A.I. Shuffled The Billionaire Rankings—Musk Still Ended 2025 On Top

Key Points

1. A SpaceX valuation estimate near $800 billion strengthened Musk’s lead.
2. AI-driven market swings reshuffled the next ranks, rewarding some tech giants fast.
3. The year showed why rich lists can disagree: private assets are hard to price.

Elon Musk finished 2025 as No. 1 in Bloomberg’s Billionaires Index. Late-year reports of a possible SpaceX secondary sale implied a valuation around $800 billion. Because SpaceX is private, that kind of price signal can shift estimates sharply without any public trading.

Musk also gained from public markets and corporate moves. Tesla shares rose about 18% over the year. His stock options—valued around $138 billion—were restored by Delaware’s top court.

He also merged his AI startup xAI with X (formerly Twitter), tightening the link between his wealth story and the AI cycle that dominated 2025.

Even then, the “final” number depends on who is counting. Bloomberg estimated Musk’s wealth at about $627 billion as of December 29.

Barron’s put it closer to $750 billion, after a roughly $400 billion increase over the year. The gap is the hidden story. When fortunes depend on private stakes and option packages, rankings are informed estimates, not audited statements.

Below Musk, AI enthusiasm rearranged familiar names. Jeff Bezos ended the year No. 3 near $255 billion. Larry Page climbed to No. 2 near $270 billion after adding about $101 billion as Alphabet’s AI business gained investor confidence.

Oracle chairman Larry Ellison briefly overtook Musk on September 10. Oracle shares surged and his estimated wealth jumped about $112 billion in a single day. By late December, he was back around No. 5 near $248 billion.

The top 10 also changed at the edges. Bill Gates fell to No. 16 after announcing plans to give $200 billion over 20 years. Nvidia’s Jensen Huang moved into the top 10 as the chipmaker’s AI role kept attracting capital.