The year 2024 proved to be highly lucrative for billionaires, driven by a soaring stock market. The S&P 500 surged by 25%, while the Nasdaq climbed an impressive 33%, significantly boosting the fortunes of the ultra-wealthy with stakes in companies across both indices.
According to the Bloomberg Billionaires Index as of December 27, the five wealthiest individuals who saw the largest gains collectively increased their net worth by $542 billion. Unsurprisingly, these titans hail from the tech sector, where an AI boom and a post-election market rally drove many stocks to record highs.
However, not all billionaires thrived. Those tied to struggling sectors, such as luxury retail, faced significant financial setbacks, with some losing billions.
The Biggest Winners of 2024
Elon Musk: $239 Billion Richer
Elon Musk, now worth $468 billion, nearly doubled his fortune this year, largely due to a post-election market rally following Donald Trump’s victory. Musk’s net worth, heavily tied to Tesla and SpaceX, increased by over $200 billion after Election Day.
Tesla’s stock rose over 70% despite slowing EV sales, while SpaceX doubled its valuation, reaching $350 billion. Musk’s political influence also grew—after donating more than $200 million to Trump’s reelection campaign, he was appointed an adviser and co-leader of the new Department of Government Efficiency.
Mark Zuckerberg: $85 Billion Richer
Meta’s CEO, Mark Zuckerberg, ended the year with a net worth of $213 billion. As Meta’s largest individual shareholder, owning about 13% of the company, he benefited from the company’s 70% stock surge. Strong ad revenue and advancements in AI, alongside the introduction of Meta’s first dividend, were key drivers of this success.
Jensen Huang: $78 Billion Richer
Nvidia CEO and cofounder Jensen Huang, now a centibillionaire worth $122 billion, saw his wealth skyrocket thanks to Nvidia’s 175% stock rally. As a leader in AI chip production, Nvidia solidified its dominance in the booming AI industry.
Larry Ellison: $70 Billion Richer
Oracle founder Larry Ellison grew his net worth to $193 billion. The company’s 60% stock rise, fueled by demand for cloud-based AI applications, boosted his fortune. Ellison’s Tesla stake, valued at $20 billion, added further gains.
Jeff Bezos: $69 Billion Richer
Amazon cofounder Jeff Bezos closed the year with a fortune of $246 billion. Bezos remains Amazon’s largest shareholder, owning nearly 9% of the $2.4 trillion company. Amazon’s 45% stock surge, driven by e-commerce and cloud computing growth, further strengthened his position.
The Biggest Losers of 2024
Bernard Arnault: $31 Billion Poorer
Bernard Arnault, CEO of LVMH, faced the year’s largest loss, with his fortune dropping to $176 billion. Luxury brands like Louis Vuitton and Christian Dior struggled amid economic challenges in China, including a real estate crisis and high youth unemployment.
Françoise Bettencourt Meyers: $25 Billion Poorer
L’Oréal heiress Françoise Bettencourt Meyers, the second-richest woman globally, saw her wealth fall to $75 billion. The cosmetics giant struggled with declining sales in China, dragging its stock down by over 26%.
Carlos Slim: $23 Billion Poorer
Mexican billionaire Carlos Slim, worth $82 billion, experienced losses tied to América Móvil, the telecommunications giant whose stock underperformed in 2024.
Colin Huang: $17 Billion Poorer
Colin Huang, founder of Pinduoduo, saw his net worth drop to $35 billion as the company’s stock fell more than 30%. Challenges included growing competition and fears of increased tariffs after Trump’s election.
François Pinault: $14 Billion Poorer
François Pinault, founder of Kering, saw his fortune decline to $22 billion. The luxury group, which owns brands like Gucci and Saint Laurent, suffered a 40% stock plunge due to the sector’s downturn.
Despite mixed fortunes, 2024 highlighted the power of innovation, particularly in AI and technology, to drive extraordinary gains—even as other industries grappled with economic headwinds.
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