Wealth on the Rise: Musk, Zuckerberg, and Global Elite Continued Prosperity in 2023

The wealth of 38 of the 50 richest people and 385 of the 500 richest people in the world increased this year, in one case even sevenfold

by Sededin Dedovic
Wealth on the Rise: Musk, Zuckerberg, and Global Elite Continued Prosperity in 2023
© Slaven Vlasic / Getty Images

In a world marked by contrasting fortunes, the holiday season paints a vivid picture of stark inequality. As families around the world tighten their belts, the wealth of the global elite continues to skyrocket, creating a troubling divide that raises important questions about the state of our world.

Tech titans Elon Musk and Mark Zuckerberg are at the forefront of this economic divide. Musk's rise to Tesla has propelled him to a whopping $235 billion net worth, surpassing the annual GDP of Angola. Meanwhile, Zuckerberg saw a 184 percent increase in wealth, and other billionaires like Pangestu witnessed a sevenfold jump in wealth due to investments in geothermal energy.

However, these success stories are not universal among the 50 richest individuals. Surprisingly, even the sanctioned Russian oligarchs managed to increase their wealth on paper, calling into question the effectiveness of the imposed sanctions.

The likes of Potanin, Usmanov and Mordashov have seen their fortunes increase despite economic logic, highlighting the limitations of such measures.

USA, France, Great Britain

While headlines focus on success stories, it's important to recognize the other side.

Twelve individuals in the top 50 saw their fortunes shrink, including Indian billionaire Gautam Adani, who faced a staggering $36 billion loss due to fraud allegations. The dominance of the United States in the billionaires club is unmistakable, with 10 of the top 10 coming from the country.

France provides a lonely counterpoint with Bernard Arnault and Françoise Bettencourt Myers, emphasizing that wealth knows no geographical boundaries. Not far behind, in 97th place, was Ratcliffe, the Monaco-based petrochemical tycoon, who increased his wealth by $8.55 billion to $19.4 billion.

That figure now includes a £1billion stake in Manchester United after he bought 25 per cent of the club in a deal signed this week. Can billionaires be responsible for their vast wealth while millions struggle to make ends meet? These are urgent questions that demand answers, because true prosperity cannot exist in a world where the few feast while the many starve.

As we move through this holiday season, it is critical to reflect on these differences and work toward a more just future for all.