For the world's richest people, 2023 is the year of comeback. The Bloomberg Billionaires Index shows that the net worth of the 500 richest people will increase by a total of US$1.5 trillion in 2023, a "full recovery" from a loss of US$1.4 trillion a year ago. Once again, their wealth is closely tied to the performance of tech stocks. Technology stocks have hit record highs this year despite facing recession fears, lingering inflation, high interest rates and volatile geopolitics. Driven by the artificial intelligence craze, the wealth of technology industry billionaires increased by 48%, an increase of as much as $658 billion.
The winner is undoubtedly Elon Musk. He regained the title of world's richest man from French luxury goods tycoon Bernard Arnault. After a loss of $138 billion in 2022, Musk's net worth increased by $95.4 billion as of Thursday's close this year, thanks to the success of Tesla and SpaceX. Today, his personal net worth is more than $50 billion higher than Arnault's. Slowing global demand for luxury goods has put pressure on LVMH, Hennessy and Louis Vuitton SE shares.
Amazon founder Jeff Bezos' net worth has increased by more than $70 billion this year, and he is now tied for second place with Arnault. MetaPlatformsInc. CEO Mark Zuckerberg's fortune jumped more than $80 billion.
Some are happy and some are sad. After Hindenburg Research released a short-selling report, Indian billionaire Gautam Adani lost US$21 billion on January 27 alone, and his wealth evaporated by US$37.3 billion for the whole year. Despite this, he still has an 11-figure fortune.
Looking to the future
What will happen to the world's richest people in 2024? While there’s no way of knowing for sure—just as few expected this year’s dramatic turn of events—the following list is worth keeping an eye on:
Miriam Adelson
Adelson, 78, became the controlling shareholder of casino operator Las Vegas Sands after the death of her husband Sheldon in 2021. After a period of silence, she purchased a majority stake in the Dallas Mavericks for $3.5 billion this year. Her net worth climbed to $34.3 billion.
FrancoiseBettencourtMeyers
As the heir to L'Oreal, 70-year-old Bettencourt Meyers is the richest woman in the world and the first woman with a net worth of 12 figures. Bettencourt Meyers owes its success to France's booming beauty and fashion industries - which have also propelled LVMH's Arnault, Chanel's Wertheimer brothers and the Hermès family into the ranks of the ultra-rich. Her fortune is up 40% this year as L'Oréal shares climb to record highs.
SteveCohen
The Point72AssetManagement founder is betting big on new and old assets in New York. Cohen, 67, owns the New York Mets baseball team and is trying to revive the franchise after years of mediocrity. He is also working with Hard Rock International to try to obtain a limited number of new casino licenses in New York State to give Mets fans a chance to gamble away their worries. In 2023, his wealth increased to $13.9 billion.
Mark Cuban
Cuban, 65, has a knack for exiting at the right time, as he did when he sold his live broadcast site, Broadcast.com, shortly before the dot-com bubble burst. He bought the Dallas Mavericks in 2000 for $285 million. After the team won three division titles, two conference championships and an NBA title, he sold the team to Adelson for $3.5 billion and will retain a minority stake. Whether this is another one of Cuban’s opportunistic trades remains to be seen. His fortune climbed to $6.8 billion this year.
Carl Icahn
This year has not been easy for the activist investor. Previously, Hindenburg's research resulted in the evaporation of US$18.1 billion in his wealth, of which more than US$10 billion was lost in just one day. However, the 87-year-old Icahn also plans to make some big moves. He plans to launch a proxy fight to take control of the board of directors of DNA sequencing company Illumina Inc, according to people familiar with the matter.
Rupert Murdoch
The 92-year-old News Corp founder has officially retired and has been succeeded by his eldest son Lachlan. As the U.S. presidential election approaches, 2024 is destined to be a difficult year for the heir. Fox has settled with Dominion Voting Systems for $787.5 million. Earlier, the latter accused Fox of making false accusations that it had rigged the vote to tip the results against Trump. Fox also faces SmartmaticCorp. of similar accusations. Rupert Murdoch's net worth will increase to $8.9 billion in 2023 and has not been affected by this controversy.
Masayoshi Son
The Japanese investor is betting heavily on WeWork, which will file for bankruptcy protection in 2023. People began to question his judgment after he continued to invest heavily in Adam Neumann's apparently troubled telecommuting business. As deals dry up, the 66-year-old SoftBank Group founder may face more problems. But he's emerged from tougher situations before, making a spectacular comeback after losing tens of billions of dollars in the dot-com bust. Son’s wealth has shrunk to $11.4 billion this year.
Donald Trump
The former US president and current candidate may have lost the 2020 election, but his coffers are only growing. The Bloomberg Billionaires Index shows his wealth has increased by $500 million since 2021, bringing his total net worth to $3.1 billion. But for the 77-year-old Trump, 2024 will be a tough battle. He also had to defend himself in several cases during the campaign, including against the writer E. Jean Carroll's defamation, fraud-related charges, and lawsuits seeking to overturn the 2020 election.
Zhao Changpeng
This has been a difficult year for the 46-year-old Binance founder in many ways. Changpeng Zhao and Binance pleaded guilty to U.S. criminal charges in November, admitting to engaging in money laundering and violating U.S. sanctions. He agreed to step down as CEO. In addition to the $4.3 billion fine Binance paid to U.S. regulators, he also agreed to pay a $50 million fine. Still, a strong rally in cryptocurrencies has seen his fortune surge by nearly $25 billion this year, despite the prospect of him going to jail next year.