Additional Coverage:
- Elon Musk, Jeff Bezos, and 8 other tycoons got $500 billion richer in 2024 — and are now worth more than $2 trillion (newsbreak.com)
The Richest Got Richer in 2024
The wealthiest individuals on the planet saw their fortunes skyrocket last year. The top 10 gained over half a trillion dollars, while the top 20 increased their collective net worth by $700 billion, reaching a staggering $3 trillion.
Elon Musk’s Massive Gain
Tesla CEO Elon Musk led the pack with a whopping $203 billion gain, boosting his total net worth to $432 billion. His fortune briefly reached $486 billion, surpassing that of Jeff Bezos, who ranked second on the list.
Tech Titans Soar
Mark Zuckerberg, Jensen Huang, Larry Ellison, and Jeff Bezos also saw their wealth increase significantly, adding billions to their fortunes as their companies’ values surged. Other tech leaders, such as Michael Dell, Larry Page, and Sergey Brin, also experienced substantial gains.
Walton Heirs Join the Billion-Dollar Club
The three surviving heirs of Walmart founder Sam Walton each added over $38 billion to their fortunes, joining the prestigious $100 billion club for the first time. Warren Buffett’s Berkshire Hathaway also saw a significant increase in value, adding $22 billion to his net worth.
Winners and Losers
While most of the ultra-wealthy saw their fortunes increase, a few notable exceptions included LVMH CEO Bernard Arnault, who lost over $50 billion. Indian industrialist Mukesh Ambani and Mexican telecom mogul Carlos Slim also experienced financial setbacks.
Factors Contributing to the Surge
The wealth gains were driven by factors such as investors’ optimism in artificial intelligence, the Federal Reserve’s interest rate cuts, Donald Trump’s election victory, and a robust economic outlook. These factors boosted stock market performance, benefiting companies like Nvidia, Tesla, and Microsoft.