The Top 10 Wealthiest Individuals Globally for 2024

As a Chartered Financial Analyst (CFA), I’ve always been fascinated by the ebb and flow of global wealth. The annual rankings of the world’s richest individuals not only capture the imagination of the public but also provide valuable insights into the shifting dynamics of the global economy. As we delve into the list of the top 10 richest people in the world for 2024, we’re not just looking at astronomical net worth figures; we’re examining the industries, innovations, and business strategies that have propelled these individuals to the pinnacle of financial success.

This year’s list is particularly intriguing, as it reflects the rapid changes we’ve seen in technology, luxury goods, and e-commerce sectors. The names at the top have become household fixtures, but their positions are far from static. As someone who analyzes financial markets for a living, I find it compelling to see how factors like stock market fluctuations, geopolitical events, and technological advancements have influenced the fortunes of these billionaires.

Based on data from the Real-Time Billionaires List, let’s take a closer look at the ten individuals who have claimed the top spots in 2024, exploring not just their net worth, but also the sources of their wealth and the impact they’ve had on the global business landscape. From tech titans to luxury goods moguls, this list represents a diverse array of industries and entrepreneurial journeys that have shaped our modern economy.

1. Elon Musk – $274.7 billion

Elon Musk, the South African-born entrepreneur, has solidified his position as the world’s wealthiest person with a staggering net worth of $274.7 billion. Musk’s journey to the top of the global wealth rankings has been nothing short of extraordinary, marked by his involvement in groundbreaking companies across various industries.

Musk’s wealth primarily stems from his roles as the CEO of Tesla, the electric vehicle manufacturer, and SpaceX, the private space exploration company. His visionary approach to technology and business has led to revolutionary advancements in sustainable energy, electric transportation, and space travel. Musk’s other ventures, including Neuralink and The Boring Company, have also contributed to his immense wealth.

Born in Pretoria, South Africa, in 1971, Musk displayed an early aptitude for technology and entrepreneurship. He moved to Canada at the age of 17 and later transferred to the University of Pennsylvania, where he earned degrees in physics and economics. Musk’s entrepreneurial journey began with Zip2, a web software company, followed by X.com, which later merged with PayPal. The sale of PayPal to eBay in 2002 provided Musk with the capital to pursue his ambitious goals in the automotive and aerospace industries.

2. Larry Ellison – $211.7 billion

Larry Ellison, the co-founder and executive chairman of Oracle Corporation, holds the second spot on the list with a net worth of $211.7 billion. Ellison’s journey to becoming one of the world’s wealthiest individuals is a testament to his entrepreneurial spirit and technological innovation in the software industry.

Born in New York City in 1944, Ellison co-founded Oracle in 1977, which grew to become one of the largest and most influential software companies globally. Under his leadership as CEO from 1977 to 2014, Oracle revolutionized database management systems and enterprise software solutions.

Ellison’s wealth extends beyond his stake in Oracle. He has made significant investments in other tech companies, including a substantial position in Tesla. In 2012, Ellison made headlines by purchasing 98% of the Hawaiian island of Lānaʻi, further diversifying his portfolio.

3. Jeff Bezos – $205.6 billion

According to the Real-Time Billionaires List, Jeff Bezos, the founder and executive chairman of Amazon, ranks third on the list with a net worth of $205.6 billion. Bezos’s wealth is primarily derived from his stake in Amazon, the e-commerce and cloud computing giant he founded in 1994.

Born in Albuquerque, New Mexico, in 1964, Bezos displayed an early interest in computers and technology. After graduating from Princeton University, he worked on Wall Street before founding Amazon as an online bookstore. Under his leadership, Amazon expanded into various sectors, becoming one of the world’s most valuable companies.

Bezos’s wealth has seen significant fluctuations over the years, with his net worth reaching a peak of $177 billion in 2021. Despite stepping down as CEO of Amazon in 2021, Bezos remains a major shareholder and continues to influence the company’s strategic direction. His other ventures, including Blue Origin, a space exploration company, and The Washington Post, which he acquired in 2013, contribute to his vast fortune.

4. Mark Zuckerberg – $198.3 billion

Mark Zuckerberg, the co-founder and CEO of Meta Platforms (formerly Facebook), has amassed a fortune of $198.3 billion, securing his position as one of the world’s wealthiest individuals. Born on May 14, 1984, in White Plains, New York, Zuckerberg showed an early aptitude for computer programming, creating a messaging program called “Zucknet” at the age of 12.

Zuckerberg’s journey to immense wealth began in his Harvard dorm room, where he launched Facebook in 2004. The social networking platform quickly gained popularity, leading Zuckerberg to drop out of college and focus on growing the company. Under his leadership, Facebook expanded rapidly, acquiring Instagram in 2012 and WhatsApp in 2014. These strategic acquisitions, along with Facebook’s innovative advertising model, contributed significantly to the company’s growth and Zuckerberg’s personal wealth.

In recent years, Zuckerberg has shifted his focus towards the development of the “metaverse,” rebranding Facebook as Meta Platforms in 2021. This move reflects his vision for the future of social interaction and virtual reality. Despite facing various challenges, including privacy concerns and regulatory scrutiny, Zuckerberg’s net worth has continued to grow, largely due to his significant stake in Meta Platforms.

5. Bernard Arnault & family – $173.3 billion

Bernard Arnault, the chairman and CEO of LVMH Moët Hennessy Louis Vuitton (LVMH), has built a luxury goods empire that has propelled him and his family to a net worth of $173.3 billion. Born on March 5, 1949, in Roubaix, France, Arnault began his career in his family’s construction business before pivoting to luxury goods in the 1980s.

Arnault’s strategic acquisitions and business acumen have transformed LVMH into the world’s largest luxury goods conglomerate, encompassing iconic brands such as Louis Vuitton, Dior, and Hennessy. His empire spans various sectors, including fashion, wines and spirits, perfumes and cosmetics, and watches and jewelry. Under Arnault’s leadership, LVMH has consistently delivered strong financial performance, with revenues reaching 86.2 billion euros ($93.2 billion) in 2023.

The majority of Arnault’s wealth stems from his 48% stake in LVMH, which he controls through various family holding companies. Known for his keen eye for talent and brand potential, Arnault has successfully revitalized numerous heritage brands while maintaining their exclusivity and prestige. His influence extends beyond business, as he is also recognized for his art collection and philanthropic efforts.

6. Warren Buffett – $143 billion

Warren Buffett, often referred to as the “Oracle of Omaha,” has accumulated a net worth of $143 billion through his exceptional investment acumen and leadership of Berkshire Hathaway. Born on August 30, 1930, in Omaha, Nebraska, Buffett displayed an early interest in business and investing, making his first stock purchase at the age of 11.

Buffett’s career in finance began as an investment salesman and securities analyst before he founded Buffett Partnership Ltd. in 1956. In 1965, he acquired Berkshire Hathaway, a struggling textile manufacturing company, which he transformed into a diversified holding company and one of the largest conglomerates in the world. Under Buffett’s guidance, Berkshire Hathaway has consistently outperformed the market, generating significant returns for shareholders.

Known for his value investing philosophy, Buffett has built a portfolio of successful investments across various industries, including insurance, energy, and consumer goods. His approach emphasizes long-term investments in undervalued companies with strong fundamentals. Despite his immense wealth, Buffett is renowned for his frugal lifestyle and commitment to philanthropy. He has pledged to give away 99% of his fortune to charitable causes, primarily through the Bill & Melinda Gates Foundation.

7. Larry Page – $137.6 billion

Larry Page, born on March 26, 1973, in East Lansing, Michigan, is an American computer scientist and Internet entrepreneur best known as the co-founder of Google. Page’s journey to becoming one of the world’s wealthiest individuals began at Stanford University, where he met Sergey Brin while pursuing his Ph.D. in computer science. Together, they developed the PageRank algorithm, which became the foundation for Google’s revolutionary search engine.

Page served as Google’s CEO from its inception in 1998 until 2001, and then again from 2011 to 2015. Under his leadership, Google expanded beyond search, venturing into mobile operating systems (Android), web browsers (Chrome), and various other technological domains. Page’s innovative vision and business acumen were instrumental in Google’s exponential growth and its transformation into Alphabet Inc., the parent company formed in 2015.

Despite stepping down from his executive roles at Alphabet in 2019, Page remains a board member and controlling shareholder. His wealth primarily stems from his stake in Alphabet, but he has also invested in flying car startups, demonstrating his continued interest in futuristic technologies. Page’s net worth of $137.6 billion is a testament to his significant contributions to the digital age and his ongoing influence in the tech industry.

8. Sergey Brin – $131.7 billion

Sergey Brin, born on August 21, 1973, in Moscow, Russia, immigrated to the United States with his family at the age of six to escape anti-Semitism. This early life experience shaped Brin’s perspective and later influenced his business decisions. Brin met Larry Page at Stanford University while pursuing his Ph.D. in computer science, and together they founded Google in 1998.

As the co-creator of the PageRank algorithm, Brin played a crucial role in developing Google’s search technology. He served as the president of technology at Google and later as the president of Alphabet Inc. when it was formed in 2015. Under Brin’s leadership, Google expanded into various technological domains, including artificial intelligence, self-driving cars, and biotechnology.

Brin stepped down from his executive role at Alphabet in 2019 but remains a controlling shareholder and board member. His wealth, estimated at $131.7 billion, is largely derived from his stake in Alphabet. Brin is also known for his philanthropic efforts, particularly in the field of Parkinson’s disease research, motivated by his mother’s diagnosis and his own genetic predisposition to the condition.

9. Amancio Ortega – $131.7 billion

Amancio Ortega, born on March 28, 1936, in Busdongo de Arbás, Spain, is the founder of Inditex, the parent company of the global fashion retailer Zara. Ortega’s rise to become one of the world’s wealthiest individuals is a remarkable story of entrepreneurship and innovation in the fast-fashion industry.

Ortega’s career in fashion began in 1963 when he founded Confecciones Goa to sell quilted bathrobes. In 1975, he opened the first Zara store with his then-wife Rosalía Mera. Ortega’s innovative approach to fashion retail, which focused on rapid turnaround of new styles and vertical integration of design, production, and distribution, revolutionized the industry.

Under Ortega’s leadership, Inditex expanded to include several other fashion brands, including Massimo Dutti, Bershka, and Pull&Bear. Despite his immense wealth, Ortega is known for his modest lifestyle and rarely gives interviews. He stepped down as chairman of Inditex in 2011 but remains a significant shareholder. Ortega’s wealth also includes substantial real estate investments in major cities worldwide.

10. Steve Ballmer – $125.8 billion

Steve Ballmer, born on March 24, 1956, near Detroit, Michigan, is an American businessman and investor best known for his long tenure at Microsoft and his ownership of the Los Angeles Clippers NBA team. Ballmer’s journey to becoming one of the world’s wealthiest individuals is closely tied to the rise of personal computing and Microsoft’s dominance in the software industry.

Ballmer joined Microsoft in 1980 as the company’s first business manager, hired directly by Bill Gates. Over the next two decades, he held various leadership positions within the company, eventually becoming President in 1998 and CEO in 2000. During his 14-year tenure as CEO, Ballmer oversaw significant growth in Microsoft’s revenue and profits, though the company faced challenges in adapting to new trends such as mobile computing and social media.

After retiring from Microsoft in 2014, Ballmer purchased the Los Angeles Clippers for $2 billion. He has since focused on philanthropic efforts through the Ballmer Group and has invested in various business ventures. Ballmer’s net worth of $125.8 billion is primarily derived from his substantial stake in Microsoft, which has seen significant growth in recent years.