Top 10 Billionaires in the World in 2024

Top 10 Billionaires in the World in 2024

As a finance professor, I’ve spent years studying the ebb and flow of global wealth, but even I find myself astounded by the sheer magnitude of fortunes amassed by the world’s elite in 2024. The landscape of wealth has shifted dramatically over the past few decades, with technology moguls and visionary entrepreneurs dominating the upper echelons of the global rich list.

Based on data from the Real-Time Billionaires List, we’ll delve into the lives and fortunes of the ten wealthiest individuals on the planet. These titans of industry have not only reshaped entire sectors of the global economy but have also redefined what it means to be “ultra-wealthy” in the 21st century.

1. Elon Musk – $274.7 billion

Elon Musk, the South African-born entrepreneur, continues to hold the title of the world’s richest person in 2024 with a staggering net worth of $274.7 billion. Musk’s wealth primarily stems from his leadership roles in multiple groundbreaking companies. As the CEO of Tesla, he has revolutionized the electric vehicle industry and pushed for sustainable energy solutions. His space exploration company, SpaceX, has made significant strides in reducing space travel costs and advancing interplanetary exploration ambitions.

Musk’s entrepreneurial journey began with co-founding PayPal, which was sold to eBay in 2002. Since then, he has been at the forefront of innovation, founding or co-founding companies like Neuralink, which aims to develop brain-computer interfaces, and The Boring Company, focused on advanced tunnel construction technology. In 2022, Musk acquired Twitter (now X) for $44 billion, adding social media to his diverse portfolio of interests.

Despite controversies and market fluctuations, Musk’s net worth has continued to grow, largely due to the success of Tesla and SpaceX. His ambitious projects, including plans for Mars colonization and the development of artificial intelligence, keep him in the public eye and at the forefront of technological advancement.

2. Larry Ellison – $211.7 billion

Larry Ellison, co-founder and executive chairman of Oracle Corporation, holds the second spot on the list of the world’s richest individuals with a net worth of $211.7 billion. Ellison’s journey to immense wealth began with the founding of Software Development Laboratories in 1977, which later became Oracle Systems Corporation. Under his leadership, Oracle grew to become one of the largest and most influential technology companies in the world, specializing in database management systems and cloud computing solutions.

Ellison stepped down as Oracle’s CEO in 2014 but remains actively involved as the company’s executive chairman and chief technology officer. His wealth has seen significant growth in recent years, largely due to Oracle’s strong performance in the cloud computing market. Ellison is also known for his investments outside of Oracle, including substantial stakes in Tesla and his ownership of the Hawaiian island of Lanai.

3. Jeff Bezos – $205.6 billion

According to the Real-Time Billionaires List, Jeff Bezos, the founder of Amazon, ranks third on the list with a net worth of $205.6 billion. Bezos founded Amazon in 1994 as an online bookstore, which he grew into the world’s largest e-commerce platform and a leader in cloud computing services through Amazon Web Services (AWS). His visionary leadership transformed retail and revolutionized the way people shop online.

Although Bezos stepped down as Amazon’s CEO in 2021, he remains executive chairman and continues to play a significant role in the company’s strategic decisions. Beyond Amazon, Bezos owns The Washington Post and founded Blue Origin, a space exploration company aimed at making space travel more accessible. His wealth fluctuates with Amazon’s stock price, but his diversified investments and continued involvement in innovative projects keep him among the world’s wealthiest individuals.

4. Mark Zuckerberg – $198.3 billion

Mark Zuckerberg, the co-founder and CEO of Meta (formerly Facebook), has seen his net worth soar to $198.3 billion, making him the fourth richest person in the world in 2024. Born in 1984 in White Plains, New York, Zuckerberg showed an early aptitude for computer programming. He launched Facebook from his Harvard dorm room in 2004, which quickly grew into the world’s largest social media platform.

Under Zuckerberg’s leadership, Meta has expanded its portfolio to include Instagram, WhatsApp, and Oculus VR. His wealth is primarily tied to his significant stake in Meta, which has rebounded strongly in recent years due to the company’s focus on artificial intelligence and the metaverse. Despite facing numerous controversies and regulatory challenges, Zuckerberg has consistently demonstrated his ability to adapt and innovate in the rapidly evolving tech landscape.

Zuckerberg is also known for his philanthropic efforts through the Chan Zuckerberg Initiative, which he founded with his wife Priscilla Chan. The organization aims to advance human potential and promote equality in areas such as health, education, and science. As of 2024, Zuckerberg continues to drive Meta’s strategic vision, focusing on developing immersive technologies and expanding the company’s influence in the digital realm.

5. Bernard Arnault & family – $173.3 billion

Bernard Arnault, the French business magnate and art collector, holds the fifth position on the list of the world’s wealthiest individuals with a net worth of $173.3 billion. As the chairman and CEO of LVMH Moët Hennessy Louis Vuitton, Arnault has built a luxury goods empire that includes some of the most prestigious brands in fashion, jewelry, and spirits.

Arnault’s business acumen and strategic acquisitions have been key to LVMH’s success. Under his leadership, the conglomerate has grown to include over 75 distinguished brands such as Louis Vuitton, Dior, Hennessy, and Tiffany & Co. His ability to maintain the exclusivity and heritage of these brands while driving global expansion has been crucial to LVMH’s continued growth.

Known for his passion for art and culture, Arnault has also made significant contributions to the preservation of French heritage. His family’s involvement in the business, with his children holding key positions within LVMH, ensures the continuation of his legacy and vision for the luxury goods industry.

6. Warren Buffett – $143 billion

Warren Buffett, often referred to as the “Oracle of Omaha,” maintains his position as one of the world’s wealthiest individuals with a net worth of $143 billion. As the CEO of Berkshire Hathaway, Buffett has built his fortune through astute value investing and a long-term approach to wealth creation.

Buffett’s investment philosophy, which focuses on identifying undervalued companies with strong fundamentals, has made him one of the most successful investors in history. His annual letters to Berkshire Hathaway shareholders are widely read for their insights into business and investing. Despite his immense wealth, Buffett is known for his frugal lifestyle and commitment to philanthropy.

In recent years, Buffett has pledged to give away the majority of his wealth to charitable causes through the Giving Pledge, which he co-founded with Bill and Melinda Gates. His influence extends beyond the financial world, with many looking to him for wisdom on both investing and life. At 93 years old, Buffett continues to lead Berkshire Hathaway and remains an influential figure in the global business community.

7. Larry Page – $137.6 billion

Larry Page, the co-founder of Google and former CEO of Alphabet Inc., has amassed a fortune of $137.6 billion, securing his position as the seventh richest person in the world. Born in East Lansing, Michigan, in 1973, Page showed an early interest in computers, inspired by his parents who were both computer science professors. He met Sergey Brin at Stanford University while pursuing his Ph.D. in computer science, and together they developed the idea for Google, revolutionizing internet search technology.

Under Page’s leadership as CEO from 2011 to 2015, Google expanded its reach beyond search, venturing into mobile operating systems with Android, cloud computing, and artificial intelligence. His vision for Google, now part of Alphabet Inc., has been instrumental in shaping the digital landscape we know today. Page’s wealth primarily stems from his significant stake in Alphabet, with his net worth fluctuating in tandem with the company’s stock performance.

Known for his innovative thinking and long-term vision, Page has also invested in flying car companies and other futuristic technologies. Despite stepping down from his executive role at Alphabet in 2019, he remains a board member and controlling shareholder, continuing to influence the company’s strategic direction. Page’s commitment to using technology to solve global challenges has made him a influential figure in Silicon Valley and beyond.

8. Sergey Brin – $131.7 billion

Sergey Brin, with a net worth of $131.7 billion, stands as the eighth richest person globally. Born in Moscow in 1973, Brin immigrated to the United States with his family at the age of six. His journey to becoming one of the world’s wealthiest individuals began when he met Larry Page at Stanford University, where they co-founded Google in 1998.

As the president of Alphabet Inc., Google’s parent company, until 2019, Brin played a crucial role in the company’s expansion and diversification. His innovative approach and technical expertise were instrumental in developing Google’s core search algorithm and expanding into areas like artificial intelligence and quantum computing. Brin’s wealth, like Page’s, is largely tied to his stake in Alphabet.

Beyond his work at Google, Brin has shown interest in cutting-edge technologies and philanthropic endeavors. He has invested in projects ranging from airships to space exploration and has been a significant donor to Parkinson’s disease research. Although he stepped down from his executive role at Alphabet, Brin remains a controlling shareholder and board member, continuing to shape the company’s future.

9. Amancio Ortega – $131.7 billion

Amancio Ortega, the Spanish fashion tycoon, shares the eighth spot on the world’s richest list with Sergey Brin, boasting a net worth of $131.7 billion. Ortega’s rags-to-riches story is one of the most inspiring in the business world. Born in 1936 in Busdongo de Arbás, Spain, Ortega left school at 14 to work as a shop hand for a local shirtmaker.

In 1975, Ortega founded Zara with his first wife, Rosalía Mera, starting what would become the world’s largest fashion retailer, Inditex. His innovative “fast fashion” business model revolutionized the clothing industry, bringing runway styles to mainstream consumers at affordable prices. Inditex now owns several major fashion brands, including Zara, Pull&Bear, and Massimo Dutti.

Despite his immense wealth, Ortega is known for his modest lifestyle and low profile. He rarely gives interviews and was known to eat lunch with his employees in the company cafeteria. Although he stepped down as chairman of Inditex in 2011, Ortega remains the company’s largest shareholder and continues to play an active role in the business. His real estate investments and other ventures have further contributed to his vast fortune.

10. Steve Ballmer – $125.8 billion

Steve Ballmer, with a net worth of $125.8 billion, rounds out the top 10 richest people in the world. Born in Detroit in 1956, Ballmer’s path to immense wealth began when he dropped out of Stanford’s MBA program to become Microsoft’s 30th employee and the first business manager hired by Bill Gates in 1980.

Ballmer served as CEO of Microsoft from 2000 to 2014, leading the company through a period of significant growth and challenges. During his tenure, Microsoft’s annual revenue surged from $23 billion to $77 billion, and the company expanded its reach into enterprise services and gaming with the Xbox. Ballmer’s wealth is primarily derived from his substantial stake in Microsoft, which has seen remarkable growth in recent years due to its cloud computing success and AI initiatives.

Since retiring from Microsoft, Ballmer has focused on philanthropic efforts and his ownership of the Los Angeles Clippers NBA team, which he purchased in 2014 for $2 billion. Known for his energetic and sometimes controversial leadership style, Ballmer has become a popular figure in the sports world. His commitment to data-driven decision-making led him to create USAFacts, a non-profit organization dedicated to presenting government data in an accessible format.

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