The year 2024 has been a record-setting year for the world’s richest people, with more billionaires than ever before and their collective wealth reaching a staggering $14.2 trillion. The surge in wealth has been driven by the stock market hitting all-time highs, particularly in the tech sector. Two thirds of the billionaires on this year’s World’s Billionaires list have seen their fortunes increase, with some experiencing substantial gains.
Tech moguls, especially those tied to the “Magnificent Seven” tech companies like Apple, Microsoft, and Tesla, have seen significant increases in their wealth thanks to the AI boom that has swept the industry. Mark Zuckerberg, the founder of Meta, has seen his net worth skyrocket by $112.6 billion in the past year, making him the fourth-wealthiest person on the planet. Other tech tycoons like Jensen Huang and Steve Ballmer have also capitalized on the AI wave, with their fortunes growing by billions of dollars.
Notably, only two of the top ten gainers on the 2024 World’s Billionaires list are from outside the U.S. Indonesian magnate Prajogo Pangestu and Indian billionaire Gautam Adani have both seen substantial increases in their wealth, with Pangestu’s fortune jumping to $43.4 billion and Adani’s reaching $36.8 billion. Despite facing challenges and allegations of financial fraud, Adani’s wealth has rebounded, thanks in part to favorable decisions from India’s Supreme Court.
The top ten billionaires who gained the most wealth in the past year include familiar names like Jeff Bezos, Michael Dell, Larry Page, and Sergey Brin, alongside newcomers like Pangestu and Adani. Bezos, the founder of Amazon, has seen his net worth increase by $80 billion, while Dell Technologies CEO Michael Dell added nearly $41 billion to his fortune through a surge in demand for AI servers. Larry Page and Sergey Brin, the Google cofounders, have also seen significant gains, as have tech giants like Microsoft’s Steve Ballmer and Oracle’s Larry Ellison.
The AI boom and the surge in tech stocks have propelled the fortunes of the ultra-rich to new heights in 2024. With billionaires like Mark Zuckerberg, Jeff Bezos, and Jensen Huang seeing their net worths increase by billions of dollars, the tech industry continues to be a major driver of wealth creation. As the world’s richest people become even richer, questions around wealth inequality and the impact of AI on society are likely to remain central to discussions about the future of technology and finance.
