The net worth of billionaires in 2024 has been influenced by developments in technology, artificial intelligence, and shifts in global markets following political changes.
Key contributors to these shifts include the growth of the AI sector, adjustments in Federal Reserve interest rates, and the outcome of the U.S. presidential election.
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Between March 8 and November 21, notable trends emerged, highlighting the top three gainers and losers in billionaire wealth. This analysis considers net worth figures as of November 21, before the opening of U.S. markets.
According to Forbes, here are 3 billionaires gainers in 2024
1. Elon Musk
Elon Musk regained his position as the richest person in the world in 2024, driven by significant growth in Tesla’s stock. Since 8 March, his net worth has increased by $120.7 billion, reaching $315.7 billion by 21 November.
Tesla’s share price surged by 93.7% during this period, closing at $339.6. The company’s market capitalisation exceeded $1.1 trillion on 8 November for the first time since early 2022. This milestone coincided with Donald Trump’s victory in the United States presidential election on 5 November, which led to a 35.1% rise in Tesla’s stock over the following 16 days.
Musk played a pivotal role in Trump’s campaign and was appointed, alongside Vivek Ramaswamy, to lead the newly established Department of Government Efficiency. This announcement further boosted Tesla’s stock performance.
Musk’s wealth growth reflects his leadership across various ventures, including Tesla, SpaceX, and the artificial intelligence firm xAI. He has co-founded seven companies, cementing his influence across multiple industries.
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2. Larry Ellison
Larry Ellison’s wealth grew by $92.2 billion in 2024, making him the second-largest gainer among billionaires. By 21 November, his net worth reached $233.2 billion, placing him as the second-richest person globally.
Oracle, the technology company Ellison co-founded in 1977, experienced significant growth during this period. Its stock price increased by 71.2%, closing at $192.4. Oracle reported a 21% year-on-year rise in net income for Q1 of its 2025 financial year, ending August 2024, reaching $2.9 billion.
Ellison, who owns about 40% of Oracle, continues to serve as its chairman and chief technology officer. His long-standing leadership and strategic decisions have kept Oracle at the forefront of the tech industry.
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3. Jensen Huang
Jensen Huang’s net worth grew by $50.2 billion in 2024, elevating him to ninth place on the global billionaires list with a total wealth of $127.2 billion. This growth was driven by a 67.6% increase in NVIDIA’s stock price, which closed at $146.7 on 21 November.
NVIDIA achieved a market capitalisation of $3.6 trillion, surpassing Apple’s $3.5 trillion valuation to become the world’s most valuable company. The demand for AI accelerators, a key semiconductor technology designed by NVIDIA, drove this growth. These accelerators power applications such as OpenAI’s ChatGPT, with NVIDIA producing about 75% of the global supply.
NVIDIA’s prominence in the technology sector was further highlighted when it replaced Intel in the Dow Jones Industrial Average on 8 November. Huang, who founded NVIDIA in 1993, has played a critical role in its expansion and leadership in AI and graphics technologies.
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