This week marked just the latest boon for the personal fortunes of the richest of the rich, whose red-hot growth has been largely driven by surging markets, particularly for tech shares. US stocks reached fresh highs on Friday as investors took confidence in the Federal Reserve’s new inflation approach.

Musk’s net worth has grown by US$76.1 billion this year, propelled by Tesla’s stock price and a boosted valuation of Space Exploration Technologies, or SpaceX. Also helpful: an audacious pay package – the largest corporate pay deal ever struck between a CEO and a board of directors – that could yield him more than US$50 billion if all goals are met.

Scott is now US$700 million shy of surpassing L’Oreal SA heiress Francoise Bettencourt Meyers as the world’s richest woman.

The heady pace of wealth accumulation is in stark contrast to the state of the global economy. Growth has slumped sharply since the pandemic began with companies laying off millions of workers and consumer demand cratering.

The brunt of economic pain has been borne by young and lower-wage workers, whose jobs are typically more vulnerable to Covid-related lay-offs.

“There is little doubt that the pandemic will exacerbate inequality in incomes and wealth, both in the short term and in the longer term,” said Miles Corak, an economics professor who studies income inequality at the Graduate Center of the City University of New York.

The world’s 500 richest people have collectively grown their fortunes by US$871 billion this year, a 15 per cent increase, according to the billionaires index.