 "Musk hits $400 bn milestone: A look at the wealthiest of the last century")
Elon Musk has made headlines again by becoming the first person in history to achieve a net worth exceeding $400 billion, according to the Bloomberg Billionaires Index. This milestone follows a substantial insider share sale at SpaceX, his aerospace venture, which added approximately $50 billion to his wealth.
The Bloomberg Billionaires Index estimates Musk’s current net worth at $447 billion, reflecting notable growth since the US Presidential elections last month.
In comparison, Amazon founder Jeff Bezos holds the second spot with a net worth of $249 billion, followed by Mark Zuckerberg in third place at $224 billion. Larry Ellison ranks fourth with $198 billion, while Bernard Arnault rounds out the top five at $181 billion.
Bloomberg Billionaires Index 2024
According to the latest Bloomberg Billionaires Index, here are the top five richest individuals as of December 2024:
1. Elon Musk ($447 billion)
As CEO of Tesla and SpaceX, Musk has revolutionised both the automotive and aerospace industries. His ventures focus on electric vehicles, space travel, and renewable energy solutions.
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2. Jeff Bezos ($249 billion)
The founder of Amazon, Bezos has transformed retail and cloud computing. His ventures now extend into space exploration with Blue Origin.
3. Mark Zuckerberg ($224 billion)
As co-founder and CEO of Meta Platforms (formerly Facebook), Zuckerberg oversees one of the largest social media networks globally, which includes Instagram and WhatsApp.
4. Larry Ellison ($198 billion)
Co-founder of Oracle Corporation, Ellison has played a pivotal role in the development of database software and cloud computing technologies.
5. Bernard Arnault ($181 billion)
The chairman of LVMH (Moet Hennessy Louis Vuitton), Arnault leads the luxury goods market with a portfolio that includes high-end fashion brands like Louis Vuitton and Dior.
The richest men over the last century:
1920s -1930s: John D Rockefeller
Net worth: $1.2 billion (1918)
Company: Standard Oil
John D Rockefeller was the first billionaire in history and dominated the oil industry through his company, Standard Oil, which revolutionised petroleum refining and distribution. His wealth was so vast that it represented about 1.6 per cent of the US economy at its peak. After his death in 1937, his legacy continued through various philanthropic endeavours, and his family remains influential today through foundations and investments.
1930s - 1940s: Henry Ford
Net worth: Estimated at $1 billion (1940)
Company: Ford Motor Company
Henry Ford transformed the automotive industry with the introduction of assembly line production techniques, making cars affordable for the average American. His company, Ford Motor Company, is still a major player in the automotive sector today, focusing on electric vehicles and sustainable practices as it adapts to modern demands.
1950s: HL Hunt
Net worth: $1 billion (1950)
Company: Hunt Oil Company
HL Hunt made his fortune in oil exploration and production, founding Hunt Oil Company. His business strategies laid the groundwork for modern oil extraction methods. Today, Hunt Oil continues to operate globally, focusing on exploration and production in various regions.
1960s: Howard Hughes
Net worth: Estimated at $1 billion (1960)
Company: Hughes Aircraft Company
Howard Hughes was an eccentric billionaire known for his ventures in aviation and film production. His company, Hughes Aircraft, was a major defence contractor until its acquisition by Raytheon in 1997. Today, Hughes remains a ‘symbol of innovation and complexity in American’ entrepreneurship.
1970s: Daniel Ludwig
Net worth: Estimated at $2 billion (1980)
Company: Ludwig Enterprises
Daniel Ludwig made his fortune in shipping and real estate development. His company played a significant role in maritime transport and later expanded into real estate ventures across the US. Ludwig's legacy continues through various real estate developments.
1980s: Sam Walton
Net worth: Estimated at $8.6 billion (1992)
Company: Walmart
Sam Walton founded Walmart, which grew into the world's largest retailer under his leadership. His focus on low prices and customer service revolutionised retail shopping. Walmart continues to thrive today as a global retail giant while also expanding into e-commerce.
1990s: Bill Gates
Net worth: $100 billion (1999)
Company: Microsoft
Bill Gates co-founded Microsoft, which became the largest software company in the world with its Windows operating system dominating personal computing. Gates has since shifted focus to philanthropy through the Bill & Melinda Gates Foundation, which addresses global health and education issues.
2000s: Warren Buffett
Net worth: Estimated at $62 billion (2008)
Company: Berkshire Hathaway
Warren Buffett is known as one of the most successful investors of all time. Through Berkshire Hathaway, he has acquired numerous companies across various sectors including insurance, utilities, and consumer goods. Buffett continues to lead Berkshire Hathaway while promoting value investing principles.
2010s: Jeff Bezos
Net worth: $177 billion (2021)
Company: Amazon
Jeff Bezos founded Amazon as an online bookstore that evolved into a global e-commerce powerhouse offering a wide range of products and services including cloud computing through Amazon Web Services (AWS). Bezos stepped down as CEO but remains involved as Executive Chairman while focusing on space exploration with Blue Origin.
2020s: Elon Musk
Net worth: $219 billion (2023)
Companies: Tesla, SpaceX
Elon Musk has gained prominence as a leading figure in both electric vehicles with Tesla and space exploration with SpaceX. His innovative approaches have significantly impacted the transportation and energy sectors globally.
[With agency inputs]