The year 2023 was defined by a remarkable recovery for the world‘s richest people, seeing the combined net worth of the 500 richest individuals increase by $1.5 trillion. This marks a full recovery from the $1.4 trillion lost the previous year, as reported by the Bloomberg Billionaires Index.
The recovery of these ultra-wealthy individuals was closely correlated with the performance of technology stocks, which hit new records in 2023 despite recession fears, persistent inflation, high interest rates, and geopolitical turmoil. The wealth of tech billionaires grew by an impressive 48%, or $658 billion, largely driven by intense hype surrounding artificial intelligence.
Elon Musk particularly stood out in 2023, regaining his position as the world‘s richest person by acquiring an additional net worth of $95.4 billion. This was largely due to the success of Tesla and SpaceX. Amazon founder Jeff Bezos also added more than $70 billion to his wealth, putting him neck and neck with French luxury magnate Bernard Arnault for second place.
While the overall trend saw a rise in wealth for the richest individuals, there were exceptions. Indian billionaire Gautam Adani, for example, lost $21 billion in a single day and $37.3 billion over the entire year due to a downturn in the value of Adani Group.
Looking ahead to 2024, there are several individuals worth keeping an eye on. The likes of Sheldon Adelson, Françoise Bettencourt Meyers, Steven Cohen, and others are set to play significant roles in the global wealth landscape.
However, not all individuals saw their fortunes rise in 2023. For example, Rupert Murdoch, the 92-year-old founder of News Corp., has officially retired and handed control over to his son, Lachlan, amidst legal controversies. Additionally, Changpeng Zhao, the 46-year-old founder of Binance, faced legal challenges with the exchange pleading guilty to money laundering and violations of US sanctions.
All in all, 2023 was a year marked by significant wealth growth and challenges for the world‘s richest individuals. It remains to be seen what 2024 holds for these influential figures.