Elon Musk Reclaims World’s Richest Title as Billionaire Count Hits Record High

The billionaire elite is growing, and at the top of this ever-expanding financial mountain stands one man: Elon Musk. Forbes’ latest annual World’s Billionaires list reveals that Musk, with a staggering net worth of $342 billion, has reclaimed his title as the world’s richest person. His fortune skyrocketed by $147 billion in just a year, largely driven by the success of SpaceX and his artificial intelligence venture, xAI.

The billionaire club now boasts a record-breaking 3,028 individuals, an increase of 247 from last year, with a combined wealth of $16.1 trillion—more than the GDP of any nation except the U.S. and China. On average, each billionaire holds $5.3 billion, further solidifying the wealth divide.

The Tech Takeover

Tech moguls continue to dominate the ranks. Meta’s Mark Zuckerberg lands in second place with $216 billion, followed closely by Amazon’s Jeff Bezos at $215 billion. Oracle’s Larry Ellison claims the fourth spot with $192 billion.

Meanwhile, Bernard Arnault, who led last year’s rankings, now finds himself in fifth place. The French luxury titan and head of LVMH saw his fortune slip to $178 billion due to a drop in stock values.

One of the most dramatic wealth increases comes from former U.S. President Donald Trump, whose fortune more than doubled to $5.1 billion, thanks to his social media venture, Truth Social.

This year also welcomes 288 newcomers into the billionaire ranks, including celebrities like Bruce Springsteen, Arnold Schwarzenegger, and Jerry Seinfeld, each now worth over $1 billion.

The Rising Wealth Gap

While billionaires celebrate record-breaking fortunes, concerns over wealth inequality continue to mount. The world’s richest 10% control nearly 75% of global wealth, while the bottom 50% hold a mere 2%. Even more striking, the top 0.01% have seen their share of wealth rise significantly in recent decades.

With billionaires now holding over 3% of the world’s total wealth despite making up just 0.000035% of the population, the conversation around economic disparity is more relevant than ever.