Billionaire Elon Musk regained the title of world’s richest person to end the 2023 year, after a move back to first place in February and again in May.
Musk and the other nine richest people in the world all saw their wealth grow dramatically in 2023 thanks to a strong stock market and soaring prices of technology stocks.
Here’s a look back.
What Happened: The S&P 500 ended 2023 on a streak of consecutive weeks with positive gains, helping boost the stock prices of many large caps further to end the full year. The SPDR S&P 500 ETF (NYSE:SPY), which tracks the S&P 500 was up 24% in 2023, which came after a decline of 19% in 2022.
The soaring stock prices helped boost the wealth of the ultra-wealthy, with the top 10 richest people in the world gaining a combined $465.4 billion in wealth in 2023.
Here are the top 10 richest people in the world to close out 2023 and a look at how much their wealth increased, as reported by Bloomberg.
Elon Musk, Tesla Inc (NASDAQ:TSLA) CEO, $229 billion, +$92.0 billion
Bernard Arnault, LVMH (OTC:LVMUY)(OTC:LVMHF) CEO, $179 billion, +$17.0 billion
Jeff Bezos, Amazon.com Inc (NASDAQ:AMZN) founder, $177 billion, +$69.9 billion
Bill Gates, Microsoft Corporation (NASDAQ:MSFT) co-founder, $141 billion, +$31.5 billion
Steve Ballmer, former Microsoft CEO, $131 billion, +$45.0 billion
Mark Zuckerberg, Meta Platforms Inc (NASDAQ:META) CEO, $128 billion, +$82.5 billion
Larry Page, Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) co-founder, $126 billion, +$43.5 billion
Larry Ellison, Oracle Corporation (NYSE:ORCL) co-founder, $123 billion, +$31.1 billion
Sergey Brin, Alphabet Inc co-founder, $120 billion, +$40.6 billion
Warren Buffett, Berkshire Hathaway Inc (NYSE:BRK-A) (NYSE:BRK-B) CEO, $120 billion, +$31.0 billion
Together the top 10 billionaires ended 2023 worth $1.47 trillion, which would rank as the sixth-largest company, with NVIDIA Corporation (NASDAQ:NVDA) currently valued at $1.22 trillion. The 10 billionaires have an average wealth of $147.4 billion.
The billionaires saw their wealth grow by an average of $46.5 billion in 2023 for a total gain of $465.4 billion. Together, the 10 richest people gained more than the market capitalization of Walmart Inc (NYSE:WMT). The retail giant is valued at $424.4 billion.
Surpassing Walmart’s valuation comes as Jeff…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
