10 Richest Individuals in the World for 2024
As an accountant with a keen interest in global wealth trends, I’ve always been fascinated by the financial journeys of the world’s most affluent individuals. Each year, I eagerly anticipate the release of the latest rankings of the world’s richest people, analyzing the shifts in their net worth and the factors driving these changes. The list for 2024 is particularly intriguing, showcasing the continued dominance of tech moguls alongside traditional business tycoons.
Based on data from the Real-Time Billionaires List, we’ll delve into the lives and fortunes of the top 10 wealthiest people on the planet as of 2024. From innovative entrepreneurs who’ve revolutionized entire industries to savvy investors who’ve built diverse business empires, these individuals represent the pinnacle of financial success in our modern economy.
1. Elon Musk – $274.7 billion
Elon Musk, the enigmatic 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 in 1971, Musk showed an early aptitude for technology and entrepreneurship. He moved to the United States to attend university, eventually founding X.com, which later became PayPal.
Musk’s fortune stems primarily from his leadership roles in several groundbreaking companies.
As the CEO of Tesla, he revolutionized the electric vehicle industry and played a crucial role in advancing sustainable energy solutions. His aerospace company, SpaceX, has made significant strides in commercial space travel and satellite internet technology. In 2022, Musk acquired Twitter (now X) for $44 billion, adding social media to his diverse portfolio of interests.
Known for his ambitious goals and controversial statements, Musk has become a polarizing figure in the business world. His ventures extend beyond Earth, with plans for Mars colonization through SpaceX. Despite facing regulatory challenges and public scrutiny, Musk’s companies continue to push technological boundaries, solidifying his position at the top of the global wealth rankings.
2. Larry Ellison – $211.7 billion
Larry Ellison, the co-founder and executive chairman of Oracle Corporation, holds the second spot on the list of the world’s wealthiest individuals with a net worth of $211.7 billion. Born in New York City in 1944, Ellison’s journey to becoming a tech titan is a testament to his perseverance and vision.
Ellison co-founded Oracle in 1977, which grew to become one of the largest software companies in the world. Under his leadership, Oracle revolutionized database management systems and became a dominant force in enterprise software. Although he stepped down as CEO in 2014, Ellison remains heavily involved in the company as executive chairman and chief technology officer.
Beyond Oracle, Ellison has made significant investments in other tech companies and real estate. His portfolio includes substantial stakes in Tesla and his own Hawaiian island, Lanai. Ellison’s recent surge in wealth can be attributed to Oracle’s strong performance in the cloud computing market, which has driven up the company’s stock price.
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 of the world’s richest people with a net worth of $205.6 billion. Born in Albuquerque, New Mexico in 1964, Bezos founded Amazon in 1994 as an online bookstore, which he grew into the world’s largest e-commerce and cloud computing company.
Bezos’s wealth is primarily tied to his Amazon shares, which have seen significant growth over the years as the company expanded into various sectors, including cloud computing, artificial intelligence, and digital streaming. In addition to Amazon, Bezos owns The Washington Post and the space exploration company Blue Origin.
Although he stepped down as CEO of Amazon in 2021, Bezos remains influential in the company’s strategic decisions as executive chairman. His other ventures include investments in various startups through his personal investment company, Bezos Expeditions. Despite fluctuations in Amazon’s stock price and his high-profile divorce in 2019, Bezos has maintained his position among the world’s wealthiest individuals.
4. Mark Zuckerberg – $198.3 billion
Mark Zuckerberg, the co-founder and CEO of Meta Platforms (formerly Facebook), has a net worth of $198.3 billion as of October 2024, making him the fourth richest person in the world. Born on May 14, 1984, in White Plains, New York, Zuckerberg showed an early aptitude for computer programming.
Zuckerberg’s journey to becoming a tech titan began in his Harvard dorm room, where he launched Facebook in 2004 at the age of 19. Under his leadership, Facebook has grown into a global social media powerhouse, with nearly 3 billion monthly active users by 2023. The company went public in 2012, with Zuckerberg retaining about 12% of the stock.
His wealth primarily stems from his significant stake in Meta Platforms, which includes popular platforms like Facebook, Instagram, and WhatsApp. Despite facing numerous controversies and regulatory challenges, Zuckerberg has continued to innovate and expand Meta’s reach, including ventures into virtual and augmented reality.
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.
5. Bernard Arnault & family – $173.3 billion
Bernard Arnault, the French business magnate, is the chairman and CEO of LVMH (Moët Hennessy Louis Vuitton), the world’s largest luxury goods company. As of July 2024, Arnault’s net worth was estimated at $200 billion, though this figure has since decreased to $173.3 billion due to market fluctuations.
Born on March 5, 1949, in Roubaix, France, Arnault has built an empire of over 70 brands including Louis Vuitton, Dior, and Tiffany & Co. His business acumen has been evident throughout his career, from his early days in his family’s construction business to his strategic acquisitions in the luxury sector.
Arnault’s wealth is primarily tied to his 48% ownership of LVMH. His business strategy often involves acquiring and revitalizing iconic luxury brands, as exemplified by the $16 billion acquisition of Tiffany & Co. in 2021, the largest in luxury brand history.
Despite recent market challenges affecting the luxury goods sector, Arnault remains a dominant figure in the industry. His family is deeply involved in the business, with all five of his children holding significant roles within LVMH, ensuring the company’s continuity under family control.
6. Warren Buffett – $143 billion
Warren Buffett, often referred to as the “Oracle of Omaha,” is one of the most successful investors in history. As of August 2024, his net worth stands at $143 billion, placing him sixth on the list of the world’s wealthiest individuals.
Born on August 30, 1930, in Omaha, Nebraska, Buffett showed an early interest in business and investing. He purchased his first stock at age 11 and filed his first tax return at 13. After studying under Benjamin Graham at Columbia University, Buffett began his investment career, eventually taking control of Berkshire Hathaway in 1965.
The vast majority of Buffett’s wealth is tied to his ownership of Berkshire Hathaway, a conglomerate that owns a diverse portfolio of businesses and investments. Despite his immense wealth, Buffett is known for his frugal lifestyle, still living in the same Omaha house he purchased in 1958 for $31,500.
Buffett became a billionaire in 1985 at the age of 55, and his net worth has continued to grow significantly since then. He is also renowned for his philanthropy, having pledged to give away 99% of his wealth to charitable causes.
Buffett’s investment philosophy, focusing on value investing and long-term growth, has made him an icon in the financial world. His annual shareholder meetings, often called the “Woodstock of Capitalism,” attract tens of thousands of attendees seeking his wisdom and insights.
7. Larry Page – $137.6 billion
Larry Page, born on March 26, 1973, is an American computer scientist and internet entrepreneur best known for co-founding Google with Sergey Brin. Page’s journey to becoming one of the world’s wealthiest individuals began at Stanford University, where he met Brin while pursuing his Ph.D. in computer science.
In 1998, Page and Brin founded Google, revolutionizing internet search and digital advertising. Page served as Google’s CEO from 2011 to 2015, when he became CEO of Alphabet Inc., Google’s parent company. Under his leadership, Google expanded beyond search into various technology sectors, including mobile operating systems (Android), video sharing (YouTube), and cloud computing.
Page stepped down as Alphabet’s CEO in December 2019 but remains a board member and controlling shareholder. His wealth primarily stems from his stake in Alphabet. Beyond Google, Page has invested in flying car startups Kitty Hawk and Opener, showcasing his interest in futuristic transportation technologies.
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. Like his Google co-founder Larry Page, Brin’s path to immense wealth began at Stanford University, where he was pursuing a Ph.D. in computer science.
Brin served as the president of Google’s parent company, Alphabet Inc., until stepping down from the role on December 3, 2019. Despite leaving his executive position, Brin remains a controlling shareholder and board member of Alphabet.
Beyond his work at Google and Alphabet, Brin has shown interest in various technological and philanthropic endeavors. He has invested in space tourism and airship technologies, demonstrating his passion for futuristic transportation methods. In October 2023, Brin’s airship company, LTA Research & Exploration LLC, received clearance for flight testing of its 124-meter long flagship, Pathfinder 1.
9. Amancio Ortega – $131.7 billion
Amancio Ortega, born on March 28, 1936, in Villamanín, Spain, is the founder of Inditex, the parent company of the globally renowned fashion brand Zara. Ortega’s journey to becoming one of the world’s wealthiest individuals is a testament to his entrepreneurial spirit and innovative approach to retail.
Ortega’s career in fashion began humbly as a delivery boy for a local shirtmaker. In 1975, he opened the first Zara store in La Coruña, Spain, with his then-wife Rosalía Mera. The success of Zara led to the establishment of the Inditex Group in 1985, which now encompasses several popular fashion brands.
Under Ortega’s leadership, Inditex pioneered the concept of “fast fashion,” revolutionizing the retail industry with rapid production and distribution of trendy, affordable clothing. Today, Inditex operates over 7,000 stores across 96 countries.
Despite his immense wealth, Ortega is known for maintaining a low profile and living a relatively modest lifestyle. He stepped down as chairman of Inditex in 2011 but remains a significant shareholder. In addition to his fashion empire, Ortega has substantial real estate holdings worldwide, contributing to his vast fortune.
10. Steve Ballmer – $125.8 billion
Steve Ballmer, born on March 24, 1956, is an American businessman and investor best known for his long tenure at Microsoft and his current ownership of the Los Angeles Clippers NBA team. Ballmer’s path to wealth began when he joined Microsoft in 1980 as the company’s 30th employee and first business manager.
Ballmer served as the CEO of Microsoft from 2000 to 2014, leading the company through a period of significant growth and transformation. During his tenure, Microsoft’s annual revenue surged from $25 billion to $70 billion, and its net income increased by 215% to $23 billion.
After retiring from Microsoft in 2014, Ballmer purchased the Los Angeles Clippers for $2 billion, the second-highest bid for a sports franchise in North American sports history at the time. He has since been actively involved in the team’s management and has invested in improving its facilities and operations.
Beyond his business ventures, Ballmer is involved in philanthropy through the Ballmer Group, which he co-founded with his wife. The organization focuses on improving economic mobility for children and families in the United States. Ballmer also leads USAFacts, a non-profit project aimed at improving transparency in government spending and outcomes.
Ballmer’s wealth primarily stems from his significant stake in Microsoft, which he has retained since leaving the company. His net worth has continued to grow, propelled by Microsoft’s strong performance in the stock market and his savvy investments.