The top ten American billionaires experienced unparalleled financial success during 2024, amassing nearly $850 billion collectively. This staggering figure not only highlights the extraordinary gains among the wealthiest but also mirrors the U.S. government’s entire defense budget for the year. The surge has largely been attributed to the booming technology sector.
Leading the pack is Elon Musk, whose wealth skyrocketed by $252 billion. Musk’s success is primarily tied to his stakes in Tesla and SpaceX, with his portfolio earning him about $5 billion each week. These numbers are unprecedented, marking Musk as the first billionaire to exceed the $400 billion mark, according to the recent statistics from Forbes.
Other notable figures include Mark Zuckerberg, who saw his fortune increase by $82 billion thanks to Meta’s remarkable revival, with shares climbing significantly since late 2022. Zuckerberg now owns 13.5% of Meta, and the company's value has seen over sixfold growth due to advancements in AI technology.
Larry Ellison, the Oracle founder, added $73 billion to his wealth, driven largely by the increasing demand for cloud computing solutions bolstered by AI. At the same time, Jensen Huang, founder of Nvidia, experienced incredible gains of $72 billion as his company’s stock surged more than 185% this year, making Nvidia the darling of the AI sector.
Jeff Bezos, the founder of Amazon, also had his share of good fortune with an increase of $63 billion, making more than $1 billion weekly as Amazon's stock rebounded following some turbulent times. Bezos owns nearly 9% of Amazon and has strategically sold shares to fund other ventures, including Blue Origin.
The Walton family, heirs to the Walmart empire, collectively increased their wealth by about $148 billion. Their substantial stake, nearly 45% of Walmart's stock, has generated significant returns as the company’s value soared, largely due to rising e-commerce sales and shifting market dynamics.
Other prominent billionaires included Warren Buffett, who secured $29 billion through his investments with Berkshire Hathaway, Steve Ballmer, who benefited from Microsoft's resurgence with $20 billion, and the Google founders Larry Page and Sergey Brin, who earned around $19 to $20 billion from Alphabet’s increased valuation, showcasing their enduring control over the tech giant.
Collectively, these wealth gains shed light on the current economic climate where advancements in technology and AI are rapidly transforming industries, with billionaires at the forefront of this evolution. The question of wealth distribution and the growing gap between the ultra-rich and the average American remains at the heart of the discussion, particularly as new economic realities emerge.
