Business

IIE Digital Desk : The world's 500 richest people saw their fortunes grow by a record $852 billion in the first half of 2023, driven by a stock market rally that has pushed valuations to record highs.

Elon Musk, the world's richest person, saw his wealth surge by $277 billion, the most of any billionaire. Musk's gains were driven by the strong performance of Tesla, the electric car maker he founded. Mark Zuckerberg, the co-founder of Facebook, was the second-biggest gainer, with his wealth increasing by $127 billion. Zuckerberg's gains were driven by the strong performance of Meta, Facebook's parent company.

The overall surge in billionaire wealth was driven by a strong stock market rally. The S&P 500 index, a broad measure of the stock market, is up more than 15% in the first half of 2023. The surge in billionaire wealth has drawn criticism from some quarters. Critics argue that the gains are unfair, as they have come at a time when many people are struggling with rising inflation and stagnant wages.

However, supporters of the wealthy argue that the gains are a sign of the success of the free market system. They argue that the wealthy have created jobs and wealth for others, and that their gains are a reflection of their contributions to society. The world's 500 richest people saw their fortunes grow by a record $852 billion in the first half of 2023. The gains were driven by a strong stock market rally, and have drawn criticism from some quarters. However, supporters of the wealthy argue that the gains are a sign of the success of the free market system.