As an investment adviser with over two decades of experience in the financial world, I’ve witnessed the ebb and flow of wealth across global markets. Yet, nothing quite captures the imagination like the annual ranking of the world’s wealthiest individuals. The list for 2024 is particularly fascinating, showcasing not just astronomical figures, but the stories of innovation, perseverance, and sometimes sheer luck that have propelled these individuals to the pinnacle of financial success.
Whether you’re an aspiring entrepreneur, a curious investor, or simply intrigued by the machinations of wealth creation, this list offers valuable insights into the forces shaping our global economy.
So, let’s dive in and explore the stories behind the staggering fortunes of the top 10 richest people in the world in 2024 based on data from the Real-Time Billionaires List.
1. Elon Musk – $274.7 billion
Elon Musk, the visionary entrepreneur and innovator, continues to hold the title of the world’s richest person in 2024 with a staggering net worth of $274.7 billion. Born in Pretoria, South Africa, Musk showed an early aptitude for technology, buying his first computer at age 10. After graduating from the University of Pennsylvania with degrees in Physics and Economics, Musk embarked on a journey that would revolutionize multiple industries.
Musk’s wealth primarily stems from his involvement in several groundbreaking companies. He is the CEO of Tesla, the electric vehicle and clean energy company that has transformed the automotive industry. His roughly 13% stake in Tesla accounts for a significant portion of his wealth. Additionally, Musk is the founder and CEO of SpaceX, a private space exploration company that has made significant strides in reusable rocket technology.
In 2022, Musk added another feather to his cap by acquiring Twitter in a $44 billion deal, despite initial attempts to back out. His other ventures include Neuralink, a neurotechnology company, and The Boring Company, which aims to revolutionize transportation through underground tunnels. Musk’s unconventional approach to business and his ability to disrupt traditional industries have been key factors in his astronomical rise to the top of the world’s wealth rankings.
2. Larry Ellison – $211.7 billion
According to the Real-Time Billionaires List, Larry Ellison, the 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 becoming one of the wealthiest people on the planet is a testament to his entrepreneurial spirit and technological foresight.
Born in New York City in 1944 and raised in Chicago, Ellison’s path to success was not straightforward. After dropping out of two universities, he found his calling in the world of software development. In 1977, Ellison co-founded Software Development Laboratories, which later became Oracle Corporation. Under his leadership, Oracle grew from a start-up with three programmers into the largest supplier of database software and the second-largest supplier of business applications globally.
Ellison’s wealth is primarily tied to his approximately 40% stake in Oracle. The company’s recent surge in stock price, driven by strong earnings and strategic partnerships in cloud computing, has significantly boosted Ellison’s net worth. Beyond Oracle, Ellison is known for his lavish lifestyle, including owning 98% of the Hawaiian island of Lanai and making substantial investments in luxury real estate.
3. Jeff Bezos – $205.6 billion
Jeff Bezos, the founder and executive chair of Amazon, ranks as the third-richest person in the world with a net worth of $205.6 billion. Bezos’s journey to becoming one of the wealthiest individuals on the planet is closely tied to the meteoric rise of Amazon, the e-commerce giant he founded in 1994.
After graduating from Princeton University with degrees in computer science and electrical engineering, Bezos worked on Wall Street before being inspired by the rapid growth of the internet in the early 1990s. He founded Amazon as an online bookstore, operating out of his garage. Under his leadership, Amazon expanded far beyond books, becoming the “everything store” and a leader in cloud computing with Amazon Web Services (AWS).
Bezos’s wealth primarily comes from his 12.3% stake in Amazon, which continues to be a dominant force in e-commerce and cloud computing. In addition to Amazon, Bezos owns The Washington Post and Blue Origin, a space exploration company that successfully completed its first crewed flight in 2021. Known for his long-term thinking and customer-centric approach, Bezos has consistently reinvested in Amazon, driving its growth and innovation across multiple sectors.
4. Mark Zuckerberg – $198.3 billion
Mark Zuckerberg, the co-founder and CEO of Meta Platforms (formerly Facebook), has solidified his position as one of the world’s wealthiest individuals with a net worth of $198.3 billion. Born on May 14, 1984, in White Plains, New York, Zuckerberg’s journey to tech stardom began in his Harvard dorm room where he created Facebook in 2004.
Under Zuckerberg’s leadership, Facebook has grown into a global social media powerhouse, with Meta Platforms now encompassing other major platforms like Instagram and WhatsApp. His wealth is primarily tied to his approximately 13% stake in Meta Platforms, which has seen significant growth over the years. Despite facing numerous challenges, including privacy concerns and regulatory scrutiny, Zuckerberg has continued to innovate and expand Meta’s reach into areas such as virtual reality and artificial intelligence.
Zuckerberg is also known for his philanthropic efforts. Along with his wife, Priscilla Chan, he established the Chan Zuckerberg Initiative in 2015, pledging to donate 99% of their Facebook shares to causes focused on health, education, and community development. Despite his immense wealth, Zuckerberg is known for living relatively modestly, often seen in simple attire and driving modest vehicles. His influence extends beyond the tech world, as he’s consistently been named one of Time magazine’s most influential people in the world.
5. Bernard Arnault & family – $173.3 billion
Bernard Arnault, the French business magnate, and his family hold the fifth position on the list of the world’s wealthiest individuals with a net worth of $173.3 billion. Arnault is the chairman and CEO of LVMH Moët Hennessy Louis Vuitton, the world’s largest luxury goods company.
Arnault’s empire encompasses over 70 distinguished brands, including Louis Vuitton, Dior, Hennessy, and Bulgari. His strategic acquisitions and keen business acumen have transformed LVMH into a global powerhouse in the luxury market. Arnault owns about 48% of the luxury conglomerate, which has been a significant source of his wealth.
However, the luxury market has faced challenges in recent times. Since the start of 2024, Arnault’s net worth has decreased by $30 billion, making him the biggest loser on the list year-to-date. This decline is largely attributed to a 20% drop in LVMH’s stock price, reflecting broader challenges in the luxury goods sector.
6. Warren Buffett – $143 billion
Warren Buffett, often referred to as the “Oracle of Omaha,” holds the sixth position among 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 investments and a long-term value investing strategy.
Born in 1930, Buffett showed an early aptitude for business and investing, filing his first tax return at the age of 13. However, the vast majority of his wealth was accumulated after his 50th birthday, demonstrating the power of compound interest and patient investing.
Despite his immense wealth, Buffett is known for his frugal lifestyle. He still lives in the same Omaha home he purchased in 1958 for $31,500, and his annual salary from Berkshire Hathaway has remained at $100,000 for the past 40 years. Buffett is also a notable philanthropist, having pledged to give away 99% of his wealth during his lifetime or upon his death. As of 2023, he had already donated shares worth about $50 billion at the time of donation.
Buffett’s investment philosophy and business acumen have made him one of the most respected figures in the financial world. His annual shareholder letters and meetings are widely followed for insights into the economy and investment strategies.
7. Larry Page – $137.6 billion
Larry Page, the co-founder of Google and former CEO of its parent company Alphabet, has amassed a fortune of $137.6 billion. Born on March 26, 1973, in East Lansing, Michigan, Page showed an early interest in technology, influenced by his computer science professor parents. He met Sergey Brin at Stanford University while pursuing his Ph.D., and together they created Google in 1998, revolutionizing internet search and digital advertising.
Page served as Google’s CEO from 2011 to 2015 and as CEO of Alphabet from 2015 to 2019. Under his leadership, Google expanded beyond search into various technology sectors, including mobile operating systems (Android), video sharing (YouTube), and cloud computing.
Page’s wealth primarily stems from his significant stake in Alphabet, Google’s parent company.
Known for his innovative thinking, Page has been a driving force behind many of Google’s ambitious projects, including self-driving cars and Google Glass. Despite stepping down from his executive role, Page remains a board member and controlling shareholder of Alphabet, continuing to influence the company’s long-term strategy and technological vision.
8. Sergey Brin – $131.7 billion
Sergey Brin, the co-founder of Google alongside Larry Page, has a net worth of $131.7 billion as of 2024. Born in Moscow in 1973, Brin immigrated to the United States with his family at the age of six. He met Larry Page at Stanford University while pursuing his Ph.D. in computer science, and together they founded Google in 1998.
Brin served as the president of Google’s parent company, Alphabet Inc., until stepping down from the role on December 3, 2019. Despite this, he remains a controlling shareholder and board member of Alphabet. Brin’s wealth, like Page’s, is largely tied to his stake in Alphabet.
Known for his interest in cutting-edge technology, Brin has been involved in various innovative projects at Google, including the development of Google Glass. He has also shown interest in space exploration and has invested in Space Adventures, a space tourism company. Brin’s curiosity and investments extend beyond Google, including funding for a high-tech airship project and ventures into blockchain technology.
9. Amancio Ortega – $131.7 billion
Amancio Ortega, the Spanish fashion tycoon, has a net worth of $131.7 billion, making him one of the wealthiest individuals in Europe. Born on March 28, 1936, in Busdongo de Arbás, Spain, Ortega’s rise to fortune is a testament to his entrepreneurial spirit and innovative approach to fashion retail.
Ortega is the founder and former chairman of Inditex fashion group, best known for its chain of Zara clothing and accessories shops. He started his career in the textile industry at the age of 14, working as a shop hand for a local shirtmaker. In 1975, he opened the first Zara store with his then-wife Rosalía Mera.
Under Ortega’s leadership, Inditex has grown into the world’s largest fashion retailer, operating over 7,400 stores worldwide. The company’s success is largely attributed to its “fast fashion” model, which allows for rapid design, production, and distribution of clothing. Despite stepping down as chairman in 2011, Ortega remains the largest shareholder of Inditex and continues to play a significant role in the company’s strategic decisions.
10. Steve Ballmer – $125.8 billion
Steve Ballmer, the former CEO of Microsoft and current owner of the Los Angeles Clippers NBA team, has a net worth of $125.8 billion. Born on March 24, 1956, in Detroit, Michigan, Ballmer’s journey to becoming one of the world’s wealthiest individuals is closely tied to his long association with Microsoft.
Ballmer joined Microsoft in 1980 as the company’s 30th employee and first business manager hired by Bill Gates. He served as CEO of Microsoft from 2000 to 2014, overseeing the company’s transition from a software-focused business to a more diversified technology corporation. During his tenure, Microsoft’s annual revenue surged from $23 billion to $77 billion.
The vast majority of Ballmer’s wealth comes from his 333.3 million shares of Microsoft stock, which represent about 4% of the company’s total outstanding shares. Interestingly, as of July 2024, Ballmer’s net worth surpassed that of Microsoft co-founder Bill Gates for the first time, largely due to Microsoft’s surging stock price amid the AI boom.
Despite his immense wealth, Ballmer is known for his relatively modest lifestyle. He still drives a Ford in honor of his father, who was a Ford manager. Ballmer is also recognized for his philanthropic efforts, particularly in education and efforts to improve government transparency.