Each of the world’s wealthiest people have and will continue taking a unique approach to building their fortune. Even so, they – and investors of all sizes – all share a need to holistically understand and monitor the performance of their diverse assets. The Altoo Wealth Platform was designed to meet this need.
The Reigning Champion of Wealth: Elon Musk
Elon Musk, the CEO of Tesla and SpaceX, tops Forbes’ list of the world’s richest people in 2024. With a current net worth of US $251.3 billion, Musk’s success is largely due to that of Tesla, the electric car company in which he owns a 23% stake. Musk’s wealth skyrocketed in November 2023, when Tesla’s share prices saw a remarkable 17% increase, followed by another 5% increase in December 2023. Aside from Tesla, Musk also made headlines in October 2022 when he acquired X, formerly known as Twitter, for a staggering US $44 billion. He now owns about 74% of the social media platform. Notably, Musk’s net worth peaked in November 2021, when it reached a staggering US $340 billion.
Luxury Goods Mogul: Bernard Arnault
Bernard Arnault, CEO and Chairman of LVMH, the world’s largest luxury goods company, ranked second on the Forbes list with a net worth of US $200.7 billion. LVMH boasts an impressive portfolio of approximately 70 renowned fashion and beauty brands, including Louis Vuitton, Christian Dior, Moet & Chandon, and Sephora. In January 2021, LVMH made headlines with its acquisition of Tiffany & Co. for US $15.8 billion. In January 2023, he appointed his daughter Delphine to run Dior, the second largest brand under the LVMH umbrella.
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E-Commerce Pioneer to Space Explorer: Jeff Bezos
Jeff Bezos, the founder of Amazon, holds the third spot on the list with a net worth of US $168.4 billion. Bezos created the e-commerce giant in 1994 and served as its CEO until July 2021. Although he stepped down as CEO, he remains the company’s Chairman. In 2019, Bezos and his former spouse, MacKenzie, finalised their divorce settlement. As per the agreement, she obtained 4% of Amazon’s shares, while he retained 12%. Subsequently, Bezos has divested and given away a significant portion of his ownership stake, currently holding slightly under 10% of the company. Forbes estimates that he has liquidated over $27 billion in shares since Amazon’s initial public offering in 1997.
The Software Tycoon: Larry Ellison
Ellison co-founded software company Oracle in 1977 and served as its CEO until 2014. He currently serves as its Chairman and Chief Technology Officer. Under his leadership, Oracle made several notable acquisitions, including the takeover of Sun Microsystems in 2010 for US $7.4 billion. Today, Ellison’s diverse investments and ventures extend well beyond Oracle. In 2012, he made headlines by acquiring the Hawaiian island of Lanai for US $300 million. In June 2023, Larry Ellison temporarily overtook Jeff Bezos to become the third richest person in the world following a surge in Oracle’s share price. After a subsequent drop in this price, Ellison returned to fourth place among the richest people on the planet. At the beginning of 2024, his fortune stood at US $135.3 billion.
Social Media Mogul: Mark Zuckerberg
In the summer of 2023, Mark Zuckerberg – co-founder of Meta, formerly known as Facebook – rejoined the ranks of the world’s richest individuals. His return to the top 10 for the first time since January 2022 came as a result of the upward trajectory of Meta’s stock price. At the beginning of 2024, Forbes reported that his wealth had increased to US $125.3 billion, which puts him in fifth place on the list. Aside from Facebook, Zuckerberg’s fortune has grown with Meta’s acquisitions of WhatsApp and Instagram. As of January 2024, he owns about 13% of Meta shares. Zuckerberg’s philanthropic efforts are also noteworthy. He and his wife, Priscilla Chan, have pledged to donate 99% of their company shares to charity, with a focus on healthcare and disease eradication.
Rounding Out the Top Ten: Gates, Buffet, Page, Brin, and Ballmer
Forbes recognised Microsoft co-founder Bill Gates as the world’s richest person for most of the years between 1995 and 2017. Although Gates’ fortune experienced a $2 billion increase in December 2023, his position among the world’s wealthiest individuals remained unchanged since last year, holding the sixth spot with US $119.6 billion.
Ranked seventh on the list with a net worth of US $118.6 billion, Warren Buffett had led holding company Berkshire Hathaway to accumulate significant wealth through successful investments in companies such as Geico, Duracell, and Dairy Queen.
Larry Page and Sergey Brin, co-founders of Google, ranked eighth and ninth with net worths of US $117.2 billion and US $112.4 billion, respectively, demonstrating their continuing influence in the technology industry. Larry Page now serves as a board member of Google’s parent company, Alphabet, and remains a controlling shareholder. He secured a position among the top 10 richest individuals in the world after a remarkable 15% increase in Alphabet’s share price in May 2023. Sergey Brin, as one of the major shareholders of Alphabet, also appears in the top ten list due to the jump in the price of the company’s shares. Steve Ballmer, who served as the CEO of Microsoft from 2000 to 2014, secured the tenth place on the Forbes list with a net worth of US $112.2 billion.
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