World's top 500 wealthiest individuals cross $10 trillion in net worth

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The combined wealth of the world’s 500 richest individuals surpassed $10 trillion for the first time in history, thanks to a dramatic surge in technology stocks in 2024.

According to the latest Bloomberg Billionaires Index, the top billionaires, led by Elon Musk, Mark Zuckerberg, and Jensen Huang, saw their fortunes soar, contributing significantly to this milestone.

Elon Musk, the CEO of Tesla, SpaceX, and xAI, saw his net worth rise by $213 billion to an astounding $442.1 billion. This surge was largely driven by the increased value of his companies, including Tesla and SpaceX, and his close association with President-elect Donald Trump. Musk’s fortune grew rapidly, with a $237 billion gap separating him from second-place Jeff Bezos, a record in the history of the Bloomberg index.

Mark Zuckerberg, CEO of Meta, also saw substantial gains in 2024, adding $81 billion to his wealth. Despite facing challenges such as a major antitrust fine and investor caution over Meta's large investment in AI, the company's stock rose by almost 70%, securing Zuckerberg's position among the world’s wealthiest.

Jensen Huang, CEO of Nvidia, benefited immensely from the booming AI sector. Nvidia’s stock nearly tripled in value during the year, and the company briefly became the most valuable in the world, adding $76 billion to Huang’s fortune.

The overall increase in wealth for the top 500 billionaires was driven largely by a rally in US technology stocks. This surge accounted for 43% of the $1.5 trillion increase in their collective wealth. Tech firms, including Tesla, Meta, and Nvidia, were among the primary drivers, reflecting the immense impact of the "Magnificent Seven" tech stocks on the broader market.

In addition to tech executives, other billionaires such as Larry Ellison, Jeff Bezos, and Michael Dell also saw significant gains. The S&P 500 Index, driven by these companies, gained 24% throughout the year, contributing to the overall wealth surge.

However, not all billionaires enjoyed such gains. The luxury goods sector, in particular, saw a decline in the fortunes of prominent French billionaires such as Bernard Arnault, Françoise Bettencourt Meyers, and François-Henri Pinault. A slowdown in the Chinese market, combined with a tightening of post-pandemic spending, caused their wealth to drop by $71 billion.

Despite the mixed fortunes across sectors, the 2024 wealth surge highlights the continued dominance of the technology sector, with the combined wealth of the world's richest people now rivaling the GDPs of entire nations, including Germany, Japan, and Australia.