ISLAMABAD: The calendar year 2024 ended with several world towering figures doubling their fortunes and some luxury business tycoons shedding billions in their net assets.
These billionaires all come from the tech sector, where AI fever and a post election rally pushed many stocks to all-time highs in 2024. There were, though, those whose fortunes took a hit. Some billionaires whose money comes from luxury retail, which struggled this year, lost double-digit billions.
According to the Bloomberg Billionaires Index as of December 27, the five billionaires who gained the most wealth in 2024 saw their net worth climb a collective $542 billion (Rs150.8 trillion).
Elon Musk, who is worth $468 billion (Rs130.2 trillion), nearly doubled his net worth in 2024, owing in no small part to the stock market’s rally after Donald Trump’s election victory. Since Election Day, he’s become more than $200 billion (Rs55.6 trillion) richer.
His fortune is predominantly made up of Tesla stock and equity in SpaceX. Even though sales of electric vehicles have slowed down, Tesla’s stock price has jumped more than 70% this year. SpaceX, meanwhile, has doubled in value in the past year and is now worth a reported $350 billion (Rs97.5 trillion). Musk, who gave more than $200 million (Rs55.6 billion) to Trump’s reelection efforts, has become an advisor to the president-elect, who tapped him and Vivek Ramaswamy to lead his newly created Department of Government Efficiency. Investors are bullish that his relationship with the commander in chief will benefit his companies.
In 2023, Elon Musk, despite some fluctuations, remained one of the richest individuals in the world. Mark Zuckerberg, who is worth $85 billion (Rs23.6 trillion), is riding on the success of Meta’s strong year. The CEO, who is worth $213 billion (Rs59.27 trillion), owns about 13% of the company’s stock, making him its largest individual shareholder.
Meta’s share price is up over 70% this year thanks to its strong ad business and push further into AI. The company announced its first-ever dividend in February, and its stock hit record highs multiple times this year.
Jensen Huang: $78 billion (Rs21.7 trillion) richer
The AI boom minted a new centibillionaire this year in Jensen Huang, who is worth $122 billion (Rs33.95 trillion). The Nvidia CEO and cofounder owns about 3.5% of the company, whose share price is up more than 175% year-to-date thanks to its dominance in the AI chip industry.
Larry Ellison: $70 billion (Rs19.48 trillion) richer
Larry Ellison, who is worth $193 billion (Rs53.7 trillion), is the founder and chief technology officer of Oracle. The database software company’s stock, which makes up the largest share of his net worth, is up more than 60% year-to-date thanks to its cloud applications and infrastructure, which can be used to train AI. Ellison also owns more than 1% of Tesla stock, which is worth $20 billion, according to Bloomberg.
Jeff Bezos: $69 billion (Rs19.2 trillion) richer
Jeff Bezos, the Amazon cofounder, remains the company’s largest individual shareholder, owning nearly 9% of the $2.4 trillion company. His stake in the retail and tech behemoth makes up more than 80% of his $246 billion (Rs68.45 trillion) fortune. Amazon’s stock, which is up more than 45% year-to-date, surged after Trump’s election. The company has also benefited from its leadership in e-commerce and cloud computing.
Meanwhile, some billionaires did experience hits to their fortunes are following.
Bernard Arnault: $31 billion (Rs8.63 trillion) poorer
This year was one of the worst years for luxury in recent memory, and Bernard Arnault has an 11-figure loss to show for it. The CEO of LVMH, who is worth $176 billion (Rs48.98 trillion), has a 48% stake in the company, which owns brands like Louis Vuitton and Christian Dior. Luxury labels have struggled this year, particularly in China, which has experienced a real estate crisis and high youth unemployment.
Françoise Bettencourt Meyers: $25 billion (Rs6.96 trillion) poorer
Francoise Bettencourt-Meyers, the heir to the L’Oréal fortune, is the second-richest woman in the world with a fortune of $75 billion (Rs20.87 trillion). The cosmetics company has struggled this year as sales in China took a hit. Its share price is down more than 26% year-to-date.
Carlos Slim: $23 billion (Rs6.4 trillion) poorer
Mexican billionaire Carlos Slim, who is worth $82 billion (Rs22.82 trillion), saw his fortune slip with telecommunications giant América Móvil’s stock this year.
Colin Huang: $17 billion (Rs4.73 trillion) poorer
Nearly all of Colin Huang’s $35 billion (Rs9.74 trillion) fortune lies in his stake in Pinduoduo, the parent company of fast-fashion retailer Temu, whose stock has fallen more than 30% this year. In August, Temu announced it expected profits to fall in the future due to growing competition and changing consumer sentiment. The company took another hit following Trump’s victory, given the uncertainty of how future tariffs may affect sales.
Francois Pinault: $14 billion (Rs3.89 trillion) poorer
Francois Pinault’s fortune is another casualty of the luxury downturn this year. He founded the luxury group Kering, which includes brands like Balenciaga, Gucci, and Saint Laurent, and the majority of his $22 billion (Rs6.12 trillion) net worth is tied up in the company, whose stock is down more than 40% year-to-date.
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