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January 13, 2025
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10 Trillion for 500 People: The Record Wealth of the World's Richest Individuals
In 2024, the world’s 500 wealthiest individuals amassed over $10 trillion in wealth, a sum greater than the GDP of many nations. This list offers an intriguing opportunity to analyze which industries are producing these billionaires and which companies are leading today. What does this mean for the global economy and the future?
What Does the $10 Trillion Figure Mean?
2024 was a year dominated by technology, billions, and soaring successes for the top players in global business. Bloomberg analyzed that the combined wealth of the 500 richest people reached a staggering $10 trillion, with the top three – Elon Musk, Mark Zuckerberg, and Jensen Huang – setting new benchmarks for success.
American tech giants practically lifted the market. Tesla, Meta, and Nvidia became stars of the S&P 500 index, which rose by 24%. Eight IT titans, including Larry Ellison, Jeff Bezos, Larry Page, and Sergey Brin, contributed over $600 billion, nearly half of the total growth.
Elon Musk is hailed as the biggest winner by Bloomberg. His wealth surged to $442.1 billion, setting a new global record. Musk gained powerful momentum through the successes of his companies Tesla, SpaceX, and xAI, as well as close ties to the newly elected U.S. President, Donald Trump. The Trump effect was felt by others: after his election victory, the S&P 500 index hit a historic peak, and billionaires added $505 billion in just five weeks.
2024 reaffirmed that technology is the true engine of the modern economy. When tech giants not only bring wealth to billionaires but also change the rules of the market, the traditional luxury sector has proven less profitable. Bloomberg’s list also features those whose fortunes have decreased. For instance, Bernard Arnault, head of LVMH and the most influential figure in the luxury world, faced significant financial challenges. His wealth, which had recently soared due to the global love for luxury brands, notably shrank. Why? Shifts in the global economy and a slowdown in demand for luxury goods, particularly in China, which has long been the main market for this segment.
According to Bloomberg, Arnault lost a significant portion of his wealth due to reduced sales of iconic brands such as Louis Vuitton, Dior, and Tiffany & Co. While the pandemic forced consumers to spend on luxury items instead of traveling, 2024 saw a reverse trend: customers began opting for more practical expenses.
Beyond economic challenges, the luxury sector faces the challenges posed by a new generation of consumers. Young people prefer tech gadgets and eco-friendly solutions over branded accessories. The "hard luxury" market must adapt its business to these new realities in order to maintain its leadership.
The conclusion is clear: to stay on the wave of success, bet on progress, not glamour. Technology is not only the future but the foundation for new records in the world of the ultra-wealthy.
Where Do Billionaires Come From?
Modern tech companies continue to drive wealth accumulation. Giants like Amazon, Tesla, and Microsoft are not just changing the world but "producing" billionaires on an impressive scale. Their stocks, innovations, and influential business models create a new elite among the world’s wealthiest.
The well-known acronym FAANG (Facebook, Apple, Amazon, Netflix, Google) has undergone a transformation, as Netflix has been replaced by Microsoft and Tesla. The new acronym is MAAAM: Meta, Apple, Amazon, Alphabet (Google), Microsoft.
By 2025, a new trend might emerge under the name BATMMAAN. This new acronym stands for Broadcom, Apple, Tesla, Microsoft, Meta, Amazon, Alphabet, and NVIDIA.
This shift reflects significant changes – streaming platforms like Netflix are facing stiff competition, rising content production costs, and challenges in monetization. In 2023, due to Hollywood writers' and actors' strikes, Netflix released 130 fewer programs than in the previous period. However, the company's situation is not entirely bleak. After several tough years marked by subscriber losses and fierce competition, Netflix is showing strong recovery. In 2024, the streaming giant's stock rose by 43%, adding $90 billion to its market capitalization. This is the first historic high for Netflix since 2021. The company has actively fought against password-sharing practices, introduced a cheaper subscription plan with ads, and focused on popular franchises. Netflix is also holding its own against competitors like Walt Disney Co., Paramount Global, and Apple Inc. In Q2 2024, the company gained 8.05 million new customers and may once again become a leader among tech giants.
Companies that earn more than entire countries span a wide range of industries – from artificial intelligence to cloud services – and, as of 2024, have only solidified their positions. The five companies that have created the most billionaires are:
– Amazon – 24 billionaires (founders, investors, and top managers benefiting from e-commerce growth)
– Tesla – 18 billionaires (focus on innovation, eco-friendly transportation, and energy solutions)
– Microsoft – 16 billionaires (founders, cloud service developers, and top managers)
– Alphabet (Google) – 12 billionaires (investments in AI and dominance in search)
– Meta (Facebook) – 11 billionaires (leadership in social media and metaverse development)
Regionally, the majority of the world's wealthiest individuals live in the U.S., where tech companies dominate due to a developed financial system and access to venture capital. Fashion brand owners are concentrated in Europe, home to family businesses like LVMH that ensure stable capital growth. China is emerging as a hub for a new generation of billionaires. Colin Huang (the e-commerce magnate behind Temu) briefly became China’s richest person in August 2024 but ended the year with a loss of $18 billion after publishing earnings reports, during which his company’s stock dropped 29% in one day.
As of 2023, according to the Global Wealth Report, 38% of the world’s millionaires reside in the U.S., 28% in Western Europe, and 10% in China.
More Than Numbers: What Do These Wealths Mean for Us?
The record wealth of the world’s richest individuals increasingly raises questions about global inequality. According to Oxfam research, the wealth of the top 1% exceeds the combined wealth of the bottom 95% of the world’s population. Billionaires are setting a new level of control over the economy, with one billionaire either running or being the largest shareholder in over a third of the 50 largest corporations globally. The total market capitalization of these corporations is $13.3 trillion.
The response to critical global challenges, including the climate crisis and ongoing poverty and inequality, is undermined by ultra-wealthy individuals and mega-corporations that fuel inequality both within and between countries. This is easily seen in the numbers: the Global South countries hold only 31% of global wealth, despite housing 79% of the world’s population.
The impact of the COVID-19 pandemic only exacerbated this inequality: billionaires increased their wealth while millions lost their incomes. This sparks debates about the need for tax reforms and resource redistribution.
However, billionaires play a significant role in addressing global challenges such as climate change and epidemics. For example, Bill Gates, through the Gates Foundation, invests billions in vaccine development and fighting climate change, while Elon Musk’s work with Tesla and SpaceX is contributing to the shift to renewable energy.
Critics, however, point out that such initiatives often serve as PR tools and do not always effectively address systemic issues. One of the most prominent examples was a protest in May 2024 when about 800 activists protested against Tesla's factory expansion in Grünheide, Germany. Demonstrators, organized by the group Disrupt Tesla, argued that the construction would harm the environment, particularly the neighboring forest, and raised concerns about the destructive impact of lithium extraction in countries like Argentina and Bolivia.
The situation escalated into an attempted factory storming, during which activists damaged several Tesla vehicles. This incident highlights the gap between the company’s stated goals and the actual consequences of its operations. While Tesla positions itself as a leader in producing electric vehicles that reduce CO₂ emissions, activists emphasize that the environmental damage from sourcing materials for batteries and expanding manufacturing capacity often goes unaddressed.
Economists predict that the gap between the rich and the poor will continue to widen due to geopolitical conflicts and economic instability. Rising inflation in developing countries is making access to basic resources harder for the broader population, while increasing the value of assets owned by the wealthiest. Nearly half of the world’s population – 3.4 billion people – lives on less than $5.50 a day.
Trade wars, technological rivalry, and geopolitical struggles for influence are increasingly affecting the global economy. One key aspect of this tension is control over technology. The U.S. continues to restrict China’s access to critical innovations such as semiconductors, while imposing sanctions on Chinese tech companies. In response, China is striving to create its own high-tech ecosystems, further isolating the economies of the two countries.
For international trade, this means supply chain disruptions, restricted access to markets, and rising costs for companies reliant on Chinese manufacturing. The impact is felt across various industries – from automotive to electronics. Manufacturers are forced to search for alternative supply chains, increasing costs and production times.
Investors are also responding to instability. Deteriorating relations between the U.S. and China lead to market fluctuations and reduced confidence in the global economy. Moreover, companies dependent on exports to China are facing declining profits due to additional tariffs and barriers.
What’s Next?
Record wealth is more than just a measure of individual success. It’s a marker of global trends and challenges, reminding us that behind the big numbers lie both success stories and examples of deep inequality.
Perhaps wealth could change the world for the better if more resources were invested in solving systemic problems like education, healthcare, or sustainable development. But for now, this wealth is mostly concentrated in the hands of a few.
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