The combined wealth of the 6 richest people in the world is approaching a trillion dollars

The combined wealth of the world’s six richest people has approached $1 trillion. Similarly, the 17 richest people in the world have increased their individual net worth this year, thanks in large part to stock market gains in recent months.

The wealth of Elon Musk, Bernard Arnault, Jeff Bezos, Bill Gates, Larry Ellison and Warren Buffett, the six richest people in the world, reached $969 billion before the market opened on Monday, according to the Billionaires Index. Bloomberg.

These 6 people benefited greatly from the stock rally in 2023 as investors embraced falling inflation and hype around AI companies. Technology stocks, in particular, have risen the S&P 500 by 17 percent this year, while Tesla and Amazon have also gained 135 percent and 63 percent, respectively, since the start of the year in the stock market.

INCREASES IN THE STOCK MARKET MULTIPLY YOUR WEALTH

Elon Musk, the richest person in the world; He continued to top the list of the richest, with a total of $232 billion in shares in Tesla, SpaceX and other companies.

But Jeff Bezos has seen the biggest rise in wealth in recent memory after Amazon posted strong second-quarter earnings on Friday. Bezos’ personal wealth increased by more than $11 billion on Friday. The total increase in the wealth of the famous billionaire this year reached 57 billion dollars.

Although Bezos owns just over 990 million Amazon shares, the famous billionaire’s personal wealth is closely tied to his company’s stock market performance, just like Musk. The same goes for Gates, Ellison, Buffett and Arnault.

MUSK DID BIG DAMAGE

On the other hand, while famous billionaires make huge gains from the rally in the stock market, there is no guarantee that these gains will not fluctuate.

For example, when Tesla’s shares hit an all-time high in November 2021, Musk’s net worth was estimated at $340 billion. But after just eight months, that fortune had dwindled to $125 billion.