World’s 500 richest people surpassed $10 trillion in wealth in 2024.
The world’s 500 richest people have reached a staggering milestone in 2024, with their combined net worth crossing $10 trillion. This financial surge was largely driven by a remarkable rally in US technology stocks. Elon Musk, Mark Zuckerberg, and Jensen Huang were at the forefront of this wealth boom, amassing significant gains throughout the year.
Tech billionaires, including Larry Ellison, Jeff Bezos, Michael Dell, and Google co-founders Larry Page and Sergey Brin, contributed heavily to this surge. Together, these eight tech magnates added over $600 billion to their fortunes, representing a massive 43% of the $1.5 trillion wealth increase tracked by the Bloomberg Billionaires Index.
Elon Musk, founder of Tesla and SpaceX, witnessed his fortune skyrocket, surpassing $400 billion following Donald Trump’s victory in the recent US presidential election. The market optimism surrounding Trump’s policies played a key role in boosting tech stock values, directly benefiting Musk and other industry leaders.
Mark Zuckerberg, CEO of Meta Platforms, also saw significant gains, thanks to the strong performance of Meta’s shares. Similarly, Nvidia’s CEO, Jensen Huang, benefited from the booming demand for artificial intelligence technologies, with Nvidia becoming one of the most valuable companies globally.
The financial sector and other industries also contributed to the billionaire wealth surge, but tech remained the dominant force throughout the year. Analysts predict this trend could continue into 2025, with advancements in AI, robotics, and green technology further driving stock market performance.
While the wealth of the world’s richest continues to grow at an unprecedented pace, it also raises ongoing debates about global income inequality and the distribution of wealth. Nevertheless, 2024 will be remembered as a year where the richest individuals on the planet collectively crossed the historic $10 trillion threshold.
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