Elon Musk has once again become the world's richest person, increasing his wealth by an astonishing 75% over the past year.

The Tesla and SpaceX CEO has surpassed French billionaire Bernard Arnault, securing the top spot on Forbes’ World Billionaires List with a net worth of $342 billion -- making him the wealthiest individual ever recorded by the list, reports Newsweek via News.Az.

Musk's wealth surge

In 2024, Musk had fallen behind Arnault, the chairman of LVMH, who leads luxury brands like Louis Vuitton, Tiffany & Co., and Sephora. At the time, Musk’s net worth was estimated at $195 billion. However, a surge in the stock values of Tesla and SpaceX has significantly boosted his fortune, despite recent financial and operational challenges faced by Tesla.

This year’s Forbes rankings also placed Meta CEO Mark Zuckerberg in second place and Amazon founder Jeff Bezos in third. Meanwhile, last year’s richest individual, Bernard Arnault, dropped to fifth place due to declining luxury goods demand and a slump in LVMH's stock value.

Musk’s fortune now stands at nearly double that of Arnault, whose net worth is estimated at $178 billion.

SpaceX overtakes Tesla as Musk’s biggest asset

For the first time, SpaceX has become the primary contributor to Musk’s wealth, surpassing Tesla. Musk owns a 42% stake in the company, which has become a key player in U.S. space missions, including NASA operations. Recently, a SpaceX vehicle played a crucial role in recovering astronauts Barry Wilmore and Sunita Williams from the International Space Station.

Political influence and financial gains

Musk’s financial success has also been fuelled by the political landscape. Following the 2024 U.S. election, which brought Donald Trump back to the White House, Musk secured a direct role in government operations as the newly appointed head of the Department of Government Efficiency. His close ties with President Trump have positioned him favourably in terms of federal regulatory decisions and funding.

In its assessment, Forbes highlighted Musk’s unprecedented rise:

"This marks Musk’s 14th consecutive appearance on the annual World’s Billionaires ranking. The 53-year-old businessman, now a political heavyweight as one of President Donald Trump’s closest advisors, holds a net worth of $342 billion, making him not just the richest person in the world, but the wealthiest individual Forbes has ever tracked."

Future outlook

Musk’s dominance in the billionaire rankings is expected to continue, as his lead over Zuckerberg exceeds $100 billion. However, growing public criticism of Tesla and potential market fluctuations could impact his financial trajectory in the coming years.