Hurun Rich List: Elon Musk reigns again as world's richest; 'Trump Effect' in action?

Elon Musk has once again claimed the title of the world's richest person, marking his way to the top of the Hurun Rich List for the fourth time in five years.

The 53-year-old CEO of Tesla and SpaceX saw his net worth surge by an astounding 82%, or $189 billion, reaching a total of $420 billion.

This financial leap was largely driven by the sharp increase in Tesla's stock price, a phenomenon many analysts have linked to the so-called 'Trump effect'—a surge in US-based billionaire wealth following the election of Donald Trump.


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Interestingly however, Musk’s surge in wealth was part of a larger trend, with many billionaires in the US benefiting from this 'Trump effect.' In addition to Musk, other major gainers included Facebook's Mark Zuckerberg, Amazon's Jeff Bezos, and Nvidia’s Jensen Huang, who each saw their wealth rise by $80 billion or more.

The Trump Effect on Tesla's stock price

Musk, who was born in South Africa, has benefited significantly from the post-election boom that lifted the fortunes of several American tech magnates, including his close allies like investor Peter Thiel.

Thiel’s wealth grew by 67%, reaching $14 billion, while Musk’s surge helped him become the first individual in history to surpass the $400 billion mark.

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The rally in Tesla’s stock price was seen as a direct result of investor optimism sparked by Trump’s victory, with Musk emerging as a key beneficiary of this financial windfall, noted the Hurun report.

Trump boost meets reality check

However, the surge in Musk's wealth has been followed by significant volatility.

Since the cutoff date of January 15, 2025, Musk’s fortune has taken a hit, losing approximately $100 billion.

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This decline came as Tesla’s market capitalisation dropped by $700 billion, with investors growing concerned about increased competition from Chinese electric vehicle manufacturers and a consumer backlash over Musk’s controversial political activism.

Despite these challenges, Musk remains comfortably the wealthiest individual on the planet.