 "mark zuckerberg")
The Hurun Research Institute has released the "Hurun Global Rich List 2024". Among global billionaires, Tesla CEO, Elon Musk, has re-emerged as the richest man, boasting a fortune of $231 billion. Two new entrants, Mark Zuckerberg of Meta, with a fortune of $158 billion, and ex-Google CEO Larry Page, with $123 billion, have joined the elite top 10, displacing Bertrand Puech of Hermes and Francoise Bettencourt Meyers of L’Oreal.
Top 10 wealth magnates
1. Elon Musk ($231 billion): Musk's wealth, rooted in his ventures Tesla and SpaceX, has seen an impressive surge, reinstating him as the world's richest for the third time in four years. His businesses have thrived on the back of innovative technology and strategic government contracts.
2. Jeff Bezos ($185 billion): Amazon's cloud computing arm has propelled Bezos to a 57% increase in wealth, overcoming past losses and securing him the second spot on the list.
3. Bernard Arnault ($175 billion): Despite losing more wealth than any other billionaire this year, Arnault's fortune in the luxury sector places him third, though LVMH lost its status as Europe's most valuable business to Novo Nordisk.
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4. Mark Zuckerberg ($158 billion): As the biggest gainer this year, Zuckerberg's wealth more than doubled, thanks to Meta's shares skyrocketing, landing him in fourth place.
5. Larry Ellison ($144 billion): Ellison's strategic moves with Oracle, particularly in expanding cloud services and acquisitions, boosted his wealth by $44 billion, placing him fifth.
6. Warren Buffett ($144 billion): Known for his philanthropic efforts and modest living despite his wealth, Buffett maintains his position with a fortune amassed from diverse investments.
7. Steve Ballmer ($143 billion): With a 41% increase in wealth, primarily from Microsoft shares, Ballmer moves up to seventh place.
8. Bill Gates ($138 billion): Gates, focusing on investments, has seen a 25% increase in his wealth, securing the eighth spot.
9. Larry Page ($123 billion): Page's interest in kiteboarding and his investments have seen his wealth jump by 64%, taking him to ninth place.
10. Mukesh Ambani ($115 billion): Ambani's wealth increased by 40%, despite dropping one spot.
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This group added $426 billion to their coffers, signifying 56% of the year's total new wealth and collectively worth $1.5 trillion. Eight of the wealthiest individuals hail from the US, with one each from France and India. Bernard Arnault was the sole figure among the Hurun Top 10 to witness a decline in his wealth.
Biggest wealth gainers
Apart from Zuckerberg and Musk, other notable gainers include:
— Larry Ellison: His fortune grew by $44 billion, thanks to Oracle's aggressive expansion.
— Steve Ballmer enjoyed a 41% wealth increase, bolstering his standing.
— Jeff Bezos: With a $67-billlion increase, Bezos has significantly recovered from previous losses.
— Larry Page: A $48 billion increase has solidified his top ten position.
— Jensen Huang of Nvidia: Doubled his wealth to $48 billion, entering the Hurun Top 30.
— Huang Zheng of Pinduoduo: Saw his fortune rise by $22 billion, propelled by his company's growth.
— American billionaire Ken Fisher: His wealth grew by $3 billion, thanks to US stock markets.
— Belgian billionaire Eric Wittouck's wealth increased by $2.5 billion
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Who lost significantly?
1. Bernard Arnault lost $27 billion
2. Francois Pinault of Kering and Leonard Lauder of Estee Lauder also faced substantial losses in the luxury sector.
3. Laurene Powell Jobs & family saw a decrease due to a drop in Walt Disney shares and a revaluation of her wealth.
4. Robin Zeng of CATL lost $12 billion amidst a tough year for China’s renewables.
5. Real estate woes led to a $10.8 billion decrease in Wang Jianlin's wealth
6. Carl Icahn faced a $9.4 billion loss amid financial leverage concerns.
7. Wang Wenying of Amer experienced significant financial distress, leading to his exit from the list.
8. Rene Benko fell off the list after Sigma Holdings declared bankruptcy, previously worth $5.6 billion.
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1,933 individuals witnessed a spike in their wealth. A rebound in industries like automotive and high-tech startups has propelled many to newfound wealth or recouped previous losses. Meanwhile, 1,346 individuals saw a decrease in their fortunes.
Where do the billionaires live?
Despite a reduction of 155 billionaires, China maintains its lead as the global hub for billionaires, boasting 814. Hot on its heels is the United States with 800 billionaires, having increased its tally by 109. Together, China and the US account for 49% of the global billionaire population, a decrease of 4%.
India has seen a significant increase, adding 84 billionaires, nearly doubling the tally in the United Kingdom. Brazil, Indonesia, and Japan have experienced positive growth, in contrast to China's decline.
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On the city front, New York has reclaimed its position as the premier city for billionaires, with London ascending to the second place.
Mumbai emerged as the city with the quickest growth in billionaire numbers, adding 26 over the year, making it third globally and the leading city for billionaires in Asia. New Delhi has entered the Top 10 for the first time, while Palm Beach, Istanbul, Mexico City, and Melbourne have made their debut in the Hurun Report's Top 30 Cities list.
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