 "Nvidia CEO Jensen Huang sees $76 bn wealth surge, trails Musk, Zuckerberg")
Jensen Huang, CEO of Nvidia, has recorded one of the most significant wealth increases of 2024, ranking just behind Elon Musk and Mark Zuckerberg in net worth gains. According to the Bloomberg Billionaires Index, Huang’s fortune surged by $76 billion this year, surpassing Jeff Bezos, the world’s second-richest individual.
Huang’s remarkable wealth growth is closely tied to Nvidia’s dominance in the rapidly expanding artificial intelligence and semiconductor markets, which have seen explosive development in 2024, driven by surging global demand.
Under Huang’s leadership, Nvidia has solidified its position as a leader in the AI revolution. As of June 2024, Nvidia commands approximately 90 per cent of the global AI chip market.
This dominance has propelled Nvidia to become the world’s third most valuable company, trailing only Apple and Microsoft, according to data from Companiesmarketcap.
Jensen Huang’s rapid wealth surge
Nvidia’s extraordinary success has significantly boosted the wealth of its CEO and co-founder, Jensen Huang. The Bloomberg Billionaires Index indicates that Huang’s net worth has grown by $76 billion in 2024, reaching $115 billion. This increase surpasses notable figures like Jeff Bezos of Amazon, who saw his wealth rise by $70 billion during the same period.
A record year for AI growth
Nvidia’s dominance in the AI boom is closely tied to its advanced GPUs, which are critical for training next-generation AI models. The company’s journey into AI began in 2012 with its debut AI services, highlighted by the AlexNet neural network, capable of classifying images into 1,000 categories. Today, Nvidia continues to drive innovation in generative AI, cloud computing, and other transformative technologies.
In October 2024, Nvidia achieved a market valuation of $3.53 trillion, briefly overtaking Apple’s $3.52 trillion valuation. The company’s stock jumped 18 per cent that month, fuelled by strong demand for its AI chips and a $6.6 billion investment round led by OpenAI, Bloomberg reported.
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With a $115 billion fortune, Huang ranks among the top wealth gainers of 2024, trailing only Elon Musk and Mark Zuckerberg. Musk’s net worth surged by $226 billion to $474 billion, making him the wealthiest individual globally. Meanwhile, Zuckerberg’s wealth climbed by $91 billion to reach $251 billion.
“Elon Musk became the first person to surpass a $400 billion net worth this year, driven by Tesla’s success and SpaceX’s growth,” highlighted the Bloomberg Billionaires Index. Similarly, Meta’s stock rally — up 78 per cent in 2024 — helped Zuckerberg’s fortune climb.
Huang’s wealth is closely tied to Nvidia’s stock, which soared 177 per cent in 2024 following a 240 per cent increase in 2023. His 3.5 per cent ownership stake in the company, held through family trusts, has been a key driver of his financial ascent.