Warren Buffett's Ranking Dips Despite $10B Gain, As Tech Stock Surge Elevates Elon Musk, Jeff Bezos, Bill Gates' Wealth

Even as his wealth grows, billionaire investor Warren Buffet descends from the fifth to the tenth position on the Bloomberg Billionaires Index, indicating a significant shift in the stock market this year.

What Happened: Buffet’s fortune saw an increment of over $10 billion, totaling $120 billion this year due to a 16% rise in Berkshire Hathaway BRK BRK stocks, where he holds about 99% of his wealth, reported Business Insider.

Nonetheless, Big Tech stocks surpassed these gains, leading to a wealth surge for their largest stakeholders. Shares of Tesla Inc. more than doubled, augmenting Elon Musk‘s fortune by $98 billion to $235 billion. An 83% increase in Amazon shares resulted in a $71 billion increase in Jeff Bezos‘ net worth. The wealth of former CEO Steve Ballmer and co-founder Bill Gates of Microsoft also soared with a 56% gain in shares, adding $45 billion and $31 billion to their fortunes, respectively.

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Buffett’s philanthropic activities also contributed to his rank decline. In 2023 alone, he donated about $5.5 billion to the Bill & Melinda Gates Foundation and four other family foundations.

Why It Matters: Buffett’s wealth, estimated at around $108.6 billion, is largely accumulated through Berkshire Hathaway. Earlier this month, it was reported that a 14% increase in the company’s share price in 2023 added approximately $13.6 billion to his net worth.

Buffett’s modest living choices, including residing in a 1920s house he bought for $31K, starkly contrast his immense wealth. His philanthropic efforts have also made a significant mark, with billions donated to various foundations in 2023 alone.

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