The world’s wealthiest individuals saw their fortunes skyrocket in 2024, with a combined net worth surpassing $10 trillion, driven by remarkable gains in technology stocks. Elon Musk, Mark Zuckerberg, and Jensen Huang led the charge, witnessing substantial increases in their wealth, largely fueled by the boom in U.S. tech sectors.
The wealth of the world’s 500 richest people grew by an astounding $903 billion this year, with the eight tech giants alone contributing over $600 billion to the total increase. Musk’s wealth, particularly, soared to unprecedented heights, reaching $442.1 billion—a $213 billion increase from the start of the year—thanks to the continued success of Tesla Inc., SpaceX, and xAI. This surge made Musk the wealthiest individual on the planet, with a record-breaking $237 billion lead over second-ranked Jeff Bezos.
Technology stocks played a pivotal role in this financial surge, with companies like Tesla, Meta Platforms Inc. (led by Zuckerberg), and Nvidia Corp. (led by Huang) driving the performance of the S&P 500 Index, which gained 24% in 2024. These companies, often referred to as the “Magnificent Seven,” represented more than half of the S&P 500’s overall gains.
Musk’s close ties with U.S. President-elect Donald Trump were also seen as a contributing factor, with Trump’s election victory boosting the stock market and propelling digital assets, including Bitcoin, to new highs. The rally helped elevate the fortunes of crypto billionaires like Binance’s Changpeng Zhao and Coinbase’s Brian Armstrong.
In addition to Musk, Zuckerberg experienced significant growth, adding $81 billion to his net worth despite challenges, including a major antitrust fine. His company, Meta, saw a near 70% increase in stock value. Huang, CEO of Nvidia, emerged as one of the biggest individual beneficiaries of the AI boom, with a $76 billion increase in his fortune, as Nvidia’s stock nearly tripled in 2024.
While tech billionaires dominated, the year also saw losses for several notable figures. French luxury moguls Bernard Arnault and Francoise Bettencourt Meyers suffered substantial declines due to slowing sales, particularly in the Chinese market. Other billionaires, including Carlos Slim and Pham Nhat Vuong, faced challenges, with losses linked to fluctuating exchange rates and company performance.
Despite these setbacks, the collective wealth of the world’s billionaires remains near a record $10 trillion, mirroring the combined GDPs of major economies like Germany, Japan, and Australia. As the year ends, the world’s wealthiest individuals are poised to continue shaping global markets in 2025, with technology, digital assets, and AI innovations leading the charge.
