Globe’s top earners achieve historic wealth

(MENAFN) The combined net worth of the world's 500 richest individuals reached an all-time high of $10 trillion in 2024, according to the Bloomberg Billionaires Index. By December 30, the total value of these fortunes was $9.8 trillion, slightly down from a peak of $10.1 trillion earlier in the month. This sum is roughly equivalent to the combined GDPs of Germany, Japan, and Australia, based on World bank data.

The bulk of this wealth increase was driven by technology moguls such as Elon Musk, Mark Zuckerberg, and Jensen Huang. These top earners, including figures like Larry Ellison, Jeff Bezos, Michael Dell, and Larry Page, collectively added over $600 billion to their fortunes, making up 43% of the $1.5 trillion increase in total wealth among the richest 500.

Musk, CEO of Tesla and SpaceX, saw his fortune more than double to $442.1 billion, while Zuckerberg's net worth soared to $219 billion. Nvidia’s Jensen Huang also experienced significant growth, gaining $76 billion after a surge in stock value. Much of this wealth growth came from a strong performance in the US stock market, with the S&P 500 Index rising 24%, and tech giants like Apple, Meta, Amazon, and Microsoft accounting for a significant portion of this increase.

Among the top earners, only two were from industries outside of tech: Bernard Arnault, founder of LVMH, and Warren Buffett, chairman of Berkshire Hathaway. The rally in stocks and digital assets, fueled by political factors such as Donald Trump's election, also contributed to the gains of the world’s wealthiest.

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