After a brief stint of Tesla stock trouble, Elon Musk has reclaimed his title as the world's richest person. The Twitter Tsar was unseated from the top spot by Bernard Arnault, CEO of French luxury brand LVMH, in December last year after Tesla stock slumped in value by around 60 percent in 2022.
It’s estimated that the net worth of the SpaceX CEO fell by over $200 billion between November 2021 and December 2022, one of the largest losses of personal wealth in history.
However, spells of bad luck have a habit of quickly blowing over for the world’s hyper-rich.
Thanks to a surge in Tesla shares, Musk’s net worth reached $187 billion on Monday, February 27, topping the $185 billion fortune of Arnault, as per the Bloomberg Billionaires Index.
As of Tuesday, February 28, Musk is still second to Arnault on the Forbes Real-Time Billionaire List, which tallies their net worth to be higher than Bloomberg. Nevertheless, the Forbes tracker shows that Musk’s wealth is currently accelerating at a faster pace than Arnault, so who knows what’s in store.
What is clear is that the wealth of the richest 1 percent of the world is growing at a shockingly rapid pace.
An Oxfam report in January 2023 showed that the richest 1 percent of people grabbed almost two-thirds of all new wealth created since 2020 – a whopping $42 trillion – which was almost twice as much money as the bottom 99 percent of the world’s population. Furthermore, the richest 1 percent had seized around half of all new wealth created during the past decade.