Bloomberg reported that the gains were achieved at the end of New York trading on Monday, raising the collective net worth of the 500 richest people in the world to a record level of $13.3 trillion.
The biggest jump was for Elon Musk, who became the world’s first trillionaire, after his wealth rose by more than 10% to $1.27 trillion, driven in particular by the rise in the market value of SpaceX.
Musk alone added $164 billion to his wealth within one day, a figure close to the total gains achieved by the rest of the 499 people in the index, according to the agency.
The threshold for entering the list of the 500 richest people also rose to a record level, with the wealth of each of the 12 people at the bottom of the list reaching $7.9 billion.
This increase came amid a wave of rise in global markets, after the United States and Iran reached an interim agreement to reopen the Strait of Hormuz, which eased fears of disruption in energy supplies and high inflation.
The Dow Jones Industrial Average closed at a record level, while the Nasdaq 100 and MSCI global indices ended trading near their historical highest levels, supported by technology stocks and a decline in geopolitical concerns.
SpaceX stock was the most prominent driver of the rise in the fortunes of billionaires, after the company’s market value rose 20% with individual investors buying the stock following the company’s listing on the public market.
The company led by Musk had carried out a huge initial public offering the previous week, which took it from one of the largest private companies in the world to a listed company, and directly affected estimates of the wealth of its founder and its major owners.
SpaceX gains its importance from its combination of rocket launch activity and satellite Internet services through Starlink, in addition to its increasing connection with Musk’s artificial intelligence projects.
The jump in Musk’s wealth reflects the sensitivity of the wealth of major billionaires to stock movements, as the majority of their wealth consists of shares in public or private companies, not direct cash flow.
“Bloomberg” said that the rise of Musk’s wealth also highlights the widening of the wealth gap within the class of the super-rich itself.
According to the index data, the 50 richest people in the world now own $6.5 trillion, a figure close to the total $6.8 trillion owned by the remaining 450 people on the list of the 500 richest people.
Musk topped the list with a fortune of $1.27 trillion, followed by Larry Page with $314 billion, then Sergey Brin with $292 billion, Jeff Bezos with $267 billion, and Larry Ellison with $247 billion. (Al Jazeera)
