Elon Musk's 2023 can be aptly described as striking gold daily. According to a recent Forbes list titled "2023's Biggest Billionaire Gainers," Musk has emerged as the billionaire whose wealth has increased the most this year. As of December 15, 2023, Musk's fortune surged by an astonishing $108.4 billion, averaging over $300 million per day.
Since June, Musk has consistently held the title of the world's richest individual. As per Forbes' billionaire index, his net worth reached $254.9 billion by December 15, 2023. This dramatic increase is a stark contrast to 2022 when Musk experienced the most significant wealth loss globally. In just a year, he has gone from the bottom to the top of the wealth spectrum.
Musk's financial windfall is largely attributed to the robust performance of his electric car company, Tesla, and his aerospace manufacturer, SpaceX. Tesla's stock has more than doubled this year, pushing its market value beyond $800 billion. Meanwhile, SpaceX has conducted over 90 launches this year, with its valuation soaring to $150 billion in July.
The list reflects the frenzy around artificial intelligence this year, boosting the fortunes of tech moguls. Seven out of the ten billionaires on the list hail from the tech sector, including Meta CEO Mark Zuckerberg, Amazon founder Jeff Bezos, Google CEO Larry Page, Google co-founder Sergey Brin, Oracle founder Larry Ellison, and Nvidia CEO Jensen Huang.
Forbes notes that no one epitomizes the AI boom more than Huang. As the dominant force in AI chips, Nvidia's stock has skyrocketed by over 230% in 2023, propelling its market value to $1.2 trillion and catapulting Huang into the top 20 richest Americans.
Steve Ballmer, former CEO of Microsoft and current owner of the NBA's Los Angeles Clippers, isn't a tech tycoon, but his wealth has primarily grown due to his Microsoft shares.
In 2023, the tech-heavy Nasdaq Composite Index rose by 42%, nearly double the S&P 500's 23% gain. The share prices of the seven tech giants, including Apple, Microsoft, Google, Amazon, Nvidia, Tesla, and Meta, have far outpaced the broader market, contributing to the ballooning wealth of their billionaire backers.
The remaining two of the top ten richest are from outside the U.S. Indonesian energy tycoon Prajogo Pangestu amassed his fortune in the timber and petrochemical industries, with his companies' successful IPOs this year driving his shares up by over 800%.
Amancio Ortega, the Spanish magnate behind fast-fashion retailer Zara, also saw his wealth surge as Zara's stock rose by 57% in 2023, reaching an all-time high.
