Elon Musk is on another level this year. The CEO of Tesla and SpaceX added $119 billion to his fortune in 2024. This brought his net worth to $348 billion. That’s not just a number. It is more than the entire net worth of tech icon Michael Dell. Let that sink in.
However, Musk is not the only one who achieves this. The world’s 10 biggest wealth gainers have seen their fortunes grow by a combined $585 billion this year, according to the Bloomberg Billionaires Index. In context, that’s more than the market value of giants like Exxon Mobil or Oracle. Big names like Larry Ellison, Jensen Huang and Mark Zuckerberg are also on the list.
This is how it breaks down:
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The great players
Musk leads the pack, of course. His enormous increase in wealth comes from the success of Tesla and SpaceX. But Oracle’s Larry Ellison is not far behind. He added $83.2 billion to his fortune this year. Ellison’s smart bet on Tesla and Oracle’s cloud business positions him as a key player in AI and has been a gold mine. His net worth now stands at $206 billion.
Nvidia’s Jensen Huang is often referred to as the king of AI chips. He’s also had a stellar year. Nvidia shares rose 187%. This added almost $80 billion to his wealth. Huang is riding the AI boom as a champion with a net worth of $124 billion.
Then there’s Zuckerberg. Meta is surging thanks to big bets on AI and the metaverse, which has added $70 billion to its wallet, bringing its total to a staggering $198 billion.
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Who’s catching up?
Jeff Bezos may not make headlines as much, but he has quietly added $41.7 billion this year, fueled by Amazon’s AI-focused initiatives. Walmart heirs Jim, Alice and Rob Walton joined the party, each earning around $40 billion as the retailer’s stock rose 72% this year.
What is driving this?
AI and rumors about Trump’s re-election are the clear winners here. From Tesla and Nvidia riding the AI wave to Meta and Oracle harnessing new technologies, it’s been a year in which innovation and strategic moves paid off big.
The surprising conclusion
While Musk dominates, players like Jensen Huang and the Walton brothers are also making waves. If there’s one thing this year has proven, it’s that the race for wealth isn’t just about who’s at the top, it’s about who’s taking smart steps to get there.