Tesla’s CEO, Elon Musk, has replaced Microsoft founder, Bill Gates, as the world’s second-richest person.
According to the Bloomberg Billionaires Index, Musk’s total net worth reached $127.9 billion on Monday after an increase of $7.24 billion driven mainly by a surge in Tesla’s share price.
When 2020 started, Musk ranked 35th at the Bloomberg Billionaires Index, a ranking of the world’s 500 richest people. Since then, the 49-year-old has added $100 billion to his total net worth, the most by anyone on the index.
Bill Gates’ net worth reached $127.7 billion after an increase of $67 million. He has added $14.5 billion to his total net worth this year.
For Gates, it is only the second time in the index’s eight-year history that he has ranked below second place.
Till 2017, Gates ranked as the richest person on the index before being replaced by Amazon’s founder Jeff Bezos, whose total net worth reached $182 billion after a decrease of $713 million. Bezos has added $67 billion to his total net worth since the start of the year.
Overall, the world’s 500 richest people have registered a collective increase of 23% or $1.3 trillion in their wealth since the start of the year despite the Coronavirus pandemic that has disproportionately affected the working-class and poor around the world.