Bernard Arnault has lost more money than any other billionaire this year, while Elon Musk’s fortune has nearly doubled.Chesnot/Getty Images; Marc Piasecki/Getty Images
However, some luxury titans are losing billions amid the industry’s downturn.
Here are the winners and losers of the year’s biggest billionaires, according to their net worth.
2024 was a good year to be a billionaire.
The S&P 500 is up 25% this year, and the Nasdaq is up 33%. The uber-rich, many of whom are invested in companies on every index, benefited greatly.
The top five billionaires in 2024 saw their fortunes rise to $542 billion. Bloomberg Billionaires Index: as of December 27.
These billionaires all come from the tech industry, where AI fever and a post-election rally pushed many stocks to all-time highs.
However, there were those whose fortunes suffered. Some billionaires with money coming in luxury retailwhich struggled this year, lost double-digit billions.
Here are the billionaires who gained and lost the most this year, and how much their wealth changed as of December 27.
The biggest winners of the year are…
Elon Musk, $239 billion richer
Musk, who supported Donald Trump’s election campaign, became richer by 200 billion dollars after the election.Getty Images:
Elon MuskThe $468 billion net worth nearly doubled in 2024 due to the stock market rally following Donald Trump’s election victory, making him over $200 billion richer since Election Day.
His ability is mostly made up Tesla shares and equity in SpaceX Although electric car sales have slowed, Tesla’s stock price is up more than 70% this year. SpaceXMeanwhile, its value has doubled in the past year and is now worth $350 billion.
Musk, who has contributed more than $200 million to Trump’s re-election effort, has become an adviser to the president-elect, who has tapped him and Vivek Ramaswamy to lead his newly created Office of Government Efficiency. Investors are convinced that his relationship with the commander-in-chief will benefit his companies.
Mark Zuckerberg, $85 billion richer
Zuckerberg, Meta’s largest individual shareholder, saw his wealth rise thanks to a strong year for the company.@zuck via Instagram
Mark Zuckerberg riding Meta’s strong year of success The CEO, who is worth $213 billion, owns about 13% of the company’s stock, making him its largest individual shareholder.
meta the stock price has risen more than 70% this year, thanks to its strong advertising business and more towards AI.The company announced its first dividend in February, and its shares have hit record highs several times this year.
Jensen Huang, $78 trillion rich
A newly minted centenarian, Huang has become one of the most prominent figures in the AI ​​industry.I-hwa Cheng/Getty
The artificial intelligence boom created a new centenarian this year in Jensen Huang, who has a net worth of $122 billion.
The CEO and co-founder of Nvidia owns about 3.5% of the company, whose share price has risen more than 175% year-to-date thanks to his dominance. AI chip industry.
Larry Ellison, $70 billion richer
Larry Ellison, billionaire founder of Oracle.Philip Faraone/Getty Images
Larry Ellison, whose net worth is $193 billion, is the company’s founder and chief technology officer Oracle:.
Shares of the database software company, which make up the largest share of its net worth, are up more than 60% year over year, thanks to its cloud applications and infrastructure that can be used to train artificial intelligence.
Ellison also owns more than 1% of Tesla’s shares, which is worth $20 billion, according to Bloomberg.
Jeff Bezos, $69 billion richer
Jeff Bezos remains Amazon’s largest shareholder and has benefited from the company’s 2024 rally.Evgeny Gologursky/Getty Images for The New York Times
Jeff BezosThe Amazon co-founder remains the company’s largest individual shareholder, owning nearly 9% of the $2.4 trillion company, and his stake in the retail and tech behemoth is more than 80% of its $246 billion fortune.
of Amazon shares, up more than 45% year-over-year, have surged since Trump’s election.The company has also benefited from its leadership in e-commerce and cloud computing.
Meanwhile, some billionaires have taken a big hit to their fortunes.
Bernard Arnault, $31 billion poorer
According to the numbers, Arno is the biggest billionaire loser of the year.Tefano Rellandini/Getty Images
This year was one of the worst luxury years in recent memory, and Bernard Arnault has an 11-digit loss.
The $176 billion LVMH chief executive owns a 48% stake in the company that owns brands such as Louis Vuitton and Christian Dior.Luxury labels have struggled this year, particularly in China, which has experienced real estate crisis and high youth unemployment.
Colin Huang’s fortune came from Temu, the fast fashion retailer he founded.VCG/Getty Images
Almost everyone Colin Huang His $35 billion fortune is his stake in Pinduoduo, the parent company of fast-fashion retailer Temu, whose shares have fallen more than 30% this year.
in august ahead said it expects profits to decline in the future due to increased competition and changing consumer sentiment.The company took another hit after Trump’s victory, given the uncertainty over how future rates may affect sales.
Francois Pinault, $14 billion poorer
Francois Pinault founded luxury group Kering, whose shares have plummeted this year.REUTERS/Charles Plateau
Francois Pinot’s fortune is another casualty of the luxury slump this year.
He founded the Kering luxury group, which includes brands such as Balenciaga, Gucci:and Saint Laurent, and most of his $22 billion net worth is tied up in a company whose stock is down more than 40% year-to-date.
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