WORLD

15 members, including Adani, in global super-rich club of over $100 billion

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.

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

Amazon.com founder Jeff Bezos, 60, ranks second with net worth of $208 billion, thanks to his ownership of the world’s largest online retailer. Tesla CEO Elon Musk, 52, has 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.

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

Ms Meyers became the first woman to amass a 12-figure fortune in December 2023 after shares of the luxury cosmetics company posted its best year since 1998. Ms Meyers, 70, ranks 14th on the index with net worth of $101 billion.

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 rose as global investors increasingly focus on India businesses.

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