In 2024, U.S. billionaires saw a significant increase in net worth, driven by the thriving tech industry. According to Bloomberg's Billionaires Index, nine of the top ten net worth gainers this year were U.S. citizens. Elon Musk, CEO of SpaceX, Tesla (TSLA, Financial), and X platform, saw his net worth soar by $222 billion to $451 billion, largely due to an 81% rise in Tesla's shares.
The combined net worth of top billionaires, including Mark Zuckerberg and Jeff Bezos, increased by $730 billion. This surge highlights the growing impact of technology on the global economy. The wealth accumulation coincided with Donald Trump's re-election and a booming U.S. stock market, raising concerns about economic inequality.
While tech billionaires thrived, the luxury sector faced declines, with LVMH's Bernard Arnault and L'Oréal's Françoise Bettencourt Meyers seeing significant reductions in their wealth. Analysts warn of potential risks similar to the early 2000s internet bubble.
