The assets of the 5 richest people in the world, including Tesla CEO Elon Musk, doubled in 3 years. With this huge amount of money, each billionaire takes hundreds of years to spend it all.
Today’s billionaires are 3.3 trillion USD richer than in 2020, of which the 5 richest people hold 869 billion USD – Photo: Business Today
A report by the charity Oxfam said that the wealth of the five richest people in the world has increased by 114%, to $869 billion, since 2020. That means that every hour, the wealth of the five people, on average, This increased by 14 million USD.
In particular, billionaire Elon Musk’s assets increased to 245.5 billion USD by the end of November 2023, an increase of 737% compared to March 2020.
Meanwhile, according to Forbes, as of January 2024 (two months after Oxfam’s milestone), Mr. Elon Musk’s asset value has decreased slightly compared to the figure given by Oxfam. The reason is said to be because of Tesla.
Elon Musk’s fortune goes up and down with Tesla
Elon Musk’s wealth is largely tied to the performance of the companies he owns, especially Tesla. This company accounts for more than 80% of Elon Musk’s net worth.
The decline in Tesla stock price is said to come from a series of negative news: Electric vehicles continue to fall in price in China, eroding profits, labor costs are rising, demand for electric vehicles is growing slowly again, especially in the US – Photo: Investopedia
Tesla’s stock price has fluctuated significantly over the past few years, reaching a peak of $1,200/share in November 2021 and falling to $400/share in January 2024. In just the first two weeks of 2024, Tesla lost more than $94 billion in market value.
This means that Mr. Musk’s net worth changes significantly depending on market conditions and investor sentiment. Elon Musk has more money than the GDP of some country(s)
However, overall, Elon Musk continues to be the richest person in the world, owning more assets than the GDP of many countries (according to IMF estimates in 2023) such as Hungary (222.2 billion USD), Algeria (239.21 billion USD)…