What made money, who lost billions? AI, crypto top list, says wealth report

"The rise of AI continues. Jensen Huang saw his wealth break through the US$100bn mark, despite only owning 3% of Nvidia stock

It has been a good year for AI, money managers, entertainment and crypto. Its been a tough year for luxury, telecommunications and real estate, as per the Hurun Global Wealth report of 2024.

 

 The wealth story begins with the resounding success of AI, where figures like Jensen Huang of Nvidia basked in the limelight, seeing his wealth soar past the US$100 bn mark. Despite owning a mere 3% of Nvidia, Huang had positioned himself at the heart of AI innovation, as Nvidia’s GPUs became the very infrastructure powering AI technology. It wasn’t just Huang. Liang Wenfeng of DeepSeek and Sam Altman of OpenAI entered the ranks of AI billionaires, their fortunes rising with the rapid adoption of AI tools and technologies. Altman’s wealth reached US$1.8bn after OpenAI reshaped its business model, moving from its original not-for-profit structure into a more traditional, for-profit venture.

 

 

On the other hand, tech investors like Steve Schwarzman of Blackstone, Ken Griffin of Citadel, and Leon Black of Apollo had good years as money managers. Despite a challenging global environment, these titans of finance found opportunities to grow their wealth through sharp investments and deft market moves.

 

But it wasn’t all triumphs. For luxury giants like Bernard Arnault of LVMH and Francoise Bettencourt Meyers of L’Oréal, the year was tough. The slowdown in the Chinese market, coupled with the end of the pandemic-driven ‘revenge spending’ boom, led to a significant decline in luxury consumption. The luxury sector took a hit, and with it, the fortunes of some of the wealthiest families in Europe shrank by billions.  Biggest Gainers 

 

In China, the once-reliable markets of telecommunications and real estate struggled under the weight of an economy in transition. The restructuring of China’s economy was evident in the drop-off of over 80 billionaires, with real estate magnates like Huang Zheng of Pinduoduo taking a significant hit. Meanwhile, tech giants like Zhang Yiming of ByteDance and Pony Ma of Tencent had stellar performances, riding the wave of social media and entertainment’s dominance, proving that even amid economic flux, some sectors could still flourish.  Top 10 Drops in Wealth: 

 

Meanwhile, the US had a banner year. Donald Trump’s election win proved to be a significant catalyst for the fortunes of American billionaires. Elon Musk, whose wealth had already soared with his ventures in Tesla and SpaceX, saw an incredible 82% increase in his net worth, reaching a staggering US$420bn. Close allies like Peter Thiel and the tech world’s biggest names thrived under the wave of optimism following Trump’s victory. However, the rollercoaster ride didn’t stop there. Musk’s wealth dipped dramatically when Tesla's market value plummeted by US$700bn amid mounting competition from Chinese EV makers and controversies surrounding Musk's political stances. Even with the dip, Musk remained the richest man in the world, showcasing the volatility of billionaire fortunes.

 

The rise of Bitcoin also left its mark. With the value of the cryptocurrency breaching the symbolic US$100,000 mark, the fortunes of crypto founders skyrocketed. CZ Zhao of Binance saw his wealth balloon to US$22bn, while Brian Armstrong of Coinbase hit US$11bn. Even the Winklevoss twins, founders of Gemini, saw their wealth nearly double. Crypto billionaires witnessed an 80% year-on-year growth, making them some of the biggest beneficiaries of the changing economic landscape.

 

Yet, the rise of wealth in America and the burgeoning fortunes of tech giants weren’t just confined to the borders of Silicon Valley. Immigrant billionaires flocked to the United States in droves, bolstering its status as the global capital of wealth creation. With New York emerging as the billionaire capital once again, the USA’s dominance in sectors like Financial Services, Media & Entertainment, and Software continued, making it a beacon for aspiring moguls worldwide. The country also saw a boost in the number of female billionaires, reaching 130, second only to China.

 

But while the US surged, China’s billionaire landscape showed cracks. While China added 91 new billionaires, it also saw a significant number—over 80—drop off the list. This was a result of the ongoing restructuring of the Chinese economy, which had been heavily reliant on sectors like Healthcare, New Energy, and Manufacturing, many of which faced headwinds this year. The luxury sector, too, felt the pressure, contributing to a general downturn in the fortunes of some of China's most prominent billionaires.

 

The Middle East, too, had a remarkable year. Despite the turbulence caused by the war in Gaza, billionaires in countries like the UAE, Saudi Arabia, and Israel thrived. These regions, evolving in terms of economic landscapes and diversification, saw a new wave of billionaires, especially in industries like energy and tech.

 

But amidst these fortunes, the story of big philanthropy seemed to be lagging behind. While billionaires collectively added a staggering US$1.6 trillion to their wealth, only a handful of them gave away over US$1bn. Warren Buffett, as always, was the most generous, donating US$5.3bn, primarily to the Bill & Melinda Gates Foundation. Michael Bloomberg and Reed Hastings were also notable donors, but the trend of billionaires’ wealth far outpacing their charitable contributions remained a striking paradox.

 

As the world’s wealthiest moved and shook, the Hurun report highlighted an intriguing aspect of global wealth: how billionaires were spread across the globe. The USA now had 870 billionaires, reclaiming its crown as the wealth capital of the world, followed closely by China with 823 billionaires. Even as the landscape of wealth continued to evolve, these two nations remained the undisputed powerhouses of global fortunes.

 

For those keeping track, the total number of billionaires had reached a new world record of 3,442, and the ‘Ten-zero club’ (those with over US$10bn) had grown substantially. The rise of the ‘11-zero club’ (billionaires with over US$100bn) saw 17 members, up from none just eight years ago. 

Where Billionaires Live

The USA overtook China for the first time since 2016 as the world capital for billionaires, with 870 billionaires, up 70. China followed with 823 billionaires, up 9, reversing a two-decade drop in its number of billionaires. Together, these two countries continue to dominate the global billionaire landscape. 

Ranked third, India is home to 284 billionaires, and 13 new ones have joined. Singapore jumped three places to 13 th , overtaking Indonesia, Thailand, and Japan in the process. Other countries that did well included Russia, Canada, Turkey, and Mexico. 

By city, New York is back again as the billionaire capital of the world, with London in second place. Shanghai became the Asian Billionaire Capital for the first time. 

USA Regains Top Spot

 

• The USA reclaimed its position as the country with the most billionaires, totaling 870.
• Added 96 new billionaires, with only 17 drop-offs, showcasing strong entrepreneurial growth.
• New York remains the world’s billionaire capital, home to 129 billionaires.
• American billionaires contribute 42% of the total wealth on the list, with 45 in the Hurun Top 100.
• Leads in immigrant billionaires with 206 and remains a hub for global wealth creation.
• Dominant sectors include Financial Services (170), Media & Entertainment (111), and Software & Services (106).
• The USA has 130 women billionaires, second only to China, mainly from inherited wealth.

 

China Falls to Second Place

 

• China slipped to second place with 823 billionaires, after adding 91 and losing 82.
• Shanghai is the top city with over 92 billionaires.
• China contributes 16% of the total wealth, with the highest number of self-made billionaires (90%).
• Leading industries include Industrial Products (98), Consumer Goods (95), and Healthcare (73).

 

India’s Continued Growth

 

• India maintained third place with 284 billionaires, adding 45 new faces.
• Mumbai is home to 90 billionaires.
• Indian billionaires contribute 7% of the total wealth on the list, with 7 in the Hurun Top 100.
• 42 emigrant billionaires, mainly to the US, with only 6 immigrant billionaires.
• Key industries: Healthcare (53), Consumer Goods (35), and Industrial Products (32).
• Gautam Adani saw a 13% wealth surge, securing 18th globally, while Mukesh Ambani remains India’s richest person.