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The world’s 500 wealthiest individuals saw their fortunes soar in 2024, with tech titans like Elon Musk, Mark Zuckerberg, and Jensen Huang leading the pack. Collectively, their net worth reached a staggering $10 trillion, driven by a $903 billion surge in the tech sector alone.
Key Highlights:
Elon Musk solidified his position as the world’s richest person, with a net worth of $442.1 billion—a $213 billion increase from the start of the year. His companies, including Tesla, SpaceX, and xAI, benefited from unprecedented market performance and his close relationship with President-elect Donald Trump.
Mark Zuckerberg added $81 billion to his fortune, despite a hefty EU antitrust fine. Meta’s stock rose nearly 70% due to its AI advancements.
Jensen Huang, CEO of Nvidia, gained $76 billion as the company’s valuation skyrocketed, making it the world’s most valuable firm in June.
The billionaires’ combined wealth, comparable to the GDPs of Germany, Japan, and Australia, was buoyed by the S&P 500’s 24% growth, driven largely by the “Magnificent Seven” tech stocks.
Winners of 2024:
- Donald Trump: His net worth soared thanks to his social media venture, Trump Media & Technology Group, which gained 95% in market value.
- Chinese billionaires: Leaders like Tencent’s Pony Ma saw a reversal of fortunes after years of losses, with collective gains of 14%.
- Billionaires under 60: Younger billionaires grew their wealth at twice the rate of their older counterparts.
Losers of 2024:
- French luxury moguls: Bernard Arnault and others in the luxury sector lost $71 billion due to slowing sales, especially in China.
- Carlos Slim: The Mexican telecom tycoon lost $26 billion, impacted by a weakening peso and market shifts following Mexico's election.
- Pham Nhat Vuong: Vietnam’s electric vehicle pioneer lost nearly half his fortune due to Vinfast Auto Ltd.'s stock collapse.
The report underscores the widening wealth gap, as billionaires’ fortunes soared while global economic challenges persisted. However, it also highlights the critical role of tech innovation in reshaping wealth dynamics in 2024.
Source: Punch
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