The world of the economy is full of turbulence. As we dive into the second half of 2023, the elite circle of billionaires sees an unimaginable surge in their wealth. While some stand as flag bearers in the list of the riches, there are others who faced a stinging decline. For the first two quarters of 2023, the Bloomberg Billionaire Index‘s reports revealed a staggering surge of $852 billion in the pockets of the world’s riches.
In a world where more than half of the global population survives on only $6.25 a day, there exists another class earning an average of $14 million a day each. Despite the indications of recession and economic instability, the wealth of the former group continues to increase.
After the year 2020, the first half of this year has seen a remarkable increase in the overall wealth of most billionaires. The fall in stock prices and rise in inflation have kept the billionaires on alert. As we dig into the tale of turbulences, a show of magnificent wealth will blow your minds.
Let us have a look at the top billionaires with a record of skyrocketing fortune, along with the ones who found themselves losing a big chunk from their deep pockets in the first half of 2023
Top 5 Billionaires in 2023
- Elon Musk | Gain of $96.6 billion
Elon Musk tops the list of wealthiest people in the world. He has co-founded six extravagant companies- Tesla, SpaceX, Neuralink, SolarCity, and The Boring Company, and acquired Twitter in 2022.
Musk, with a net worth of $247 billion, owns 23% of the shares in Tesla.
His company, SpaceX, has quadrupled its value to $127 billion since its establishment in 2002. He has also acquired the social media platform- Twitter for $44 billion in 2022 with a 79% stake in the company.
- Bernard Arnault | Gain of $37.3 billion
Bernard Arnault, is the CEO of Moët Hennessy Louis Vuitton (LVMH). The luxury fashion brand tycoon who owns Christian Dior- 97.5% ($156 billion total), Louis Vuitton, Sephora, and Bulgari has a net worth of $227.7 billion. He is known for the most prominent luxury brand acquisition in the history of American jeweler Tiffany & Co in 2021 for $15.8 billion.
- Jeff Bezos | Gain of $47.4 billion
Jeff Bezos, the former President and CEO of Amazon, is the third wealthiest individual with a net worth of $154 billion. Owning less than 10% ($129 billion) of its shares, he stepped down as the CEO in 2021. He is also the owner of the Washington Post ($250 million private asset) and The Blue Origin ($11.2 billion private asset), a rocket developing aerospace company.
The reports reveal his gains of $47.4 billion in the first half of 2023.
- Bill Gates | Gain of $24.4 billion
Fourth on the list is the Microsoft founder: Bill Gates, with a net worth of $ 134 billion. He is the largest private farmland owner in the USA. He is also the founder of the Giving Pledge Initiative, which makes billionaires donate half of their fortunes to social causes. And as a spokesperson, he has donated more than $59 billion to the Gates Foundation.
- Larry Ellison | Gain of $40.8 billion
Larry Ellison is the co-founder and Chairman of the world’s largest software company- Oracle, owning 35% of the Software giant. The company is primarily known for its innovations and cloud technology. Ellison owns Tesla’s equity of $11.8 billion public asset after stepping down from the company’s board in 2022.
Billionaires with the highest losses in 2023
- Gautam Adani | Loss of $60.2 billion
The Chairman of Adani Group has a net worth of $51.9 billion. The group faced a loss of $60.2 billion, the most significant one-day loss of any riches. This downfall took him to the 21st place on the list. Adani first faced a significant loss due to accusations by the Hindenburg Research accounting of fraud and manipulation in stocks while bypassing Indian Security Laws. The company is known to be the biggest airport operator and second-largest cement producer in 2022.
- Carl Icahn | Loss of $15 billion
Carl Icahn, an American Financier and the founder of Icahn Capital Management. The legendary investor activist who exposed corporate mismanagement faced a loss of $15 billion. The Hindenburg Research accused Carl of misleading shareholders. Currently, he has a net worth of $9.3 billion.
- Larry Page | Loss of $31.8 billion
The founder of Alphabet, the parent company of Google, has a net worth of $103.6 billion. The company faced a massive loss of $31.8 billion due to stock price fluctuations. His fortune dipped to 30% since 2022 due to accuracy concerns and Alphabet’s experimental AI service.
- Sergey Brin | Loss of $31 billion
The co-founder of Alphabet joins Larry Page in facing a loss of $31 billion since their step down from the executive roles of the company. His real-time net worth is $97.11 billion. The fall in Alphabet’s stock prices and reported accuracy concerns resulted in this sharp loss.
- MacKenzie Scott | Loss of $19.2 billion
An Author, philanthropist, and ex-wife of Amazon Founder- Jeff Bezos has a net worth of $35 billion. Her wealth saw a decline of $19.2 billion, the reason being her promising donations and charity interests worth $14.4 billion to nearly 1600 Non-profit organizations. Another reason is the drop in Amazon stock prices.
The Bloomberg Billionaire Index reported a synchronicity in the rise of Billionaires’ wealth and stock markets. A boost in technology stocks was reportedly seen since the Artificial Intelligence hype. Allegedly, Nvidia’s stock experienced a rise of 187% in 2023, resulting in $ 1 trillion of market capital.
Oxfam Charity, in its Report-“Survival of the Richest,” highlighted the economic disparity between the richest and the rest, remarking on the following observations:
- The great divide between the 1% of the richest and the rest of humanity is rising. The wealthiest 1% acquires almost two-thirds of the new global wealth of $42 trillion. In the context of India, 40.5% of India’s wealth is acquired by the top minority.
- For every 1% wealth earned by anyone in the bottom 90% of mankind equals to $1.7 million acquired by a billionaire.
- Various public services and programs are expected to see a cut in public spending. 75% of governments worldwide anticipate a reduction of $7.8 trillion in public expenses. With this, the difficulties and differences are only going to rise for those who do not belong to the top 1%.
- A worrisome data of over 820 million going hungry, with majorly women into concern. Other humanitarian aid related to food, shelter, and water see many people in need.
Fluctuations are part and parcel of the Business world. The intense interplay of ranks keeps the billionaires tied to an expansionist mindset. As we contemplate the great divide between the wealthiest 1% and the rest 99% of humanity, a sense of concern emerges. On the one hand, billionaires fight to rank higher and higher on the list of riches; on the other hand, almost 99% of humanity fights through the economic hardships of life.
The sharp differences that the world faces in terms of wealth raise severe questions about economic inequality. The volatile nature of the financial spectrum innately affects global economics. With the surge in the wealth of billionaires this year, despite the warnings of recession and inflation, one must start to worry unless they’re billionaires. Such is the extent of income inequality that Elon Musk’s real-time net worth equals Belgium’s overall GDP. The industrial giants quickly lay off their employees in no time, for the hardships are in the fortune of the 99%.
