His net worth is now more than $50 billion above Arnault’s after a global slowdown in demand for luxury goods dented shares of LVMH Moet Hennessy Louis Vuitton.Ī Inc. chief executive netted an additional $95.4 billion through Thursday’s close, bolstered by the success of Tesla and SpaceX, after losing $138 billion in 2022. No one did better than Elon Musk, who recaptured the title of world’s richest person from French luxury tycoon Bernard Arnault. Tech billionaires saw their wealth grow by 48%, or $658 billion, propelled by intense hype around artificial intelligence. Once again, their fortunes were closely correlated to the performance of tech stocks, which rose to fresh records this year despite recession fears, lingering inflation, lofty interest rates and geopolitical turmoil. The combined net worth of the 500 richest people surged by $1.5 trillion in 2023, fully rebounding from the $1.4 trillion lost the year prior, according to the Bloomberg Billionaires Index.

It was a comeback year for the world’s wealthiest.

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