The fortunes of the world’s wealthiest individuals can change dramatically, and 2024 proved to be a year of staggering gains and sharp losses for some of the planet’s top billionaires. From Elon Musk to Bernard Arnault and Mark Zuckerberg, here’s a look at the winners and losers of the year, based on their shifting net worths.
Biggest Winners
1. Elon Musk
The Tesla and SpaceX CEO regained his title as the world’s richest person, reclaiming the top spot from Bernard Arnault. Musk’s wealth surged by an astonishing $96 billion this year, fueled by Tesla’s stock rally, which saw a 93% increase in 2024. His strategic alliances and investments in AI also contributed to his growing fortune.
2. Mark Zuckerberg
The Meta CEO experienced a remarkable turnaround. After a tough 2023, Zuckerberg’s net worth swelled by $68 billion in 2024, thanks to Meta’s successful pivot toward artificial intelligence. The company introduced AI-driven features that reinvigorated user engagement and investor confidence, propelling its stock upward.
3. Jeff Bezos
While Amazon faced challenges in its e-commerce division, Bezos’ wealth grew by $25 billion this year, largely due to the booming success of Amazon Web Services (AWS). AWS remains a dominant player in the cloud computing space, driving the company’s financial performance.
Biggest Losers
1. Bernard Arnault
The LVMH chairman, who briefly held the title of the world’s richest man in 2023, saw his fortune decline by $29 billion in 2024. The dip came amid concerns over slowing luxury goods sales in China and economic uncertainty in Europe, which affected LVMH’s stock. Arnault’s net worth now stands at $186 billion, placing him behind Musk.
2. Larry Page and Sergey Brin
The Google co-founders, who are heavily invested in Alphabet, saw their fortunes take a hit as the company’s stock declined. Alphabet faced intensified competition in the AI and cloud sectors, as well as mounting regulatory scrutiny, leading to a combined $18 billion reduction in their wealth.
3. Sam Bankman-Fried
The disgraced crypto mogul ended 2024 with a net worth of $0 after being convicted of multiple counts of fraud in connection to the collapse of his cryptocurrency exchange, FTX. Once valued in the billions, his financial empire completely unravelled.
Key Trends in 2024
AI Dominance
The adoption and integration of AI across industries played a significant role in wealth creation. Companies like Tesla, Meta, and Nvidia saw substantial gains as investors flocked to firms leading the AI revolution.
Luxury Market Challenges
Economic headwinds in key markets, such as China and Europe, placed pressure on the luxury goods sector. This trend significantly impacted Bernard Arnault’s fortune and LVMH’s market performance.
Regulatory Scrutiny and Tech Volatility
The tech sector faced increased scrutiny and competition, particularly in AI and cloud services. Regulatory challenges also played a role in the losses experienced by figures like Larry Page and Sergey Brin.
The fortunes of billionaires in 2024 reflect broader economic trends and market dynamics. While figures like Elon Musk and Mark Zuckerberg soared to new heights, others, including Bernard Arnault, faced steep declines. As the year ends, these shifts underline the volatility and opportunity inherent in global markets.
Source: Business Insider
