According to Bloomberg s Billionaires Index, the combined wealth of the top five billionaires increased by $542 billion (1,508 trillion Pakistani Rupees) this year, although many high-profile names also saw their wealth shrink significantly.
Elon Musk: The Year s Biggest Winner with Doubled Wealth
Elon Musk, already the world s richest person, saw his wealth double in 2024. His assets soared to $468 billion (1,302 trillion Pakistani Rupees), driven largely by the rising stock prices of SpaceX and Tesla. Tesla s stock price rose by over 70%, while SpaceX’s value doubled to $350 billion (975 trillion Pakistani Rupees).
Mark Zuckerberg: Meta Shares Fuel Huge Wealth Surge
Mark Zuckerberg, CEO of Meta, added $85 billion (236 trillion Pakistani Rupees) to his fortune, bringing his total assets to $213 billion (593 trillion Pakistani Rupees). His wealth increase was largely driven by the 70% rise in Meta s stock, of which he owns 13%.
Jensen Huang: AI Trend Drives Massive Wealth Boost
Jensen Huang, co-founder and CEO of Nvidia, saw his fortune rise by $78 billion (217 trillion Pakistani Rupees), reaching a total of $122 billion (339 trillion Pakistani Rupees). The popularity of AI led to a 175% surge in Nvidia’s stock price, making Huang one of the year’s major winners.
Larry Ellison: Oracle’s Success Elevates Wealth
Larry Ellison, founder of Oracle, experienced a $70 billion (195 trillion Pakistani Rupees) increase in his wealth, reaching $193 billion (537 trillion Pakistani Rupees). The surge in Oracle’s stock, combined with his 1% stake in Tesla, significantly contributed to his financial success.
Jeff Bezos: Amazon’s Growth Propels Wealth Increase
Jeff Bezos, co-founder of Amazon, added $69 billion (192 trillion Pakistani Rupees) to his fortune, bringing his assets to $246 billion (684 trillion Pakistani Rupees). The increase in Amazon’s stock value, in which he holds 9% of the shares, played a major role.
Bernard Arnault: Luxury Retail Struggles Cut Wealth
Bernard Arnault, CEO of LVMH, saw his wealth decrease by $31 billion (86 trillion Pakistani Rupees), bringing it down to $176 billion (489 trillion Pakistani Rupees). Economic challenges in China and rising unemployment affected the sales of luxury brands, causing his fortune to shrink.
Francoise Bettencourt Meyers: Cosmetics Industry Decline
Francoise Bettencourt Meyers, heiress of L Oréal, lost $25 billion (69 trillion Pakistani Rupees) in 2024. A dip in sales in China led to a decline in her wealth, now totaling $75 billion (208 trillion Pakistani Rupees).
Carlos Slim: Telecommunications Stocks Fall
Mexican billionaire Carlos Slim saw a $23 billion (64 trillion Pakistani Rupees) reduction in his wealth, bringing his fortune to $82 billion (228 trillion Pakistani Rupees). The drop in América Móvil’s stock value was the main contributor to this loss.
Colin Huang: Fast Fashion Setback
Colin Huang, founder of Pinduoduo, saw his wealth decline by $17 billion (47 trillion Pakistani Rupees), now standing at $35 billion (97 trillion Pakistani Rupees), primarily due to a 30% drop in his company’s stock price.
François Pinault: Luxury Brands Struggle
François Pinault, whose wealth is tied to luxury group Kering, lost $14 billion (39 trillion Pakistani Rupees). The poor performance of luxury brands like Gucci and Balenciaga caused a decrease in his fortune.
2024 has been a year full of lessons for the world’s billionaires. While technology and AI industries generated billions in wealth, luxury and retail sectors faced unexpected challenges. This year highlighted the shifting trends within industries and the complexities of the global economy.
