Elon Musk Becomes Second-Richest Man in the World, Overtaking Bill Gates

In January, the Tesla and SpaceX founder ranked 35th among the richest people in the world, however, he's gained over $100 billion this year - more than any other billionaire from the top 500 businesspeople in 2020, according to Bloomberg.

Elon Musk has become the second-richest man in the world, "stealing" the title from Bill Gates, as his net worth soared $7.2 billion, reaching $127.9 billion, Bloomberg reported on Monday. Musk's fortune has risen significantly as Tesla's market value closed in on $500 billion - and about three-quarters of his net worth is comprised of Tesla shares.

Philanthropist and Co-Chairman of the Bill & Melinda Gates Foundation Bill Gates gestures as he speaks to the audience during the Global Fund to Fight AIDS event at the Lyon's congress hall, central France, Thursday, Oct. 10, 2019

© AP Photo / Ludovic Marin

Bill Gates was the number one businessman in the world for many years before Amazon.com Inc. founder Jeff Bezos surpassed him in 2017. At the moment, the Microsoft founder's net worth is estimated at $127.7 billion, while he has given more than $27 billion to charity since 2006, donating money to his namesake foundation.

In total, Bloomberg Billionaires Index members gained an additional $1.3 trillion over the course of the year, despite the pandemic and massive economic crisis that has engulfed the world.