The world’s 500 richest people saw their wealth surge in 2024, led by Elon Musk, Mark Zuckerberg, and Jensen Huang. A strong rally in US technology stocks, fueled by Trump’s election victory, played a key role in boosting their fortunes.
The world’s 500 richest people saw their wealth surge in 2024, with Elon Musk , Mark Zuckerberg, and Jensen Huang leading the way to a combined $US10 trillion ($15.6 trillion) net worth. A strong rally in US technology stocks played a key role in boosting the wealth of this trio, along with Larry Ellison, Jeff Bezos, Michael Dell, and Google co-founders Larry Page and Sergey Brin. These eight tech titans alone gained more than $US600 billion this year, representing 43 percent of the $US1.
5 trillion increase among the 500 richest individuals tracked. Musk, who enjoyed an unprecedented level of support from President-elect Donald Trump during his reelection campaign, emerged as the world’s wealthiest individual in 2024. His close relationship with the incoming president helped increase the value of his companies, including Tesla, SpaceX, and xAI, pushing his fortune to a record $US442.1 billion, up $US213 billion from the beginning of the year. On December 17th, the $US237 billion gap between Musk and Bezos was the largest ever recorded between the top two individuals on Bloomberg’s wealth index. Overall, the world’s wealthiest benefited from a stock market that defied expectations in 2024. The S&P 500 Index gained 24 percent, driven by a small group of stocks known as the “Magnificent Seven,” including Musk’s Tesla, Zuckerberg’s Meta Platforms, and Huang’s Nvidia, which accounted for more than half of the stock benchmark’s performance. Trump’s election victory further fueled these gains: The S&P 500 reached an all-time high on November 6th, marking its best post-Election Day performance in history. The billionaires represented on the index gained a combined $US505 billion in the five weeks following the election, 34 percent of the yearly total. Trump’s victory also sparked a historic rally for digital assets, pushing Bitcoin above $US100,000 for the first time
Wealth Billionaires Technology Stocks Elon Musk Donald Trump
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