| Last updated
The 49-year-old Tesla and SpaceX CEO has seen his fortune rise to $127.9bn (£95.8bn) pushing Gates, Microsoft co-founder from second place.
According to the Bloomberg Billionaires Index, the 6.58 percent rise in Tesla's shares was to thank for the rise, accounting for a $7.2bn increase.
Impressively, Musk has added $100.3bn ($75.2bn) to his net worth this year - which is more than anyone on the list has achieved.
But he's still not reached that top spot and taken over Amazon boss, Jeff Bezos. He's currently worth a staggering $182bn (£136bn).
Despite being worth the eye-watering sum, it has dropped ever so slightly because he was the first person to be worth more than $200bn (£150bn).
This year has certainly helped the CEO, who has seen his net worth rise by around $87bn (£65bn), partly due to the increased reliance on Amazon during the coronavirus pandemic.
It looks as though he's not just lining his own pockets either after he announced the first of his $10bn (£7.6bn) donations to fight climate change.
The 56-year-old took to Instagram to share the news. He wrote: "I've spent the past several months learning from a group of incredibly smart people who've made it their life's work to fight climate change and its impact on communities around the world. I'm inspired by what they're doing, and excited to help them scale.
"Today, I'm pleased to announce the first Bezos Earth Fund recipients - 16 organizations working on innovative, ambitious, and needle-moving solutions. This $791 million in donations is just the beginning of my $10 billion commitment to fund scientists, activists, NGOs, and others. We can all protect Earth's future by taking bold action now."
He went on to outline who the recipients of the first lot of donations will be.
He wrote: "The Climate and Clean Energy Equity Fund, ClimateWorks Foundation, Dream Corps Green For All, Eden Reforestation Projects, Energy Foundation, Environmental Defense Fund, The Hive Fund for Climate and Gender Justice, Natural Resources Defense Council, The Nature Conservancy, NDN Collective, Rocky Mountain Institute, Salk Institute for Biological Studies, The Solutions Project, Union of Concerned Scientists, World Resources Institute, and World Wildlife Fund."
Chosen for YouChosen for You
Most Read StoriesMost Read