Musk, Zuckerberg lead US$852 billion wealth surge among world rich

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

Each member of the Bloomberg Billionaires Index made an average of US$14 million per day over the past six months, according to data compiled by Bloomberg. It 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 first half, as investor mania over artificial intelligence boosted tech stocks.

While Elon Musk and Mark Zuckerberg flirt with scheduling a cage match, Tesla Inc’s chief executive officer came out on top in dollar terms. Musk, the world’s richest person, added US$96.6 billion to his net worth this year through Jun 30; Meta Platforms Inc CEO Zuckerberg gained US$58.9 billion.

Gautam Adani’s net worth sank the most in the six-month period, losing US$60.2 billion. The chairman of Adani Group also posted the biggest one-day loss of any billionaire, shedding about US$20.8 billion on Jan 27, after short seller Hindenburg Research accused his conglomerate of accounting fraud and stock manipulation – a claim he denies.

Hindenburg, founded by Nate Anderson, also knocked down the net worth of another billionaire: Carl Icahn. His Icahn Enterprises 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 US$13.4 billion, or 57 per cent – the largest percentage drop of any member of the Bloomberg Billionaires Index in the period. BLOOMBERG