Bloomberg: World’s 500 richest people surpassed $10 trillion in wealth in 2024
The combined net worth of the world’s 500 richest individuals hit a record $10 trillion in 2024, driven by a surge in technology stocks.
Key figures such as Elon Musk, Mark Zuckerberg, and Jensen Huang led the way, with major gains in their fortunes, Caliber.Az reports citing Bloomberg's analysis.
The eight leading tech billionaires alone saw an increase of $600 billion, accounting for 43% of the total $1.5 trillion rise in the wealth of the 500.
Musk, whose companies like Tesla and SpaceX benefited from close ties with President-elect Donald Trump, saw his net worth soar by $213 billion to $442.1 billion. This set a new record for the largest gap between the wealthiest individuals, with Musk $237 billion ahead of Jeff Bezos.
The stock market also played a significant role, with the S&P 500 rising 24%, fueled by companies like Tesla, Meta, and Nvidia. Trump’s election win contributed further, pushing the S&P 500 to new highs and sparking a rally in digital assets, boosting crypto billionaires like Changpeng Zhao and Brian Armstrong.
As of late December 2024, the total wealth of the 500 billionaires was slightly below $10 trillion, with fluctuations due to market movements. This figure is comparable to the combined GDPs of Germany, Japan, and Australia.
Biggest Winners:
- Donald Trump: His wealth soared, fueled by the performance of Trump Media & Technology Group, which increased 95% in value.
- Jensen Huang: The Nvidia CEO added $76 billion to his fortune, with Nvidia's stock nearly tripling and briefly becoming the world's most valuable company.
- Mark Zuckerberg: Despite setbacks, Zuckerberg added $81 billion, with Meta’s stock gaining nearly 70%.
- Chinese Billionaires: Leaders like Tencent’s Pony Ma and Xiaomi’s Lei Jun reversed previous losses, adding 14% to their wealth.
Biggest Losers:
- French Luxury Billionaires: Bernard Arnault, Francoise Bettencourt Meyers, and Francois Pinault lost $71 billion, as slowing sales, particularly in China, impacted the luxury sector.
- Colin Huang: The Temu founder lost $18 billion after a poor earnings report sent his company’s shares down 29%.
- Ricardo Salinas: The Mexican tycoon saw his wealth halved after a sharp drop in Grupo Elektra’s stock.
- Carlos Slim: The Mexican billionaire lost $26 billion due to unfavourable exchange rates and market conditions following Mexico’s presidential election.
- Pham Nhat Vuong: The Vietnamese mogul lost nearly half his fortune due to a 70% drop in Vinfast’s stock.
By Tamilla Hasanova