The wealthiest individuals worldwide experienced a remarkable surge in their fortunes in 2024, driven by the artificial intelligence (AI) boom, interest rate cuts by the Federal Reserve, Donald Trump’s return to the presidency, and a strong economic outlook that invigorated the stock market.
Collectively, the 10 richest people amassed over $500 billion in additional wealth, propelling their combined net worth to slightly above $2 trillion. This figure closely rivals the market values of major corporations like Amazon and Alphabet, Google’s parent company, valued at $2.3 trillion.
Expanding the scope to include the top 20 billionaires listed on the Bloomberg Billionaires Index, their combined net worth soared by $700 billion, surpassing $3 trillion by year’s end—a figure nearly equivalent to Microsoft’s $3.1 trillion market capitalization.
Elon Musk Leads with Unparalleled Wealth Gains
Elon Musk, the CEO of Tesla and SpaceX, spearheaded the wealth accumulation trend with an extraordinary gain of $203 billion in 2024. This increase elevated his personal fortune to $432 billion by December 31.
Earlier in December, Musk’s net worth briefly peaked at $486 billion, following Tesla’s stock reaching a record high and SpaceX’s valuation soaring to $350 billion. During this brief period, Musk’s year-to-date gain of $257 billion exceeded the total net worth of Amazon founder Jeff Bezos, the second wealthiest individual.
Other Billionaires Enjoy Substantial Gains
Musk was not alone in reaping enormous financial rewards. Several tech industry leaders witnessed significant wealth expansions as their companies’ valuations surged.
- Mark Zuckerberg, CEO of Meta, Nvidia’s Jensen Huang, Oracle’s Larry Ellison, and Jeff Bezos each gained between $60 billion and $80 billion.
- Michael Dell, the founder of Dell Technologies, saw his wealth grow by $45 billion.
- Google cofounders Larry Page and Sergey Brin added $42 billion and $38 billion to their fortunes, respectively.
Although the technology sector accounted for much of the wealth increase, other industries saw substantial gains as well. Walmart founder Sam Walton’s three heirs—Jim, Alice, and Rob Walton—each saw their net worth rise by more than $38 billion, enabling all three to join the exclusive $100 billion club.
Meanwhile, Warren Buffett, chairman of Berkshire Hathaway, added $22 billion to his fortune. By the end of 2024, his wealth reached $142 billion. Buffett’s diversified conglomerate, which includes businesses like Geico and significant stakes in Coca-Cola, continued to deliver robust returns.
Wealth Losses Among a Few Billionaires
Despite the widespread prosperity, not every billionaire fared well. A handful of the ultra-rich saw declines in their fortunes during 2024.
- Bernard Arnault, founder and CEO of LVMH, experienced a notable drop in his wealth, which fell from its March peak of over $230 billion to $176 billion by December. This decline saw Arnault slip from the first to fifth position on the rich list.
- Indian industrialist Mukesh Ambani, Mexican telecom mogul Carlos Slim, Indian infrastructure tycoon Gautam Adani, and L’Oréal heiress Françoise Bettencourt Meyers also faced reductions in their net worth, according to Bloomberg estimates.
Factors Driving the Surge in Wealth
The super-rich saw their wealth skyrocket largely due to the excitement surrounding AI and the pivotal roles companies like Nvidia, Tesla, and Microsoft play in this technological revolution. Investors bet heavily on these firms, anticipating significant profit growth as AI becomes more integral to various industries.
The Federal Reserve’s decision to lower interest rates also played a crucial role. After two years of aggressive rate hikes aimed at curbing inflation, the central bank pivoted to rate cuts in 2024. This shift made stocks more attractive compared to fixed-income assets like government bonds, while also fostering an environment conducive to corporate growth by encouraging borrowing and spending.
Another factor contributing to the stock market’s rally was Donald Trump’s election victory in November. The former president’s campaign promised pro-growth measures, including tax cuts and deregulation, which buoyed investor confidence.
Tesla, in particular, benefited from this optimism, as markets speculated that Elon Musk’s close relationship with Trump could yield advantages for the electric vehicle manufacturer.
A Record-Breaking Year
2024 will be remembered as a year of unprecedented wealth accumulation for the world’s richest individuals. With technology leaders at the forefront and favorable economic conditions bolstering asset prices, the gains of the wealthiest underscore the powerful interplay of innovation, policy, and market forces in shaping the global economy.