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World’s 500 Richest People Surpassed $10 Trillion In Wealth This Year

Dec 31, 2024 - ndtvprofit.com
In 2024, the world's 500 richest individuals saw their combined net worth reach a milestone of $10 trillion, largely driven by a surge in US technology stocks. Key figures like Elon Musk, Mark Zuckerberg, and Jensen Huang significantly increased their fortunes, with Musk's wealth reaching an unprecedented $442.1 billion. The S&P 500 Index rose by 24%, fueled by the "Magnificent Seven" tech stocks, including Tesla, Meta, and Nvidia. Donald Trump's election victory further boosted the stock market and digital assets, with Bitcoin surpassing $100,000. The Bloomberg Billionaires Index recorded a $1.5 trillion increase in wealth, with tech billionaires alone gaining over $600 billion.

Among the biggest winners were Jensen Huang, who benefited from the AI boom, and Mark Zuckerberg, despite facing an antitrust fine. Chinese billionaires reversed previous losses, while billionaires under 60 outpaced their older counterparts in wealth growth. Conversely, French luxury billionaires suffered significant losses due to declining sales, and other notable losers included Colin Huang, Ricardo Salinas, Carlos Slim, and Pham Nhat Vuong, who faced various financial setbacks.

Key takeaways:

  • The world's 500 richest people reached a combined net worth of $10 trillion in 2024, driven by a strong rally in US technology stocks.
  • Elon Musk's wealth surged to $442.1 billion, largely due to his close relationship with President-elect Donald Trump and the performance of his companies.
  • The S&P 500 Index gained 24% in 2024, with tech stocks like Tesla, Meta, and Nvidia significantly contributing to its performance.
  • French luxury billionaires experienced significant losses in 2024, with a combined $71 billion decline due to slowing sales in the luxury goods sector.
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