The World’s Richest People See Massive Gains in 2024, Led by Musk, Zuckerberg, and Huang
In 2024, the world’s 500 richest individuals reached a new milestone, collectively amassing a $10 trillion net worth, significantly driven by a surge in US technology stocks.
Elon Musk, Mark Zuckerberg, and Jensen Huang were at the forefront of this growth, with Musk seeing his fortune rise by $213 billion to a staggering $442.1 billion, making him the wealthiest person on the planet.
The rally in tech stocks, led by companies such as Tesla, Meta Platforms, and Nvidia, contributed over $600 billion to the wealth of eight prominent tech billionaires.
The S&P 500’s 24% rise and the victory of Donald Trump in the US election also boosted stock values, contributing to an overall $505 billion gain in the weeks following his win.
The digital asset market also experienced a boom, with Bitcoin surpassing $100,000, benefiting crypto billionaires like Changpeng Zhao and Brian Armstrong.
However, not all billionaires saw gains. French luxury magnates such as Bernard Arnault faced major losses due to slowing sales, particularly in China.
Other notable losers include Colin Huang, whose net worth plummeted after Temu’s poor earnings, and Carlos Slim, whose wealth dropped by $26 billion, impacted by currency devaluation and market struggles in Mexico.
Despite some setbacks, the total value of the wealth tracked by Bloomberg’s Billionaires Index remains impressive, standing at $9.8 trillion.
