Forbes has unveiled its annual World’s Billionaires list for 2024, setting a new record with 3,028 individuals making the cut—an increase of 247 from last year.
The collective wealth of these billionaires has surged to an unprecedented $16.1 trillion, marking a $2 trillion rise from the previous year.
This staggering sum exceeds the GDP of every country except the United States and China, underscoring the expanding divide between the ultra-rich and the rest of the global population.
The average billionaire’s fortune now stands at $5.3 billion, up by $200 million compared to 2023. The United States remains the leader in billionaire count, boasting 902 names on the list, followed by China (including Hong Kong) with 516 and India with 205.
Elon Musk back on top
Tesla and SpaceX CEO Elon Musk has reclaimed the title of the world’s richest person, amassing a net worth of $342 billion. His fortune saw an astronomical increase of $147 billion in the past year, largely fueled by SpaceX’s success and the rising valuation of his artificial intelligence startup xAI, which he recently merged with social media platform X.
Meanwhile, Meta CEO Mark Zuckerberg has climbed to the second spot for the first time, with an estimated wealth of $216 billion. Amazon’s Jeff Bezos closely follows at $215 billion, while Oracle co-founder Larry Ellison ranks fourth with $192 billion.
French luxury magnate Bernard Arnault, who topped the 2023 list, has slipped to fifth place with $178 billion, following a dip in LVMH shares.
Trump’s wealth surges as celebrities join billionaire club
Former U.S. President Donald Trump’s net worth has more than doubled over the past year, soaring from $2.3 billion to $5.1 billion—one of the most significant jumps among the elite ranks.
This year’s billionaire list also features 288 newcomers, including several high-profile celebrities. Music icon Bruce Springsteen ($1.2 billion), Hollywood star and former California governor Arnold Schwarzenegger ($1.1 billion), and comedian Jerry Seinfeld ($1.1 billion) have officially joined the billionaire club.
Alice Walton becomes world’s richest woman
Alice Walton, heiress to the Walmart empire, is now the richest woman in the world with a net worth of $101 billion, overtaking Françoise Bettencourt Meyers, the French L’Oréal heiress, who now holds $81.6 billion.
Meanwhile, Swiss shipping magnate Rafaela Aponte-Diamant has been named the wealthiest self-made woman, with a fortune of $37.7 billion.
Wealth inequality on the rise
As billionaires accumulate record-breaking fortunes, concerns over global wealth disparity continue to grow. According to the World Inequality Database, the top 10% of the world’s population owns nearly 75% of all wealth, while the bottom 50% holds just 2%.
More strikingly, the top 0.01% of the richest individuals have seen their share of global wealth rise from 8% in 1995 to nearly 12% today.
Collectively, the billionaires featured on the Forbes list now control over 3% of the world’s estimated total wealth, despite making up less than 0.000035% of the global population.