The combination of AI hype, a strong US economic outlook, and expectations surrounding Donald Trump’s victory have led to a surge in stock prices for companies owned by the wealthiest billionaires.
This perfect storm created a lucrative environment for these companies, driving up their valuations and further enriching their owners who added a combined $730 billion to their wealth this year.
According to the recent Forbes report, the sector which produced the highest number of the top 10 billionaires in 2024 was the tech industry.
The Tech behemoths like Meta, Alphabet, Oracle, Amazon, Nvidia and Dell produced seven of this year’s list of biggest gainers who are all US citizens.
The list below sourced from Forbes, presents the 10 billionaires who gained the most wealth in 2024 (data as of December 13, 2024):
Elon Musk
Source of wealth: Tesla, SpaceX
Net worth: $439 billion (+$188.1 billion)
Elon Musk made history by surpassing the $400 billion net worth mark, a milestone never before recorded by Forbes.
His wealth has grown by an astonishing $188 billion since the start of 2024, fueled by Tesla’s 68% stock surge, xAI’s $50 billion valuation, and SpaceX’s $350 billion valuation.
Beyond business, Musk’s influence is expanding into the political arena with significant moves, including a donation of at least $200 million to Donald Trump’s reelection campaign.
Mark Zuckerberg
Source of wealth: Facebook
Net worth: $214.4 billion (+$91.8 billion)
Mark Zuckerberg made history in 2024 by becoming the fourth billionaire to surpass the $200 billion mark, driven by a staggering 67% surge in Meta’s shares.
This remarkable feat marks a significant turnaround for Zuckerberg, who had previously suffered a major setback in 2022 when Meta’s stock plummeted 64%, ranking him among the biggest losers that year.
Larry Ellison
Source of wealth: Software
Net worth: $218.3 billion (+$84.5 billion)
Oracle’s chairman Larry Ellison briefly became the world’s second-richest person in September.
He remains one of 2024’s biggest gainers, up $86 billion, thanks to Oracle’s 68% stock surge, driven by AI investor interest. Ellison owns 1.1 billion shares.
Jensen Huang
Net worth: $117.2 billion (+ $74.3 billion)
Nvidia founder, CEO, and president Jensen Huang debuted among the world’s top 10 richest individuals in 2024, driven by Nvidia’s 185% stock surge.
The company’s dominance in AI technology propelled Huang’s wealth, with him owning approximately 3% of Nvidia.
Jeff Bezos
Net worth: $241.2 billion (+$68.9 billion)
Jeff Bezos, founder of e-commerce giant Amazon, has seen his wealth soar by nearly $70 billion in 2024, thanks to a 53% surge in Amazon’s stock price.
He’s been strategically selling his shares, offloading $13.6 billion worth so far this year, more than any other US billionaire. Additionally, Bezos’ relocation to Florida likely saved him an estimated $1 billion in taxes on those sales.
Michael Dell
Source of wealth: Dell Technologies, Broadcom
Net worth: $115.3 billion (+$46.6 billion)
Dell briefly joined the world’s top ten richest people this month thanks to a bump in Broadcom stock.
Dell owns an estimated 210 million shares of the company, due to the 2023 deal to merge VMWare, previously spun out of Dell Technologies, with AI chipmaker Broadcom. Shares of Dell Technologies are up, too, by more than 50%.
Rob Walton
Source of wealth: Walmart
Net worth: $112.5 billion (+$46.5 billion)
Jim Walton
Source of wealth: Walmart
Net worth: $111.3 billion (+$44.5 billion)
Alice Walton
Source of wealth: Walmart
Net worth: $103.5 billion (+$41.7 billion)
The descendants of Walmart cofounder Sam Walton, including his three children, collectively own around 45% of the retail giant’s stock.
This stake has yielded significant gains in 2024, as Walmart’s stock has surged nearly 80% due to rising e-commerce sales and decreasing consumer item prices.
The Walton siblings, Rob, Jim, and Alice, have all benefited from this growth. Notably, Alice Walton became the world’s wealthiest woman in September, surpassing L’Oreal heir Francoise Bettencourt Meyers.
Larry Page
Net worth: $156.6 billion (+$40.5 billion)
Larry Page, who co-founded Google with Sergey Brin in 1998 while both were Stanford Ph.D. candidates, remains a controlling shareholder and serves on the board of Alphabet, Google’s parent company.
Despite antitrust challenges, including a U.S. Department of Justice recommendation to break up the company, Alphabet’s shares surged over 30% in 2024, boosting Page’s fortune by $40 billion.
