The world’s wealthiest individuals saw their fortunes soar in 2024, with a combined net worth reaching $10 trillion, according to the latest Bloomberg Billionaires Index. Topping the list are Elon Musk, Mark Zuckerberg, and Nvidia’s Jensen Huang, whose combined gains underscore a record-breaking year for technology billionaires.
The Bloomberg Billionaires Index, a daily ranking of the world’s richest individuals, revealed that tech billionaires collectively added $903 billion to their fortunes. This group, which includes Musk, Zuckerberg, Larry Ellison, Jeff Bezos, and Google co-founders Larry Page and Sergey Brin, accounted for $600 billion of the $1.5 trillion increase in wealth among the world’s 500 richest people.
Musk’s Historic Surge
Elon Musk experienced an extraordinary rise in wealth, attributed largely to the soaring valuation of his companies—Tesla Inc., SpaceX, and xAI—following a close relationship with the incoming U.S. president. Musk’s net worth surged by $213 billion in 2024, reaching an unprecedented $442.1 billion.
The post-election market rally also played a significant role in wealth creation. After Donald Trump’s victory, the S&P 500 achieved a historic high, gaining 24% by the year’s end. Billionaires on the index added $505 billion to their fortunes within five weeks of the election.
The Cryptocurrency Boom
Trump’s election win also fueled a historic rally in digital assets. Bitcoin broke the $100,000 barrier for the first time, significantly boosting the fortunes of cryptocurrency billionaires. Binance Holdings’ Changpeng Zhao saw his net worth jump 60% to $55 billion, while Coinbase co-founder Brian Armstrong’s wealth increased by over 50% to $11.1 billion.
Winners and Losers of 2024
While tech and crypto billionaires dominated the gains, others faced setbacks.
Winners:
Jensen Huang: Nvidia’s CEO added $76 billion to his wealth, driven by the company’s near-tripling stock price amid the AI boom.
Mark Zuckerberg: The Meta CEO added $81 billion to his fortune despite regulatory fines and investor concerns, as Meta’s stock rose nearly 70%.
Donald Trump: The president-elect’s wealth surged due to the performance of Trump Media & Technology Group, valued at over $7 billion.
Chinese billionaires: After years of losses, leaders like Tencent’s Pony Ma and Xiaomi’s Lei Jun saw a 14% increase in wealth.
Losers:
French luxury moguls: Bernard Arnault, Françoise Bettencourt Meyers, and François Pinault lost a combined $71 billion due to slowing luxury sales, particularly in China.
Colin Huang: The Temu founder’s wealth fell by $18 billion after a poor earnings report.
Carlos Slim: Exchange rate fluctuations and market declines reduced the Mexican mogul’s fortune by $26 billion.
Despite a year marked by significant gains, a post-Christmas selloff slightly trimmed the total value of the billionaires’ fortunes from a peak of $10.1 trillion in December to $9.8 trillion by year’s end.
As the global economy continues to evolve, the Bloomberg Billionaires Index remains a critical barometer of shifting wealth dynamics.
