According to the Bloomberg Billionaires Index, Amazon owner Jeff Bezos has over taken Tesla founder Elon Musk as the world’s richest person.

Bezos’ net worth is $200 billion followed by Elon Musk who holds $198 billion. Musk lost $31 billion over the past year while Bezos gained $23 billion.

In nine months, Elon Musk lost the title of the World’s Richest Man as Tesla’s shares declined.

Musk gained the title of the world’s richest man in 2023 overtaking LVMH CEO Bernard Arnault. However, in 2024 he lost over 7% of Tesla shares.

The three billionaires; Musk, Arnault, and Bezos compete against each other for the top spot.

The richest man title swaps every few months; however, it depends on the market performance.

According to Oxfam’s annual inequality report, in 2020, the net worth of the five wealthiest people increased their wealth by 114% after even inflation.

The Bloomberg Billionaire index is update each day after the close of the trading day in New York. It provides a ranking of the 500 richest people in the world.