- While the Nasdaq has recovered from the March market meltdown, the S&P 500 and Dow Jones industrial average are still in negative territory year to date.
- Still, these eight mega-billionaires have seen their net worth increase amid the market mayhem.
- Read more on Business Insider.
The coronavirus pandemic has whiplashed global markets this year, sending stocks on a rollercoaster ride as the world rushed to contain the spread of COVID-19.
The market meltdown that bottomed on March 23 erased trillions from US stocks, swiftly ending the longest-ever bull market and dashing nearly all gains made since President Trump took office. In addition to the market rout, extreme volatility whipped through indexes in March, setting off a number of circuit breakers sometimes more than once a day.
Since the recent lows, however, US stocks have rebounded, even amid devastating economic data showing the fallout from coronavirus-induced lockdowns.
The S&P 500 has gained roughly 36% from March 23 through Wednesday's close, and is now only about 12% from its all-time high hit on February 19. The Dow Jones industrial average is up more than 37% from its March low, and is 15% below its February high.
The rebound rally has been led by technology stocks, which many investors see as poised to outperform both amid the pandemic and through a recession. The tech-heavy Nasdaq in early May erased all year-to-date losses as strong tech earnings and investor confidence fueled a rally. In addition, much of the indexes' gains are tied to Facebook , Apple , Amazon , Microsoft , and Alphabet, which make up 38% of the composite.
That's translated into billion-dollar gains for wealthy investors with sizeable amounts of money in the market. While the net worth of many billionaires has surged, it's important to note that accessing the money in the market would mean selling the stocks held.
Here are eight mega-billionaires that've seen their net worth increase so far this year, in order of lowest gain to highest.
8. Eric Yuan
Known for: CEO and founder of Zoom video communications
Net worth gain year to date: +$5 billion
Total net worth: $8.5 billion
Rank on Bloomberg's Billionaires Index: 188
7. Goh Cheng Liang
Known for: Paint. Goh founded Wuthelam Holdings, a paint and coatings maker. He also holds a large stake in Japan's Nippon Paint Holdings.
Net worth gain year to date: +$5.3 billion
Total net worth: $16.4 billion
Rank on Bloomberg's Billionaires Index: 68
6. Steve Ballmer
Known for: Former CEO of Microsoft, current owner of the Los Angeles Clippers
Net worth gain year to date : +$7.7 billion
Total net worth : $65.9 billion
Rank on Bloomberg's Billionaires Index : 7
5. Mark Zuckerberg
Justin Sullivan/Getty Images
Known for: Facebook
Net worth gain year to date: + $9.7 billion
Total net worth: $88.1 billion
Rank on Bloomberg's Billionaires Index: 3
4. MacKenzie Bezos
Dia Dipasupil / Staff
Known for: Amazon, ex-wife of Jeff Bezos
Net worth gain year to date: + $10.9 billion
Total net worth: $48.0 billion
Rank on Bloomberg's Billionaires Index: 18
3. Elon Musk
Brendan Smialowski / AFP via Getty Images
Known for: Tesla, SpaceX
Net worth gain year to date: +$12.8 billion
Total net worth: $40.4 billion
Rank on Bloomberg's Billionaires Index: 22
2. Colin Huang
Known for: Founder and CEO of Pinduoduo, a Chinese e-commerce company
Net worth gain year to date: +$14 billion
Total net worth: $33.7 billion
Rank on Bloomberg's Billionaires Index: 26
1. Jeff Bezos
Known for: Amazon
Net worth gain year to date: +$31.3 billion
Total net worth: $146.2 billion
Rank on Bloomberg's Billionaires Index: 1
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