Tesla and SpaceX CEO Elon Musk has surpassed Microsoft's co-founder Bill Gates to become the second richest person in the world, with an estimated net worth of $127.9 billion.

It has been reported that Elon Musk has added close to $100 billion to his wealth in 2020 alone. Driven by yet another 7 percent jump in Tesla's stock price, Elon Musk's net worth soared $7.2 billion to $127.9 billion. As per a report by Bloomberg, Musk was ranked 35th among the world's richest on January 30th. Bill Gates, whose net worth is $127.7 billion, has only ranked lower than number 2 the second time in the index's eight year history. The Microsoft co-founder held the top spot for years before he was replaced by Amazon Inc founder Jeff Bezos in 2017. According to reports, Bill Gates' net worth would have been much higher if he had not made donations prodigiously to charities. Bill Gates has contributed more than $27 billion to the Bill & Melinda Gates Foundation.

According to Bloomberg, about three-quarters of Elon Musk's net worth consists of Tesla shares, valued more than four times as much as his stake in Space Exploration Technologies Corp., also known as SpaceX. Currently, Jeff Bezos holds the position as the world's wealthiest person with estimated net worth of $182 billion. His market value increased by over $67 billion just this year.