The global economy, politics and philanthropy are significantly influenced by billionaires, who according to Forbes number 2,640 in 2024. At the head of this elite group is Elon Musk, CEO of Tesla and SpaceX, and owner of X (formerly Twitter) , who has a staggering net worth of $229 billion as of January 2, 2024. Most of these influential figures, often founders of tech giants, retain substantial wealth tied to their companies. Although his immense fortunes are predominantly in publicly traded stocks, his net worth experiences fluctuations tied to market valuations. This select group has the ability to leverage their wealth, borrowing against it to avoid stock sales and mitigate taxes on unrealized capital gains. Additionally, many billionaires use various tax deductions to offset reported income, resulting in some not paying income taxes in recent years. Notably, the top 10 billionaires, outlined by the Bloomberg Billionaires Index, prominently include technology moguls, with LVMH’s Bernard Arnault and Berkshire Hathaway’s Warren Buffett being exceptions. Amazon’s Jeff Bezos, Microsoft’s Bill Gates and Oracle’s Larry Ellison are also among the world’s richest.
Top 10 Richest People in the World :
- Elon Musk
- Bernard Arnault
- Jeff Bezos
- Bill Gates
- Steve Ballmer
- Mark Zuckerberg
- Larry Page
- Larry Ellison
- Sergey Brin
- Warren Buffett
1. Elon Musk :
- Name: Elon Musk
- Age: 52
- Residence: United States
- Occupation: Co-founder and CEO of Tesla
- Net Worth: $229 billion
- Tesla Ownership Stake: 13% ($102 billion)
- X Ownership Stake: 79% ($9.32 billion)
- Other Assets:
- Space Exploration Technologies: $53.2 billion (private asset)
- The Boring Company: $3.33 billion (private asset)
Elon Musk, the wealthiest person globally, hails from South Africa and pursued education in Canada before transferring to the University of Pennsylvania, where he earned bachelor’s degrees in physics and economics. Shortly after enrolling in a graduate physics program at Stanford University, Musk deferred to launch Zip2, an early online navigation service. Reinvesting part of the proceeds, he founded X.com, an online payment system that was later sold to eBay, ultimately evolving into PayPal Holdings.
In 2004, Musk became a significant investor in Tesla Motors, now known as Tesla, leading to his current role as CEO of the electric vehicle company. Tesla not only manufactures electric cars but also produces energy storage devices, automotive accessories, and solar power systems following the acquisition of SolarCity in 2016. Musk serves as the CEO and chief engineer of Space Exploration Technologies (SpaceX), a company specializing in the development of space launch rockets.
2. Bernard Arnault :
Profile:
- Name: Not provided
- Age: 74
- Residence: France
- Occupation: CEO and Chair of LVMH (LVMUY)
- Net Worth: $179 billion
Major Holdings:
- Christian Dior Ownership Stake: 97.5% (Valued at $137 billion)
- Other Assets:
- Moelis & Company equity: $27.4 billion (public asset)
- Cash: $14.8 billion
Bernard Arnault, the French national, serves as the chair and CEO of LVMH, the world’s largest luxury goods company. His considerable wealth primarily stems from a substantial stake in Christian Dior SE, the holding company controlling 41.4% of LVMH. Managed through his family-owned holding company, Groupe Familial Arnault, Arnault owns shares in both Christian Dior SE and LVMH, totaling 6.2%.
Initially trained as an engineer, Arnault demonstrated early business prowess at his father’s construction firm, Ferret-Savinel, where he assumed leadership in 1971. In 1979, he transformed the company into a real estate entity called Férinel Inc. Arnault remained its chair for six more years until he acquired and reorganized Financière Agache in 1984, retaining only Christian Dior and Le Bon Marché. His involvement with LVMH began in 1987 when he was invited to invest, eventually becoming the majority shareholder, board chair, and CEO in 1989.
3. Jeff Bezos :
Profile Summary:
- Age: 59
- Residence: United States
- Occupation: Founder and Executive Chair of Amazon (AMZN)
- Net Worth: $177 billion
- Amazon Ownership Stake: 10% (valued at $150 billion)
- Other Assets:
- Blue Origin: $11.2 billion (private asset)
- The Washington Post: $250 million (private asset)
- Koru: $500 million (private asset)
- Cash: $14.8 billion
In 1994, Jeff Bezos founded Amazon.com in a Seattle garage after leaving D.E. Shaw. Originally an online bookstore, Amazon diversified and is poised to surpass Walmart as the world’s largest retailer by 2024. Bezos, who held 16% of Amazon in 2019, transferred 4% to his ex-wife in 2020. The pandemic boosted Amazon’s share price by 76%, prompting Bezos to step down as CEO on July 5, 2021, and assume the role of executive chair. He took Amazon public in 1997, achieving a $100 billion net worth, and initiated various projects, including Blue Origin, The Washington Post (acquired in 2013), and the Long Now. Bezos, with his brother and others, completed Blue Origin’s successful crewed flight on July 20, 2021, reaching over 66 miles. His wealth peaked at $213 billion that month. In 2024, Bezos acquired the superyacht Koru for $500 million.
4. Bill Gates :
- Age: 68
- Residence: United States
- Co-founder: Microsoft (MSFT)
- Net Worth: $141 billion
- Microsoft Ownership Stake: 1.4% ($24.3 billion)
- Other Assets: $67.6 billion in cash and holdings in multiple other companies.
In 1975, while at Harvard, Bill Gates collaborated with childhood friend Paul Allen to develop software for microcomputers. Their success led to the founding of Microsoft after Gates dropped out of Harvard in 1975. Microsoft, the world’s largest software company, is involved in personal computers, email services, video game systems, and cloud services.
Gates transitioned from Microsoft’s CEO to the board chair in 2008 and joined Berkshire Hathaway’s board in 2004. However, he resigned from both boards on March 13, 2020. Gates primarily invests through Cascade Investment LLC, which holds stocks like Canadian National Railway, Deere, and Republic Services. Cascade also has private investments in real estate and energy.
5. Steve Ballmer :
- Age: 67
- Residence: United States
- Owner of the Los Angeles Clippers
- Net Worth: $131 billion
- Microsoft Ownership Stake: 4% ($120 billion total)
- Other Assets:
- Los Angeles Clippers: $4.56 billion (private asset)
- The Forum: $400 million (private asset)
- Intuit Dome: $2 billion (private asset)
- Cash: $3.75 billion
Steve Ballmer joined Microsoft in 1980 as the company’s 30th employee, after leaving Stanford at the persuasion of Bill Gates. He succeeded Gates as CEO in 2000 and oversaw major moves, including the 2011 purchase of Skype for $8.5 billion. With about 4% of Microsoft, he became its largest individual shareholder. After stepping down as CEO in 2014, Ballmer bought the Los Angeles Clippers basketball team for $2 billion. Despite having lived in the same Harvard dorm as Gates, their relationship was strained when Ballmer advocated for Microsoft’s foray into hardware such as the Surface tablet and Windows mobile phones during his leadership tenure.
6. Mark Zuckerberg :
- Age: 39
- Residence: United States
- Occupation: CEO and Chair of Meta Platforms (META)
- Net Worth: $128 billion
- Meta Platforms Ownership Stake: 13% (equivalent to $124 billion)
- Other Assets: $4.20 billion in cash
Mark Zuckerberg, along with fellow Harvard students Eduardo Saverin, Dustin Moskovitz, and Chris Hughes, developed Facebook (now Meta) in 2004. Zuckerberg dropped out of Harvard to focus on the growing business, and Meta, led by him as CEO and chair, reached 3 billion monthly active users by Q2 2024. Facebook is the world’s largest social networking service, primarily funded through advertising.
Meta encompasses various brands, including Instagram (acquired in 2012), WhatsApp, and Oculus (both acquired in 2014), along with Workplace and Portal. Zuckerberg and his wife, Priscilla Chan, co-founded the Chan Zuckerberg Initiative in 2015, aiming to use technology to address societal issues like education, criminal justice reform, immigration, housing affordability, and disease eradication. They serve as co-CEOs of the charity.
7. Larry Page :
- Age: 50
- Residence: United States
- Occupation: Co-founder and Board Member of Alphabet (GOOG)
- Net Worth: $126 billion
- Alphabet Ownership Stake: 6% (equivalent to $109.3 billion)
- Other Assets: $17.1 billion in cash
Larry Page co-founded Google with Sergey Brin in 1998 while they were at Stanford University. He served as CEO of Google from 1998 to 2001 and then again from 2011 to 2019. Under his leadership, Google became the dominant global search engine, with more than 92% market share. In 2006, Google acquired YouTube, a leading video sharing platform. Additionally, the company entered the mobile phone market with the launch of the Android operating system in 2008.
In 2015, Google reorganized and became a subsidiary of Alphabet, a holding company. Page invested in space exploration and asteroid mining company Planetary Resources, which was later acquired by ConsenSys in 2018. He also showed interest in flying car companies, investing in Kitty Hawk and Opener, although Kitty Hawk ceased operations in 2022. The Page’s impact on the tech industry and entrepreneurship is significant, and his contributions extend beyond Google to several innovative companies.
8. Larry Ellison :
- Age: 79
- Residence: United States
- Position: Co-founder, Chair, and CTO at Oracle (ORCL)
- Net Worth: $123 billion
- Oracle Ownership Stake: 42%+ (Approximately $88.4 billion)
- Other Assets:
- Tesla equity: Approximately $11.2 billion (public asset)
- Cash holdings: $22.8 billion
Larry Ellison, born in New York City, dropped out of the University of Chicago in 1966 and later moved to California, where he worked as a computer programmer. In 1977, he co-founded Software Development Laboratories, which later became Oracle Systems Corporation. Oracle released the first commercial relational database program, Oracle, in 1979. Ellison stepped down as Oracle’s CEO in 2014 after 37 years but remained involved in the tech industry, joining Tesla’s board in 2018 and resigning in June 2022.
Oracle, the world’s second-largest software company, offers cloud computing programs, Java and Linux code, and the Oracle Exadata computing platform. Ellison’s philanthropy focuses on medical research, including a $200 million donation to the University of Southern California in 2016 for a cancer research center. Additionally, he supported the Oracle Team USA sailing team, which won the America’s Cup racing series in 2010 and 2013.
9. Sergey Brin :
- Age: 50
- Residence: United States
- Position: Co-founder and Board Member of Alphabet (GOOG)
- Net Worth: $120 billion
- Alphabet Ownership Stake: 6% (Total of $102.8 billion)
- Other Assets: $17.2 billion in cash
Sergey Brin, born in Moscow, Russia, moved to the U.S. in 1979 at the age of six. He co-founded Google with Larry Page in 1998 and served as Google’s president of technology until 2001. Brin held the same role at Alphabet from 2015 until 2019. Google, known for its search engine, offers Google Workspace with tools like Gmail and Google Drive. The company also produces electronic devices such as Pixel smartphones, Nest smart home devices, and the Stadia gaming platform. Brin is a philanthropist, donating to Parkinson’s disease research through partnerships with organizations like The Michael J. Fox Foundation.
10. Warren Buffett :
- Age: 93
- Residence: United States
- CEO: Berkshire Hathaway (BRK.A)
- Net Worth: $120 billion
- Berkshire Hathaway Ownership Stake: 15% ($118 billion)
- Other Assets: $1.35 billion in cash
Warren Buffett, renowned as the Oracle of Omaha, began his investing journey at 14, filing his first tax return in 1944. By 1965, he became the majority shareholder of Berkshire Hathaway, initially a textile company. Buffett’s strategy involves long-term investments in undervalued companies, and over the years, Berkshire expanded into insurance, energy, and consumer products.
Buffett, now 93, remains the CEO, with Gregory Abel positioned as a potential successor for non-insurance operations. Apart from his business success, Buffett is a notable philanthropist, donating $41 billion between 2006 and 2020, primarily to the Bill & Melinda Gates Foundation and his children’s charities. In 2010, he co-launched the Giving Pledge with Bill Gates.
