CEO Zuckerberg gained $58.9 billion.
Gautam Adani’s net worth fell the most in six months, losing $60.2 billion. Adani Group chairman Adani also posted the biggest one-day loss of any billionaire. He lost about $20.8 billion on Jan. 27 after short-seller Hindenburg Research accused his conglomerate of accounting fraud and stock manipulation — a claim Adani denies.
Founded by Nate Anderson, Hindenburg also dropped the net worth of another billionaire, Carl Icahn. The steepest declines in his Icahn Enterprises LP came in a day after Hindenburg said he was shorting the stock, saying the stock was significantly overvalued relative to its holdings. Icahn’s net worth fell $13.4 billion, or 57%, the biggest percentage drop of any member of the Bloomberg Billionaires Index this season.
