In the first half of 2023, the world's 500 richest individuals saw significant wealth growth, collectively adding $852 billion to their fortunes. According to a Bloomberg report, among the billionaires, Elon Musk, CEO of Tesla Inc., saw the largest increase in his net worth in dollar terms. As the world's richest person, Musk added $96.6 billion to his fortune in the first half of the year. On the other hand, Meta Platforms Inc. CEO Mark Zuckerberg added $58.9 billion to his net worth during the same period.
As per the report, individuals on the Bloomberg Billionaires Index made an average of $14 million per day over the past six months. The period marks the best half-year performance for billionaires since the latter half of 2020 when the global economy rebounded from the impact of the Covid-19 pandemic, the report said.
As per the report, this surge in wealth coincided with a strong stock market rally, as investors largely disregarded factors such as central bank interest rate hikes, the ongoing war in Ukraine, and the crisis in the banking sector. The S&P 500 saw a 16 per cent rise, while the Nasdaq 100 witnessed a remarkable 39 per cent surge, its best-ever first half, driven by investor enthusiasm surrounding artificial intelligence and the subsequent boost in tech stocks, the report said.
The report also noted that Elon Musk's wealth continued to grow into July, with Tesla shares rising 6.9 per cent on Monday in New York, adding an additional $13 billion to his fortune.
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On the other hand, as per the report, Adani Group Chairman Gautam Adani faced the largest decline in net worth, losing $60.2 billion over the six-month period. This comes after Adani's conglomerate faced allegations of accounting fraud and stock manipulation by short-seller Hindenburg Research, resulting in a one-day loss of approximately $20.8 billion on January 27. Adani vehemently denies these claims.
Hindenburg Research also impacted the net worth of billionaire Carl Icahn, as its disclosure of shorting shares in Icahn Enterprises LP caused a steep one-day drop, the report noted. The firm said that the stock was significantly overvalued relative to its holdings. As a result, Icahn's net worth fell by $13.4 billion, or 57 per cent, marking the largest percentage drop among all members of the Bloomberg Billionaires Index during this period.