The year 2024 will be remembered as a boom period for great fortunes on the planetespecially those linked to technology sector.
As mentioned Business Insiderthe 10 wealthiest tycoons in the world collectively added more than 500 billion dollars to their assetsbringing the combined total to more than $2 trillion.
If you expand the list to the top 20 names in the Bloomberg Billionaires Index, the cumulative gains amount to 700 billion dollarswith a combined fortune that exceeds 3 billion dollars, a level comparable to the market value of Microsoft.
The undisputed leader of this boom was Elon Muskgeneral director of Tesla y SpaceXwho recorded an increase of 203,000 million dollars in his assets, closing the year with a fortune of 432,000 million. For brief moments, Musk reached 486 billion, a historic figure that exceeded the total wealth of Jeff Bezosthe second on the list of the richest.
Musk’s meteoric rise was mainly due to the outstanding performance of Tesla, whose stocks hit all-time highsand the increase in the valuation of SpaceX, which reached 350 billion dollars.
Furthermore, the victory of Donald Trump in the United States presidential elections generated speculation in the market about possible benefits for Tesla, given the relationship between Musk and the president-elect, which contributed to a wave of optimism among investors.
Beyond Musk, other key figures in the technology sector experienced significant increases in their assets. Mark ZuckerbergCEO of Meta; Jensen Huangdirector of Nvidia; and Larry Ellisonco-founder of Oracle, saw their fortunes grow between $60 billion and $80 billion, driven by the growth in the value of their companies.
Michael Dellfounder of the technology company that bears his name, added $45 billion to his assets. Meanwhile, Google’s co-founders, Larry Page y Sergey Brinincreased their fortunes by 42,000 and 38,000 million dollars, respectively.
The revolution of artificial intelligence (AI) was the driving force behind many of these gains. Companies like Nvidiawhich leads the development of hardware for AI, and Microsoftwhich expanded its integration of smart tools, saw massive increases in its market values, consolidating the position of technology leaders as the great beneficiaries of this change.
Although the technology sector dominated, it was not the only one to benefit from the economic environment of 2024. The heirs of the founder of Walmart, Jim, Alice y Rob Waltonmanaged to increase their fortunes by more than $38 billion each, which placed them for the first time in the exclusive $100 billion club.
For its part, Warren Buffettat the head of Berkshire Hathaway, added 22 billion to his assets, closing the year with a fortune of 142 billion. This growth was due to the solid performance of the multiple companies under the conglomerate, from insurers such as Geico up to important participations in Coca-cola.
Despite the general atmosphere of prosperity, some of the ultra-rich suffered considerable losses. Bernard Arnaultpresident of LVMH, experienced a notable decline in his fortune, which went from $230 billion at its peak in March to $176 billion at the end of the year. This moved him from first place to fifth on the global list of billionaires.
Other tycoons who posted losses include Mukesh AmbaniIndian industrial leader; Carlos SlimMexican telecommunications magnate; Gautam AdaniIndian infrastructure entrepreneur; and Françoise Bettencourt Meyersheiress of L’Oréal.
The economic environment of 2024 played a crucial role in this boom in fortunes. The United States Federal Reserve reduced interest rates for the first time in years, a significant change after increases implemented between 2022 and 2023 to combat inflation. These reductions made stocks more attractive compared to other assets such as bonds, encouraging greater investment in the stock market.
Furthermore, Donald Trump’s electoral victory in November also boosted expectations in financial markets. His promise of tax cuts and economic deregulation generated enthusiasm among investors, especially in sectors such as technology and automotivewhere Tesla directly benefited from these speculations.
The artificial intelligence revolution was, without a doubt, the most important factor behind the growth of great fortunes. Companies like Nvidia and Tesla played key roles in this technological shift, generating expectations of exponential returns in the near future. AI has not only transformed industrial sectors, but also catapulted the value of technology companiesconsolidating its leaders as the main winners of 2024.
This year, with its mix of disruptive innovations, political changes and economic optimism, marked a milestone in the history of great fortunes. Although not all billionaires managed to capitalize on this moment, for most it was a period of extraordinary profits, which will define the landscape of global wealth for years to come.
