Jeff Bezos Surpasses Elon Musk to Become the World's Richest Person

Jeff Bezos has once again ascended to the pinnacle, reclaiming his position as the world's richest person.

by Faruk Imamovic
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Jeff Bezos Surpasses Elon Musk to Become the World's Richest Person
© Getty Images/Emma McIntyre

Jeff Bezos has once again ascended to the pinnacle, reclaiming his position as the world's richest person. Surpassing Elon Musk, the Amazon founder's fortune reached an astonishing $200 billion, according to the latest data from the Bloomberg Billionaires Index.

Musk, not far behind, boasts a net worth of $198 billion despite experiencing a significant financial setback over the past year. This reshuffling at the top comes after a period of intense competition among the world's wealthiest.

Musk previously overtook LVMH CEO Bernard Arnault in May 2023, entering the exclusive circle of centibillionaires, which includes luminaries like Arnault and Bezos. These three magnates have vied for the title amid the dynamic ebb and flow of the global economy and their respective business ventures.

Market Movements and Legal Challenges

The fortunes of these billionaires are tightly interwoven with the performance of their companies in the stock market. For Musk, a sharp 7% decline in Tesla shares on Monday has further eroded his wealth, which has already diminished by about $31 billion over the past year.

In contrast, Bezos has seen his fortune swell by $23 billion, showcasing the divergent paths their financial destinies can take. Adding to Musk's challenges, a Delaware state court judge recently invalidated his colossal 2018 pay package, originally valued at over $50 billion.

This ruling, alongside a 24% drop in Tesla shares year-to-date, underscores the volatile nature of wealth at the highest echelons of business and the impact of legal and market forces on billionaire rankings.

The Bigger Picture

Despite these shifts at the top, it's important to note that the concept of the "richest person on earth" is subject to frequent change, driven by the whims of market performance.

Musk and Arnault, despite their recent setbacks, remain immensely wealthy, with the collective net worth of the world's five richest individuals ballooning by 114% since 2020 to $869 billion, even after accounting for inflation.

This staggering figure, highlighted in Oxfam's annual inequality report, puts into perspective the extraordinary accumulation of wealth among a select few, amidst the broader dynamics of global economic trends.

Jeff Bezos Elon Musk
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