Elon Musk, the richest person in the world, continues to dominate global wealth rankings with a net worth of $314 billion, thanks to the sharp rise in Tesla stock. However, the richest earner in 2024 is not Musk, but Jensen Huang, the CEO of NVIDIA, who saw his wealth increase by an impressive $84.8 billion. Despite this significant financial gain, Huang does not make it into the top 10 billionaires of the world. So, what sets Huang apart from Musk and the others?
Jensen Huang: The Richest Earner in 2024
In 2024, Jensen Huang, CEO of NVIDIA, is the biggest earner, experiencing an astounding increase in his wealth, largely driven by the explosive growth of NVIDIA, a leading chip producer and artificial intelligence (AI) developer. Thanks to NVIDIA’s success, the company surpassed Apple to become the most valuable company in the world, with a market capitalization of $3.621 trillion. Huang, who owns 3% of Nokia’s shares, significantly benefited from this surge. However, his total net worth currently stands at $129 billion, placing him at 11th on the global billionaire rankings, far behind the top 10.
Why isn’t Huang in the Top 10?
Despite his remarkable earnings, Jensen Huang doesn’t rank in the top 10 wealthiest individuals because of the percentage of company ownership he holds. Huang’s 3% stake in NVIDIA is much smaller compared to other billionaires, such as Elon Musk (who holds a substantial share in Tesla) and Jeff Bezos (who has a large stake in Amazon). This difference in ownership stakes significantly impacts the total value of Huang’s wealth, even though NVIDIA’s market performance has been exceptional.
Elon Musk and Other Billionaires
Elon Musk, on the other hand, remains the richest person in the world, largely due to his significant stake in Tesla. Tesla’s stock surged 29% in 2024, adding $84.7 billion to Musk’s net worth, bringing it to $314 billion. Musk’s wealth is far ahead of Jeff Bezos, who is in second place with a net worth of $230 billion—a $84 billion gap between the two.
Despite Jensen Huang earning more money than Elon Musk in 2024, the former’s relatively smaller stake in NVIDIA means his wealth doesn’t match the scale of other billionaires.
Other tech giants also saw impressive gains. Mark Zuckerberg, CEO of Meta, added $80.5 billion to his fortune, bringing his total wealth to $209 billion. Larry Ellison, founder of Oracle, increased his wealth by $79.4 billion, reaching $202 billion.
Declining Wealth of Traditional Industries
On the other hand, some billionaires experienced significant losses in 2024. Bernard Arnault, the luxury goods tycoon behind LVMH, lost $35.3 billion, dropping his wealth to $172 billion and falling to 5th place in the rankings. Other billionaires, such as Carlos Slim and Francoise Bettencourt Meyers, also suffered financial setbacks
The success of Huang and other tech billionaires in 2024 highlights the growing importance of technology companies in the global economy. Technology is not only reshaping the way people live and work but is also significantly influencing the wealth rankings of billionaires. Meanwhile, traditional industries like luxury goods and telecommunications are gradually losing ground, as evidenced by the financial decline of Bernard Arnault and others.
In conclusion, while Jensen Huang earned more than Elon Musk in 2024, his smaller stake in NVIDIA compared to Musk’s ownership of Tesla means his overall wealth doesn’t compete with the top 10 billionaires. This reflects the growing importance of ownership in wealth accumulation, especially in the tech sector.
