Bernard Arnault lost more money than any other billionaire this year — while Elon Musk’s fortune nearly doubled.
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2024 Billionaire Winners and Losers: A Year of Contrasts
As we dive into the financial landscape of 2024, it’s clear that while the rich have largely gotten richer, not everyone has enjoyed the sunny days of profit. The stark contrast in fortunes among billionaires this year tells a compelling story.
Market Dynamics: The Rich Got Richer
The S&P 500 surged by 25%, with the Nasdaq soaring 33% in the post-election aftermath—factors that contributed to significant wealth gains among tech billionaires. Collectively, the top five billionaire gainers saw their fortunes rise by an eye-popping $542 billion, mainly driven by the booming technology sector and an increasing interest in artificial intelligence (AI) stocks.
These billionaires, buoyed by the AI fever, witnessed their companies hit all-time high stock prices as the market rallied behind innovative tech advancements and the reforms expected from a new political administration.
Highlighting the Winners
1. Elon Musk: +$239 Billion
Elon Musk’s fortune was nearly doubled this year, with his net worth now at an impressive $468 billion. Mainly driven by Tesla’s soaring stock prices—up over 70%—and a critical stake in SpaceX, Musk benefited greatly from the market’s favorable climate post-election.
Musk’s relationship with the incoming administration has sparked optimism, making him an advisor to the newly minted president. His outreach included raising more than $200 million for the campaign, hinting at a potential influence over upcoming regulatory changes that could favor his ventures.
2. Mark Zuckerberg: +$85 Billion
Mark Zuckerberg enjoyed a fruitful year, boosting his net worth to $213 billion thanks to Meta’s stock skyrocketing over 70% amid a strong advertising resurgence and advancements in AI technologies. The announcement of dividends for the first time in Meta’s history reflects a pivot toward more shareholder-friendly policies, further enticing investors.
3. Jensen Huang: +$78 Billion
Nvidia’s CEO Jensen Huang is now a centibillionaire with a net worth of $122 billion, due to his company’s dominant position in the AI chip market. Nvidia’s share price has surged over 175% as the demand for AI infrastructure skyrocketed, solidifying Huang’s status as a key player in this booming industry.
4. Larry Ellison: +$70 Billion
The Oracle founder’s net worth climbed to $193 billion, thanks to the company’s stock benefitting from impressive cloud application performances. Oracle’s advancement in AI training solutions drew investor interest, pulling its share price up more than 60% this year.
5. Jeff Bezos: +$69 Billion
Amazon, under Jeff Bezos’s dominance, rallied over 45% after Trump’s election victory. Bezos’s stake in the $2.4 trillion company, constituting more than 80% of his fortune, has been a fortress, ensuring his financial standing in this changing economic landscape.
The Other Side of the Coin: Major Losers
While many billionaires bask in newfound wealth, the luxury sector has faced a downturn that has hit some hard:
1. Bernard Arnault: -$31 Billion
In stark contrast to the tech boom, Bernard Arnault, CEO of LVMH, lost $31 billion this year, bringing his net worth down to $176 billion. The luxury sector has struggled, particularly in China, which has grappled with a real estate crisis impacting consumer confidence in high-end goods.
2. Françoise Bettencourt Meyers: -$25 Billion
The heir to the L’Oréal fortune saw a significant drop in her wealth to $75 billion due to declining sales in China, with the company’s stock down over 26% this year.
3. Carlos Slim: -$23 Billion
Mexican billionaire Carlos Slim experienced a $23 billion reduction in wealth, primarily due to faltering telecommunications stocks, specifically that of América Móvil.
4. Colin Huang: -$17 Billion
The founder of Temu, Huang’s fortune diminished as his stake in Pinduoduo lost over 30% value amid rising competition and shifting consumer sentiments.
5. François Pinault: -$14 Billion
Finally, François Pinault of Kering, the parent of luxury brands such as Gucci and Balenciaga, saw his net worth diminish amid plummeting stock prices in the luxury sector, which fell over 40% this year.
Conclusion: A Year of Divergence
2024 has proven to be a year of extremes within the billionaire ranks. Tech moguls leveraged an AI-driven market, while those tied to luxury retail faced significant losses. It’s a poignant reminder of the ever-shifting tides of the financial world, where today’s winners can quickly become tomorrow’s losers.
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