More ultra-rich are worth over $100 billion than ever before

By Diana Li and Jack Witzig

The world’s super-rich club now has 15 members with fortunes over $100 billion, the most on record, as they ride the waves of artificial intelligence, luxury goods and geopolitical shifts.

The combined net worth for these people is up 13 per cent this year to $2.2 trillion, according to the Bloomberg Billionaires Index, beating the pace of inflation and the broader stock market. Between them, they hold nearly a quarter of the wealth of the world’s 500 richest people.

While the 15 have crossed $100 billion before, this is the first time all of them have held fortunes of that size at the same time. L’Oreal SA heiress Francoise Bettencourt Meyers, Dell Technologies Inc. founder Michael Dell and Mexican billionaire Carlos Slim all initially reached the threshold in the past five months and some have fluctuated around that level, crossing it multiple times.

Bettencourt Meyers became the first woman to amass a 12-figure fortune in December after shares of the luxury cosmetics company posted their best year since 1998. Bettencourt Meyers, 70, ranks 14th on the index with a net worth of $101 billion.

Dell, 59, also recently saw his wealth crest the $100 billion mark after demand for AI-related equipment boosted Dell Technologies’ share price to record highs. He’s now 11th on Bloomberg’s wealth index with a fortune of $113 billion.

Other new joiners include Slim, 84, who ranks 13th with $106 billion. The richest person in Latin America added about $28 billion to his net worth in 2023 amid a boom in the Mexican peso that’s helped to boost the stock of companies in his business empire, which range from construction to operating restaurants and shops.

There are also old names coming back to the club. Gautam Adani, 61, recently returned to the elite group after a short-seller attack caused him to lose more wealth than anyone in 2023. Shares of his flagship Adani Enterprises Ltd. rose as global investors increasingly focus on India businesses.

Leading the pack is LVMH founder and Chief Executive Officer Bernard Arnault, 75, with a net worth of $222 billion. He derives most of his wealth from his stake in the world’s largest luxury-goods maker.

Amazon.com Inc founder Jeff Bezos, 60, ranks second with a net worth of $208 billion, thanks to his ownership of the world’s largest online retailer. Tesla Inc. CEO Elon Musk, 52, has a net worth of $187 billion and ranks the third on the index. His wealth, which has fallen by more than $40 billion this year, mainly consists of his stake in the world’s most valuable car maker.