The stock market saw a decline in 2022 with the S&P 500, which is tracked by the SPDR S&P 500 ETF Trust SPY, falling 19.2%.
This decline marked the worst performance for the S&P 500 since 2008 and sent the wealth of the richest people in the world down.
With stocks rebounding in 2023, however, the world’s richest have gotten richer and seen losses in 2022 wiped away.
What Happened: Thanks to a rise in Tesla Inc‘s TSLA valuation over the years, Elon Musk has soared up the world’s richest list and became the richest person in the world in 2021.
In 2022, Tesla’s stock fell 69%, sending Musk’s wealth and billionaire ranking down. Musk also set a Guinness World Record for the biggest wealth decline in a year.
After being passed previously by LVMH LVMUYLVMHF Chairman Bernard Arnault, Musk is once again on top of the list of the world’s richest and has seen a gain of nearly $90 billion added to his net worth in 2023.
Here’s a look at the world’s richest and their 2023 performances, according to Bloomberg.
- 1. Elon Musk: $226 billion, +$89.3 billion
- 2. Bernard Arnault: $195 billion, +$32.5 billion
- 3. Jeff Bezos: $163 billion, +$55.9 billion
- 4. Bill Gates: $133 billion, +$23.4 billion
- 5. Larry Ellison: $127 billion, +$35.6 billion
- 6. Warren Buffett: $120 billion, +$12.3 billion
- 7. Larry Page: $117 billion, +$34.4 billion
- 8. Steve Ballmer: $113 billion, +$26.8 billion
- 9. Sergey Brin: $111 billion, +$32.0 billion
- 10. Mark Zuckerberg: $111 billion, +$65.5 billion
Related Link: Elon Musk Bought Twitter 1 Year Ago: A Look Back At What’s Happened Since And What Could Be Next
Strong Gains in 2023: The 10 richest people in the world are now worth a combined $1.42 trillion, which is the same as the market capitalization of Amazon.com Inc AMZN.
Thanks to strong gains in 2023, the average wealth of the 10 richest people in the world is $141.6 billion.
Year-to-date, the 10 richest people in the world have gained a combined $407.7 billion. This represents an average gain of $40.8 billion.
Together, the 10 richest people in the world have gained more in wealth in 2023 than the total market capitalizations of Tencent, Mastercard, Procter & Gamble and Samsung.
Leading the way in year-to-date gains is Musk at $89.3 billion, which come as Tesla shares are up 127% year-to-date. Musk’s potential cage fight opponent Zuckerberg has also turned in a strong 2023 with his wealth up $65.5 billion. The gain comes as Meta Platforms META shares are up 142% year-to-date.
A market recovery has seen many people on the billionaire’s index move up and see positive gains in 2023. In fact, the 17 richest people in the world are all positive year-to-date.
Coming in 18th on the list is Charles Koch, worth $65.2 billion, who has lost $1.8 billion in wealth in 2023. Further down the list at 21st is Indian billionaire Gautam Adani, who is worth $63.9 billion and has seen $56.6 billion wiped from his wealth in 2023.
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Image and article originally from www.benzinga.com. Read the original article here.