Top 5 Most Richest Billionaires In The World 2024
Many of these billionaires are the founders of well-known technology companies, and they still have a sizable portion of their wealth in those businesses.
To avoid selling stock, they can still borrow against that wealth, delaying (or evading for heirs) taxes on unrealized capital gains in the process.
A variety of tax deductions are available to multi-billionaires, allowing them to balance their reported income. As a result, some of the people on this list have recently paid no income tax.
Most Richest Billionaires In The World And Their Net Worth 2024: Top 5 Wealthiest
The Bloomberg Billionaires Index has listed the top 5 global earners below.
- Elon Musk
- Jeff Bezos
- Bernard Arnault
- Bill Gates
- Warren Buffett
1. Elon Musk ($224 Billions)
Elon Musk, who was raised in South Africa, initially enrolled in a Canadian university before moving to the University of Pennsylvania, where he received a bachelor's degree in both economics and physics. Musk postponed attendance to establish Zip2, one of the first internet navigation services, two days after enrolling in a graduate physics program at Stanford University. In order to build X.com, the online payment platform that was later sold to eBay Inc. (EBAY) and transformed into PayPal Holdings Inc. (PYPL), he invested a share of the startup's earnings.
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Musk obtained his current position as CEO of the electric vehicle company after becoming a significant investor in Tesla Motors (now Tesla) in 2004.
Tesla manufactures energy storage systems, automotive accessories, and solar power systems due to its 2016 acquisition of SolarCity, in addition to its range of electric cars.
Musk is also the founder and CEO of Space Exploration Technologies (SpaceX), a company that makes rockets for space launches.
Tesla stock increased by 740% in 2020, helping Musk climb the riches ladder. Tesla became the largest firm added to the S&P 500 in December 2020. Musk attained the title of richest man in the world in January 2021, a position he has retained ever since.
Musk launched a campaign to buy out Twitter for $44 billion starting in April 2022. Musk intends to contribute $21 billion of his own money to the deal. Musk sold 9.6 million Tesla shares worth about $8.5 billion in the days before the takeover announcement.
2. Bernard Arnault (180 Billions)
The head and CEO of LVMH, the biggest manufacturer of luxury goods in the world, is French national Bernard Arnault. Louis Vuitton, Hennessey, Marc Jacobs, and Sephora are just a few of the companies owned by LVMH.
Arnault's substantial investment in Christian Dior SE, the holding company that owns 41.3% of LVMH, is where the majority of his fortune originates from.
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He owns shares in Christian Dior SE and 6.2% of LVMH through Groupe Familial Arnault, his family's holding firm.
By profession, Arnault is an engineer, but before assuming leadership of Ferret-Savinel in 1971, he first shown his financial savvy while working there. In 1979, he changed Ferret-Savinel into Férinel Inc., a real estate business.
For another six years, Arnault served as the chairman of Férinel. In 1984, he bought and rebuilt the Financière Agache company, selling all of its properties except for Christian Dior and Le Bon Marché.
In 1987, he received an invitation to invest in LVMH; two years later, he was named the company's largest shareholder, board chair, and CEO.
3. Jeff Bezos ($114 Billions)
Amazon.com was established by Jeff Bezos in a Seattle garage in 1994, not long after he left the illustrious hedge company D.E. Shaw.
When he first suggested opening an online bookstore, his former employer David E. Shaw was uninterested.
Despite having its roots in the book industry, Amazon.com has evolved into a one-stop shop for just about anything and is perhaps the biggest retailer in the world. Some of Amazon's unanticipated expansions, like the company's purchase of Whole Foods in 2017 and entry into the pharmaceutical industry that same year, are indicative of the company's pattern of ongoing diversification.
Before giving 4% to his ex-wife MacKenzie Scott as part of the divorce proceedings, Bezos controlled as much as 16% of Amazon in 2019. Due to the COVID-19 pandemic's increased desire for online shopping, Amazon's share price increased 76% in 2020. Bezos became the company's executive chair after leaving his position as the e-commerce behemoth's CEO on July 5, 2021.
4. Bill Gates (106 Billions)
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In 1975, while still a student at Harvard, Bill Gates joined his childhood friend Paul Allen in creating new software for the first microcomputers. After the success of this effort, Gates left Harvard in his junior year and founded Microsoft with Allen.
Microsoft, the largest software corporation in the world, also manufactures its own line of personal computers, releases books through Microsoft Press, offers email services via its Exchange server, and sells video gaming consoles and related accessories.
In 2008, Gates transitioned from his previous position as Microsoft's chief software architect to that of board chair. In 2004, he became a member of Berkshire Hathaway's board.
His resignation from both boards was effective March 13, 2020. A large portion of Bill Gates' wealth is held via Cascade Investment LLC. Canadian National Railway (CNR), Deere (DE), and Republic Services (RSG) are just a few of the companies that Cascade owns. It also has private investments in real estate and energy.
The Bill & Melinda Gates Foundation, which is still co-chaired by Gates and his ex-wife, Melinda French, was created in 2000 when Gates' two charitable organizations, the William H. Gates Foundation and the Gates Learning Foundation, amalgamated.
5. Warren Buffett (104 Billions)
Warren Buffett, the most well-known living admire investor, filed his first tax return in 1944 when he was 14 years old, disclosing revenues from his childhood paper route.
In 1962, he made his first investment in Berkshire Hathaway, a textile business, and by 1965, he had acquired the majority of the company's shares. In 1967, he expanded the business to include investments and insurance. As of May 5, 2022, a single share of stock (Class A shares) in Berkshire Hathaway, a firm with a market worth of $705 billion, was trading for more than $481,000.
Buffett, a buy-and-hold investor widely referred to as the Oracle of Omaha, made his fortune by purchasing undervalued businesses.
A large portion of Buffett's wealth has been devoted to philanthropy. He donated $41 billion between 2006 and 2020, the majority of which went to the Bill & Melinda Gates Foundation and his kids' organizations.
Together with Bill Gates, Buffett introduced the Giving Pledge in 2010. Despite being 92 years old and still serving as CEO, Buffett stated in 2021 that Gregory Abel would succeed him. Abel is in charge of all non-insurance activities at Berkshire.
