The world’s 500 wealthiest individuals saw their combined net worth surge to an unprecedented $10 trillion in 2024, according to Bloomberg’s Billionaires Index. This marks a $1.5 trillion increase over the past year, with tech leaders like Mark Zuckerberg and Jensen Huang gaining billions.
However, Elon Musk emerged as the standout figure, accounting for more than 13% of the total wealth surge. His net worth reached $442.1 billion by year’s end, up $213 billion from the start of 2024, outpacing even Jeff Bezos, the world’s second-richest person.
The disparity between Musk and Bezos hit a record high of $237 billion, underscoring Musk’s significant financial dominance. Trump’s victory drove market enthusiasm and boosted valuations across sectors, with the S&P 500 climbing over 23% in 2024. The “Magnificent Seven” – a group of tech giants including Meta and Nvidia – accounted for more than half of the Bloomberg index’s total gains.
Musk’s close relationship with Trump has been credited as a key factor behind his financial success, with his pro-business policies and pledges to reduce regulatory constraints on tech and energy sectors sparking optimism. Musk’s ventures saw significant gains, with Nvidia’s Jensen Huang adding $76 billion to his fortune. Mark Zuckerberg’s wealth surged by $81 billion despite facing regulatory challenges.
However, not all billionaires thrived in 2024. French luxury magnates faced losses amid declining demand for high-end goods, while Latin American billionaires struggled due to currency devaluations and political shifts.
Musk’s decision to back Trump’s campaign and support his policies has paid off financially, with some speculating that he may be tapped to lead the new Department of Government Efficiency. This role would cement Musk’s status as a key player in Trump’s economic agenda. While there are risks associated with Musk’s entanglement with politics, the rewards have so far outweighed them for the Tesla and SpaceX CEO.
Source: https://finance.yahoo.com/news/world-richest-man-elon-musk-200304001.html