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Elon Musk, Mark Zuckerberg Top 2024 World’s Richest Billionaires Ranking
Elon Musk, Mark Zuckerberg and Jensen Huang are leading the group of billionaires in 2024, according to the latest Bloomberg Billionaires Index.
The world’s 500 richest people became considerably richer in 2024, with a combined $10 trillion net worth, according to the report.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people.
The tech billionaires collectively saw their wealth increase by an impressive $903 billion.
US technology stocks played a key role in turbocharging the trio’s wealth, as well as the fortunes of Larry Ellison, Jeff Bezos, Michael Dell and Google co-founders Larry Page and Sergey Brin.
The eight tech entrepreneurs alone gained more than $600 billion this year, 43% of the $1.5 trillion increase among the 500 richest people tracked by the Bloomberg Billionaires Index.
Musk’s close relationship with the incoming president helped increase the value of his companies, including Tesla Inc., SpaceX and xAI. The development report boosted his fortune to an unprecedented $442.1 billion, up $213 billion from the beginning of the year.
Trump’s election win, Bloomberg said it added to the gains as the S&P 500 hit a then all-time high on Nov. 6 in its best post-Election Day performance in history. The billionaires represented on the index gained a combined $505 billion in the five weeks following the election, 34% of the yearly total.
Trump’s victory also sparked a historic rally for digital assets, pushing Bitcoin above $100,000 for the first time. That especially boosted crypto billionaires, Binance Holdings’ Changpeng Zhao, known as CZ, saw his wealth surge 60% to $55 billion. The net worth of Coinbase Global Inc. co-founder Brian Armstrong rose more than 50% to $11.1 billion.
The $237 billion gap between Musk and Bezos on Dec. 17 was the largest ever recorded between the first- and second-ranked names on Bloomberg’s wealth index.
“Across the board, the world’s wealthiest benefited from a stock market that defied expectations in 2024. The S&P 500 Index gained 24% through Monday, powered by the small group of stocks dubbed the “Magnificent Seven,” including Musk’s Tesla, Zuckerberg’s Meta Platforms Inc. and Huang’s Nvidia Corp., which accounted for more than half of the stock benchmark’s performance.”
The total value of the fortunes tracked by the Bloomberg Billionaires Index was $9.8 trillion at Monday’s close, down slightly from a Dec. 11 peak of $10.1 trillion following a post-Christmas selloff.
Here are some of this year’s biggest losers and winners as ranked by the BBI:
Losers
French luxury billionaires: The fortunes of Bernard Arnault, Francoise Bettencourt Meyers and Francois Pinault, whose wealth comes from holdings in the luxury goods sector, took big losses in 2024. After years of pandemic-fueled gains, when luxury shopping supplanted spending on dining and entertainment, slowing sales — especially in the key Chinese market — cost the three billionaires a total of $71 billion.
Colin Huang: Huang had the biggest wealth decline among Chinese billionaires. The e-commerce mogul behind Temu briefly became China’s richest person in August, but ended the year down $18 billion after a lackluster earnings report sent his company’s shares plummeting 29% in a single day.
Ricardo Salinas: The chairman of Grupo Elektra SAB, a Mexican retail and banking conglomerate, lost more than half of his net worth in a single day after his company’s stock tanked following Salinas’ claims that he was scammed by a former financial adviser. Salinas announced he would be taking the company private last week.
Carlos Slim: Slim, who has major stakes in Latin American businesses across the telecom, banking, construction and energy sectors, saw his net worth decline by $26 billion in 2024. His wealth was hurt by exchange rates — the peso fell about 20% after years of relative strength — and flagging markets after leftist candidate Claudia Sheinbaum’s June victory in Mexico’s presidential election.
Pham Nhat Vuong: The Vietnamese mogul, who has holdings in property development, retail and health care, saw shares in his electric vehicle company Vinfast Auto Ltd. fall about 70% early in the year after losses widened and the market soured on its aggressive expansion plans. The stock has since recovered some ground, but the decline cost Vuong nearly half of his fortune.
Winners
Donald Trump: The president-elect’s fortune soared to record highs this year, boosted by the performance of his majority stake in Trump Media & Technology Group Corp. Despite reporting a $19.2 million loss last quarter, DJT, as the social-media company is known, gained 95% this year, to a current market value of over $7 billion.
Jensen Huang: Nvidia CEO Huang has been one of the biggest individual winners of the AI boom so far, adding $76 billion to his net worth this year. Nvidia’s stock nearly tripled in 2024, and it became the world’s most valuable company for the first time in June.
Mark Zuckerberg: Despite a blockbuster $841 million antitrust fine from the EU and early-year hesitation from investors about the company’s multibillion-dollar AI push, the Meta CEO added $81 billion to his net worth this year as Meta stock gained nearly 70%.
Chinese billionaires: Chinese billionaires, including Tencent Holdings Ltd. CEO Pony Ma, Xiaomi Corp. Chairman Lei Jun and Cambricon Technologies Corp. co-founder Chen Tianshi, added 14% to their fortunes in 2024. Their gains reversed three straight years of losses spurred by an ongoing property crisis and government clampdowns on powerful tech firms.
Billionaires under age 60: The younger billionaires on the list grew their wealth more than twice as much as their older counterparts this year. Billionaires under 60 make up 27% of the index.
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By Amos Tauna, Kaduna
The former Governor of Plateau state and Senator representing Plateau South Senatorial District, Mr. Simon Bako Lalong, has congratulated Rev. John joseph Hayab on his recent election as the chairman of the Christian Association of Nigeria (CAN) in the 19 Northern states and the Federal Capital Territory (FCT), Abuja.
In a congratulatory letter to the chairman, Lalong said, “I received with immense joy and gladness the news of your election as the chairman of the Christian Association of Nigeria in the 19 Northern states.
“Your well deserved election is a testimony of your commitment to the gospel of our Lord Jesus Christ and a vindication of your years of labour in the Lord’s vineyard.”
Lalong explained that the chairman of the Northern states has earned through the grace of God, a place of pride within the body of Christ in the northern region, Nigeria and the world at large by his sacrifices, adding that he hà also ensured labour and hardworking in propagating the gospel of salvation and touching humanity positively.
According to the former Governor, “With your election as the Christian Association of Nigeria chairman of the 19 Northern states, l have no doubt that you will bring to bear your capacity to work with all the Christian blocks in protecting the interests of the Christian community and also enhancing peaceful coexistence, respect and collaboration with other Faith’s.”
He prayed that his tenure would usher in more love, prosperity and deepening of the word of God in the region to the glory of the Lord Jesus Christ.
Lalong assured, “Be assured that l shall continue to pray for you and offer support in whatever way the Lord Grant’s me the opportunity.”
As Nigerians observe the sacred periods of Lent and Ramadan, the Senior Special Assistant to the President on Sustainable Development Goals (SSAP-SDGs), Princess Adejoke Orelope-Adefulire has called on citizens to use this time for deep reflection, compassion, and commitment to societal peace and justice.
The Lenten and Ramadan seasons, both marked by fasting, prayer, and acts of charity, offer a unique opportunity to strengthen moral values that align with the Sustainable Development Goals (SDGs), particularly Goal 16, which focuses on peace, justice, and strong institutions.
Speaking on the significance of these holy periods, Princess Adejoke Orelope-Adefulire, emphasised that fasting is not only a spiritual exercise but also a means to cultivate discipline, empathy, and service to humanity. She encouraged Nigerians to extend kindness to the less privileged and work towards building a society free of violence, corruption, and injustice, while promoting an atmosphere for prosperity for the people.
“These sacred periods remind us of the power of self-restraint, forgiveness, and community spirit. As we seek divine blessings and prosperity through prayer and fasting, we must also dedicate ourselves to promoting peace, fairness, and the rule of law,” she stated.
A statement issued by her Special Assistant on Media, Desmond Utomwen noted that Goal 16 of the SDGs highlights the need for inclusive and peaceful societies, access to justice for all, and accountable institutions. By fostering values of honesty, integrity, and reconciliation during Lent and Ramadan, individuals can contribute to national stability and sustainable development.
Princess Orelope-Adefulire further stressed the role of religious and community leaders in advancing these ideals. “Faith leaders have a critical role in shaping attitudes and inspiring positive action. Their messages of peace and tolerance can help unite communities and reduce conflicts,” she said.
The SSAP-SDGs reaffirmed the commitment of her Office to implementing policies and initiatives that uphold justice and human dignity, urging all Nigerians to embrace the spirit of the season beyond religious obligations and work towards a more equitable and peaceful nation.
“As believers observe these periods of fasting and prayer, the call to action remains clear—let the spiritual renewal lead to transformative change in communities, fostering a Nigeria where peace and justice prevail”. She concluded.
US President Donald Trump, who has multiple ties to the crypto industry, will host the sector’s top players at a White House summit on Friday, as the field enjoys renewed momentum following his election.
The US crypto community rallied behind Trump’s campaign, contributing millions of dollars towards his victory over Joe Biden, whose administration tightened regulations and expressed skepticism toward digital currencies. Now, they’re seeing their support pay dividends.
Trump has waded into the space personally as well, partnering with exchange platform World Liberty Financial and launching his own “Trump” memecoin in January as his wife Melania did the same — moves that have prompted conflict of interest accusations.
The president’s “crypto czar,” Silicon Valley investor David Sacks, will convene prominent founders, CEOs, and investors with members of a Trump working group to craft policies aimed at accelerating crypto growth and providing the legitimacy the industry has long wanted.
Guests will include twins Cameron and Tyler Winklevoss, founders of platform Gemini, with reports that Brad Armstrong of Coinbase and Michael Saylor, the boss of major bitcoin investor MicroStrategy, will also be in attendance.
Hanging over the crypto resurgence is the fate of FTX, the once-leading crypto exchange that collapsed spectacularly when its CEO Sam Bankman-Fried was found to have defrauded clients massively. He is now serving a 25-year term in a US jail.
For believers, cryptocurrencies represent a financial revolution that reduces dependence on centralized authorities while offering individuals freedom from traditional banking systems.
Bitcoin, the world’s most traded cryptocurrency, is heralded as an alternative to gold or as a hedge against currency devaluation and political instability.
– Crypto warnings –
Critics maintain these assets function primarily as speculative investments with questionable real-world utility, warning that excessive deregulation could leave taxpayers on the hook for cleaning up market crashes.
Law enforcement agencies see digital assets as a means to launder ill-gotten money.
The proliferation of “memecoins” — cryptocurrencies based on celebrities, internet memes, or pop culture rather than technical utility — presents another challenge.
Much of the crypto industry frowns upon this practice because they fear it tarnishes the business, amid reports of quick pump-and-dump schemes that leave unwitting buyers paying for assets that end up worthless.
Despite his previous hostility toward cryptocurrencies, Trump has embraced the technology, declaring his intention to make the United States a crypto world power.
His administration has already taken significant steps to clear regulatory hurdles.
On Sunday, Trump confirmed plans for a strategic cryptocurrency reserve where the US government would deposit digital currency holdings acquired mainly from judicial seizures.
Jacob Phillips of Lombard Finance called this potential move “one of the strongest endorsements the industry has ever seen,” noting that several founders and teams have already relocated to the United States in response to the improving regulatory climate.
Trump also appointed crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC).
Under Atkins, the SEC has dropped legal proceedings against major platforms like Coinbase and Kraken that were initiated during Biden’s term.
The previous administration had implemented restrictions on banks holding cryptocurrencies (since lifted) and allowed former SEC chairman Gary Gensler to pursue aggressive enforcement despite the absence of clear legal frameworks.
– ‘Pivotal moment’ –
Addressing ethics concerns, Sacks announced on X that he has divested from his substantial crypto holdings and investments, with industry figures quickly vouching for his integrity.
Friday’s summit “marks a pivotal moment for the digital asset industry,” according to Elitsa Taskova of Nexo, a cryptocurrency financial services platform.
However, meaningful change will likely require congressional action, where crypto legislation has remained stalled despite intense lobbying efforts by investors including Trump ally Marc Andreessen, an influential venture capitalist.
Some lawmakers remain hesitant, troubled by scandals and recurring reports of market crashes, theft and scams.
The recent $1.5 billion theft from the Bybit platform underscores the risks cryptocurrencies still present.
Nevertheless, Dante Disparte of Circle, which issues the dollar-pegged USDC stablecoin, sees growing bipartisan support for crypto legislation.
He attributed this emerging consensus to proposals that include strong transparency and anti-money laundering requirements alongside consumer and market protections.