Elon Musk, Jeff Bezos, and 8 other tycoons got $500 billion richer in 2024 — and are now worth more than $2 trillion
Jan 02, 2025 - businessinsider.com
In 2024, the world's wealthiest individuals saw significant increases in their fortunes, driven by the artificial intelligence boom, Federal Reserve interest rate cuts, Donald Trump's election victory, and a strong economic outlook. The top 10 richest people added over $500 billion to their combined net worth, reaching just over $2 trillion, while the top 20 gained $700 billion, surpassing $3 trillion in total wealth. Elon Musk led the gains with a $203 billion increase, bringing his net worth to $432 billion by year-end. Other tech leaders like Mark Zuckerberg, Jensen Huang, Larry Ellison, and Jeff Bezos also saw substantial wealth increases, with gains ranging from $60 billion to $80 billion.
Despite the overall trend of wealth growth among the super-rich, some individuals experienced losses. Bernard Arnault's fortune decreased from over $230 billion to $176 billion, dropping him from first to fifth place. Other notable figures such as Mukesh Ambani, Carlos Slim, Gautam Adani, and Françoise Bettencourt Meyers also saw declines in their net worth. The surge in wealth for many was largely attributed to investor optimism around tech companies' roles in the AI revolution and favorable economic policies anticipated from Trump's presidency.
Key takeaways:
The world's 10 wealthiest people added more than $500 billion to their combined fortunes in 2024, reaching over $2 trillion in total net worth.
The top 20 billionaires gained $700 billion, ending the year with a combined net worth above $3 trillion.
Elon Musk led the wealth gains with a $203 billion increase, bringing his total fortune to $432 billion by year-end.
Tech leaders, including Mark Zuckerberg, Jensen Huang, and Larry Ellison, saw significant wealth increases, while some like Bernard Arnault and Mukesh Ambani experienced losses.
