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Musk, Zuckerberg lead US$852bn wealth surge

Musk, Zuckerberg lead US$852bn wealth surge

The world’s 500 richest people added US$852 billion to their fortunes in the first half of 2023.

Each member of the Bloomberg Billionaires Index made an average of US$14 million per day over the past six months, according to data compiled by Bloomberg.

It was the best half-year for billionaires since the back half of 2020, when the economy rebounded from a Covid-19-induced slump.

The gains coincided with a broad stock market rally, as investors brushed off the effects of central bank interest rate hikes, the ongoing war in Ukraine and a crisis in regional banks.

The S&P 500 rose 16 percent and the Nasdaq 100 surged 39 percent for its best-ever first half as investor mania over artificial intelligence boosted tech stocks.

Recession Fears

The BMI team expects that global real GDP growth will slow from 3,1 percent in 2022 to 2,1 percent in 2023. Amid such a clouded global backdrop, investor interest in gold’s safe-haven status will remain strong. –

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