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In 2024, the total value of the fortunes of the 500 richest people on the planet, tracked by the Bloomberg Billionaire Index, hit a new record high, crossing the $10 trillion mark on December 11 before falling slightly to $9.8 trillion on the closing on Wall Street, December 30.
This increase is mainly attributed to the increase in the stock values of American technology companies. The combined fortunes of Elon Musk, Mark Zuckerberg, Jensen Huang (Nvidia), Larry Ellison (Oracle), Jeff Bezos, Larry Page and Sergey Brin (the founders of Google) have increased by more than $600 billion. According to Bloomberg, this represents 43% of the $1.5 trillion increase in the combined fortunes of the Top 500.
The fortune that increased the most in 2024 is that of Elon Musk, who is still the richest person on the planet. Thanks to the increase in the values of Tesla, SpaceX and xAI, he saw his fortune increase from $213 billion at the beginning of the year to $442.1 billion at the end of the year. And on December 17, the gap between the richest person on the planet and the second richest person (Jeff Bezos) was $237 billion, a record.
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More generally, Bloomberg points out that in 2024, the S&P 500 gained 24%, boosted by big tech companies like Tesla, Nvidia, Meta, etc. The index also saw a sharp rise after the announcement of Donald Trump's victory in the US presidential election. Bloomberg also mentions an increase in the fortunes of Chinese billionaires, such as Pony Ma, CEO of Tencent, or Lei Jun, president of Xiaomi.
On the other hand, the year 2024 was less good for French luxury billionaires. The American agency explains that after years of growth driven by the pandemic, the luxury market has experienced a slowdown.
- In 2024, the total value of the fortunes of the 500 richest people on the planet exceeded $10 trillion
- This increase is largely attributed to a breakthrough by technology companies
- Elon Musk's fortune increased from $213 billion at the start of the year to $442.1 billion at the end of the year
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