With the rise in global stock markets over the past few years, more millionaires have been minted. This also extends up the wealth ladder – with more billionaires today.
That’s mainly down to individuals’ vast stock holdings in publicly-listed companies, many of which have soared in value.
Yet the annual “rich list” of the world’s wealthiest people is always one that garners publicity and attention. For 2024, here are the 10 richest people in the world, according to the Forbes Billionaire Index, and how they amassed their fortunes.
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#1 Elon Musk
Country: United States
Total Net Worth: US$262 billion
YTD Change: +US$33.0 billion
Industry: Technology
No one needs an introduction to Elon Musk, the charismatic (and divisive) CEO and founder of Tesla and SpaceX, and chief executive of social networking company X (previously known as Twitter before his acquisition).
While Tesla is the world’s most valuable carmaker today, it was close to bankruptcy as recently as 2017. Its path to profitability has also coincided with a remarkable rise in demand for its electric vehicles (EVs) globally. In the third quarter of 2024, Tesla delivered over 460,000 vehicles to its customers.
Coupled with the soaring share price of Tesla (up over 1,150% in the past five years), is also Musk’s founding of rocket manufacturer, SpaceX, which is now valued at over US$200 billion.
#2 Jeff Bezos
Country: United States
Total Net Worth: US$220 billion
YTD Change: +US$42.8 billion
Industry: Technology
Coming in second is Amazon founder Jeff Bezos, who’s worth US$220 billion. Initially founded as an online bookstore out of his garage in Seattle in 1994, Bezos built it into the world’s largest e-commerce business today.
While Bezos stepped down as CEO in 2021, he still owns around 10% of the company, which now has a market cap of just under US$2 trillion.
The 60-year-old also owns The Washington Post and Blue Origin, an aerospace firm that rivals SpaceX.
#3 Mark Zuckerberg
Country: United States
Total Net Worth: US$201 billion
YTD Change: +US$72.7 billion
Industry: Technology
Anyone who uses any social media platform will know Mark Zuckerberg as an instrumental figure given he founded Facebook back in 2004 as a 19-year-old at Harvard. He comes in third on the richest list and is worth an estimated US$201 billion.
Over the years, Mark’s social media empire has acquired both Instagram and WhatsApp in multi-billion dollar deals over the years. In 2021, the business rebranded itself as Meta Platforms to better reflect its many businesses as well as a focus on the “metaverse”.
Zuckerberg managed to IPO Facebook back in 2013 in what was the biggest tech IPO of the time. It has grown into one of the world’s largest companies, and the world’s largest social-network, worth around US$1.5 trillion. While its shares fell sharply from 2021 to 2022, Meta stock has since rebounded and has gained over 500% in value since a multi-year low in November 2022.
#4 Larry Ellison
Country: United States
Total Net Worth: US$182 billion
YTD Change: +US$59.0 billion
Industry: Technology
While Larry Ellison might not be as recognisable figure as others on the rich list, the company he co-founded is no stranger to technology industry. The co-founder of software giant Oracle made a name for himself in the early days of the Internet.
Today, he owns around 40% of Oracle and is worth US$141 billion. Ellison stepped down from the CEO in 2014 after being in the top job for 37 years. However, he remains Chairman and Chief Technology Officer at the company.
Over the years, Oracle has managed to acquire many software companies and continues to grow its presence in the world of cloud computing.
#5 Bernard Arnault
Country: France
Total Net Worth: US$177 billion
YTD Change: +US$30.8 billion
Industry: Consumer
Chairman of the world’s largest luxury goods maker, Bernard Arnault has a total net worth of US$177 billion, and the only non-US citizen on the list. Controlling about half of LVMH Moet Hennessy Louis Vuitton, otherwise just referred to as LVMH. Mr Arnault had been the head of the luxury group since 1989.
He has also been successful in making LVMH a leader in the luxury segment as the company now owns 75 luxury brands, including Dior, Givenchy, Celine, Tiffany, Bulgari, TAG Heur, and Loewe.
Mr Arnault has always been near the top of the annual rich lists in recent years. However, he is the only one in the top 10 billionaire list to have lost net worth in 2024 and also only one of two top 10 billionaires from outside the technology industry.
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#6 Bill Gates
Country: United States
Total Net Worth: US$157 billion
YTD Change: +US$16.3 billion
Industry: Technology
Microsoft founder Bill Gates is the sixth-richest individual in the world with wealth of US$157 billion. Much of that has come from his stake in Microsoft, with the company now worth over US$3 trillion.
Gates dropped out of Harvard in 1975 to co-found Microsoft with Paul Allen and he now heads up the Gates Foundation, which looks to support many philanthropic causes globally. He has pledged to give away more than 90% of his wealth and a lot of his donations to the Gates Foundation have been in the form of Microsoft shares.
#7 Larry Page
Country: United States
Total Net Worth: US$154 billion
YTD Change: +US$27.4 billion
Industry: Technology
Co-founder of Google (now known as Alphabet Holdings), Larry Page is worth an estimated US$114 billion. Interestingly, he ran Google as CEO twice, from 1997 to 2001 and then from 2011 to 2019.
Larry remains a board member and is also a controlling shareholder of Alphabet Holdings. He co-founded Google with Sergey Brin in 1998 and it has gone on to become the de facto search engine worldwide.
Google carried out an IPO in 2004 and since it listed, shares are up more than 67-fold.
#8 Sergey Brin
Country: United States
Total Net Worth: US$145 billion
YTD Change: +US$24.9 billion
Industry: Technology
The other half of the founding team behind Google, Sergey Brin immigrated from the Soviet Union at the age of six. He teamed up with Larry Page while at university and the duo remain controlling shareholders at the firm.
Sergey was President of Google’s parent company, Alphabet, before stepping down in 2019. Nevertheless, he is back at the company working on AI today.
Like Larry Page, the majority of his wealth is derived from his shares in the business.
#9 Steve Ballmer
Country: United States
Total Net Worth: US$143 billion
YTD Change: +US$11.9 billion
Industry: Diversified
Coming in at ninth place is Steve Ballmer, the former CEO of Microsoft, who is worth US$121 billion. He was in the top job at Microsoft from 2000 to 2014 and joined the company as an early employee in 1980.
He oversaw the company during the Dotcom Crash and made way for current Microsoft CEO Satya Nadella, who has overseen a revival in the fortunes of the company. As a result, its stock has soared and Ballmer’s stake in Microsoft has ballooned in value.
He also owns the NBA’s Lon Angeles Clippers, which he bought for US$2 billion in 2014.
#10 Warren Buffett
Country: United States
Total Net Worth: US$143 billion
YTD Change: +US$22.8 billion
Industry: Diversified
Rounding out the top 10 is none other than the most famous investor in the world – Warren Buffett. Always near the top of the rich list and he comes in at number 10 with a net wealth of US$143 billion.
Buffett is known as one of the world’s most successful investors and he remains CEO of conglomerate Berkshire Hathaway, which owns multiple businesses like Geico, Dairy Queen, and the BNSF Railway Company.
The 94-year-old bought his first stock when he was just 11 and he’s known for buying reliable and consistent businesses, with notable early investments in companies like Coca-Cola.
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