As an economist with a keen interest in wealth distribution and accumulation, I’ve always been fascinated by the ever-changing landscape of global billionaires. The year 2024 has brought some intriguing shifts in the ranks of the world’s wealthiest individuals, and I’m excited to share my insights on the current top 10.
What strikes me most about this year’s list is the continued dominance of tech moguls, who occupy six out of the top ten spots. This trend underscores the pivotal role of technology in shaping our modern economy and generating unprecedented wealth. It’s particularly interesting to note how quickly fortunes can change in this sector, with Mark Zuckerberg’s remarkable comeback after a challenging 2022 being a prime example.
Another aspect that caught my attention is the growing influence of AI and space exploration on these billionaires’ fortunes. Elon Musk’s ventures in these areas have not only solidified his position at the top but also hint at future wealth-generation possibilities.
As we delve into the stories behind these astronomical net worths, we’ll explore not just the numbers, but also the innovations, strategies, and sometimes controversies that have propelled these individuals to the pinnacle of global wealth.
Based on data from the Real-Time Billionaires List, let’s take a closer look at the ten individuals who currently hold the title of the world’s richest, and unpack the fascinating stories behind their fortunes.
1. Elon Musk – $266.3 billion
Elon Musk, the enigmatic entrepreneur and CEO of multiple companies, continues to hold the title of the world’s richest person with a staggering net worth of $266.3 billion. Musk’s wealth primarily stems from his stakes in Tesla, the electric vehicle and clean energy company, and SpaceX, his private space exploration firm.
Musk’s journey to the top of the wealth rankings has been marked by dramatic fluctuations. In 2024, his net worth has seen significant growth, largely driven by Tesla’s strong performance and the increasing value of SpaceX. Despite controversies surrounding his acquisition and management of X (formerly Twitter), Musk’s wealth has remained resilient.
The tech mogul is on track to potentially become the world’s first trillionaire by 2027, assuming his wealth continues to grow at its current rate of 110% annually. Musk’s ambitious projects, including Neuralink’s brain-computer interface technology and his vision for sustainable energy and interplanetary travel, continue to captivate investors and the public alike.
2. Jeff Bezos – $211.3 billion
According to the Real-Time Billionaires List, Jeff Bezos, the founder of Amazon, holds the second spot with a net worth of $211.3 billion. Bezos’s wealth is primarily tied to his Amazon shares, though he has diversified his portfolio with investments in various sectors, including space exploration through Blue Origin.
Despite stepping down as Amazon’s CEO in 2021, Bezos has maintained his position near the top of the wealth rankings. His net worth has experienced some volatility, with a notable drop of $21 billion in August 2024 due to Amazon stock fluctuations. However, the e-commerce giant’s continued dominance in online retail and cloud computing services has helped sustain Bezos’s immense wealth.
Bezos has been gradually selling off his Amazon shares, with plans to divest approximately $13.5 billion worth of stock in 2024. Despite these sales, he remains a major shareholder, owning about 8.8% of the company. Bezos has also been focusing on his philanthropic efforts and space exploration ambitions through Blue Origin.
3. Larry Ellison – $202.8 billion
Larry Ellison, the co-founder and CTO of Oracle Corporation, has surged to third place with a net worth of $202.8 billion. Ellison’s wealth has seen a remarkable increase in recent years, driven by Oracle’s strong performance in the cloud computing and database markets.
In 2024, Ellison briefly surpassed Jeff Bezos as the world’s second-richest person, highlighting the rapid growth of his fortune. Oracle’s stock has experienced its most successful week since 2021, buoyed by strong earnings reports and positive guidance for the upcoming fiscal years.
Ellison owns approximately 40% of Oracle’s shares, making him the company’s largest stakeholder. The tech veteran’s wealth has been further boosted by Oracle’s strategic partnerships with major cloud providers like Amazon Web Services, Microsoft, and Google.
Ellison’s vision for Oracle’s role in both public and private cloud infrastructure continues to drive the company’s growth and, consequently, his personal wealth.
4. Mark Zuckerberg – $194.9 billion
Mark Zuckerberg, the co-founder and CEO of Meta (formerly Facebook), has seen a remarkable surge in his net worth, reaching $194.9 billion. This significant increase has propelled him to the fourth position on the global wealth rankings.
Zuckerberg’s wealth is primarily tied to his 5.6% stake in Meta, which was valued at almost $161 billion as of May 2024. The company’s strong performance and investor optimism about its AI initiatives have driven Meta’s stock price to record highs, nearly tripling in 2023.
At just 40 years old, Zuckerberg has achieved extraordinary success since founding Facebook in 2004 at the age of 19. Despite facing challenges in 2022, including Meta’s first-ever decline in users and significant job cuts, Zuckerberg’s “Year of Efficiency” in 2023 has paid off handsomely. The successful launch of Threads to compete with X (formerly Twitter) and Meta’s renewed focus on AI have further boosted investor confidence.
5. Bernard Arnault & family – $175.2 billion
Bernard Arnault, the CEO of luxury goods conglomerate LVMH, holds the fifth spot on the global wealth list with a net worth of $175.2 billion. Arnault has built an empire of around 75 luxury brands under LVMH, including Louis Vuitton, Christian Dior, and Hennessy.
Arnault’s journey to becoming one of the world’s wealthiest individuals began in the 1980s when he acquired Christian Dior’s parent company. His strategic acquisitions and management style earned him nicknames like “The Terminator” and “The Wolf in the Cashmere Coat”.
LVMH’s strong performance has been a key driver of Arnault’s wealth. The company’s market capitalization exceeded $400 billion in early June 2024, with Arnault’s 48.6% stake accounting for the majority of his fortune. Despite fluctuations in the luxury market, LVMH’s diverse portfolio has helped maintain Arnault’s position among the world’s wealthiest individuals.
6. Warren Buffett – $143.4 billion
Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, ranks sixth on the global wealth list with a net worth of $143.4 billion. Known as the “Oracle of Omaha,” Buffett has built his fortune through astute investments and the success of Berkshire Hathaway.
Despite his immense wealth, Buffett is renowned for his frugal lifestyle. He still lives in the same house he bought in Omaha, Nebraska, in 1958 for $31,500. His modest approach extends to his diet, often including McDonald’s breakfasts.
Buffett’s investment philosophy and long-term approach have been key to his success. He began investing at age 11 and filed his first tax return at 13. Interestingly, most of Buffett’s wealth was accumulated after he turned 50, showcasing the power of compound interest and patience in investing.
A notable aspect of Buffett’s legacy is his commitment to philanthropy. He has pledged to give away 99% of his wealth during his lifetime or upon his death. As of 2023, he had already donated shares worth about $50 billion at the time of donation, demonstrating his dedication to using his wealth for societal benefit.
7. Bill Gates – $138.9 billion
Bill Gates, co-founder of Microsoft and renowned philanthropist, holds the seventh spot on the global wealth list with a net worth of $138.9 billion. Gates’ journey to immense wealth began with the founding of Microsoft in 1975, which revolutionized personal computing.
Despite stepping down from his day-to-day role at Microsoft in 2008 to focus on philanthropy, Gates continues to benefit from his stake in the company. He owns about 1.34% of Microsoft’s shares, worth approximately $28.6 billion. However, his wealth extends far beyond Microsoft, with diverse investments in various sectors.
Gates is known for his commitment to philanthropy through the Bill & Melinda Gates Foundation. He has pledged to give away 99.96% of his wealth, having already donated $59 billion to charitable causes. His focus areas include global health, education, and climate change mitigation.
8. Larry Page – $135.1 billion
Larry Page, co-founder of Google and former CEO of its parent company Alphabet, has amassed a fortune of $135.1 billion. Page’s wealth primarily stems from his stake in Alphabet, where he owns about 6% of the company’s shares.
Page’s journey to wealth began when he co-founded Google with Sergey Brin in 1998. The company’s innovative approach to internet search and subsequent expansion into various tech sectors propelled Page to billionaire status. Despite stepping down from his role as Alphabet’s CEO in 2019, Page remains a board member and controlling shareholder.
Beyond Google, Page has invested in various ventures, including flying car companies and space exploration. His Planetary Resources investment, made through Google, amounted to $21 million.
9. Amancio Ortega – $132.2 billion
Amancio Ortega, the Spanish fashion tycoon and founder of Inditex (parent company of Zara), has a net worth of $132.2 billion. Ortega’s rags-to-riches story is one of the most inspiring in the business world.
Starting as a shop hand for a local shirtmaker in his teens, Ortega founded Zara with his first wife in 1975. The company’s fast-fashion model revolutionized the retail industry. Today, Inditex operates over 7,000 stores worldwide under various brand names.
Ortega owns a 59% stake in Inditex, which forms the bulk of his wealth. He has also diversified his portfolio with significant real estate investments. Through his investment company, Pontegadea, Ortega owns prime properties in major cities worldwide, including Madrid’s Torre Picasso and London’s Devonshire House.
10. Sergey Brin – $129.4 billion
Sergey Brin, co-founder of Google alongside Larry Page, rounds out the top 10 with a net worth of $129.4 billion. Like Page, Brin’s wealth is primarily derived from his stake in Alphabet, Google’s parent company.
Brin met Page at Stanford University while pursuing his Ph.D. in computer science. Together, they developed the PageRank algorithm that became the foundation of Google’s search engine. Since Google’s inception in 1998, Brin has played a crucial role in the company’s growth and diversification.
Although Brin stepped down from his role as president of Alphabet in 2019, he remains a controlling shareholder and board member. He has also invested in various other ventures, including a high-altitude airship project and research on Parkinson’s disease.
