Tech Billionaires Add $750B to Fortunes in AI-Driven Year

Tech Moguls Reach Unprecedented Heights Amid AI Frenzy

By Phoebe Liu, Forbes Staff

The world’s wealthiest technology tycoons are reaching new levels of affluence. Forbes identified 342 tech billionaires on this year’s World’s Billionaires list, up from 313 last year. Their combined net worth is $2.6 trillion—more than any other industry—and a staggering $750 billion more than in 2023.

Meta CEO Mark Zuckerberg saw the largest individual increase, with his net worth rising by nearly $113 billion to $177 billion. This surge propelled him to fourth place on Forbes’ billionaire ranking, his highest position ever. Meta’s 182% stock rally, driven by cost-cutting measures and a focus on core businesses, contributed significantly to Zuckerberg’s wealth gain. He is also investing heavily in AI, stating that “AI will go across everything” at Meta.

The AI boom is a major factor in the tech rally, as investors flock to companies developing AI products or supplying them. Nvidia CEO Jensen Huang exemplifies this trend. Shares of the graphics chip-maker soared, placing Huang among the world’s 20 richest people for the first time. His net worth is estimated at $77 billion.

Major U.S. tech companies are also investing heavily in AI, further fueling investor excitement and enriching their founders. Microsoft’s partnerships with OpenAI and Inflection AI, along with Amazon and Alphabet’s investments in Anthropic AI and Alphabet’s development of Gemini, have contributed to the wealth growth of billionaires like Bill Gates, Jeff Bezos, Michael Dell, Steve Ballmer, Larry Page, Sergey Brin, and Larry Ellison. Each of them is at least $20 billion richer than last year.

The $750 Billion Year

The world’s richest tech tycoons added a combined $750 billion to their fortunes since last year. All but Zhang Yiming and Ma Huateng are richer. Here’s who gained the most. (Values are in billions of U.S. dollars. Net worths are as of March 10, 2023, in light blue and March 8, 2024, in dark blue.)

Many of this year’s biggest tech gainers are no longer actively involved in the companies driving their wealth. Of the ten richest tech billionaires, only three (Zuckerberg, Huang, and Dell) are still CEOs. Bezos stepped down as Amazon’s CEO in 2021, the same year Zhang Yiming resigned from his positions at ByteDance. Page and Brin left Alphabet’s daily operations four years ago, while Gates departed Microsoft’s board in 2020, and Ballmer stepped down as CEO in 2014.

Top 10 Richest People in Tech

Net Worths as of March 8, 2024 (Compared with March 10, 2023)

10. Zhang Yiming

Net worth: $43 Billion | Change vs. 2023: -$1.6 Billion | Source of wealth: ByteDance

The ByteDance founder is one of only two individuals among the top 20 richest tech billionaires whose wealth decreased. Despite stepping down as chairman in 2021, he remains a major shareholder. His fortune declined alongside ByteDance’s valuation amid speculation about a potential TikTok ban in the U.S.

Copyright © 2016 Ethan Pines

9. Jensen Huang

Net worth: $77 Billion | Change vs. 2023: +$56 Billion | Source of wealth: Nvidia

Nvidia’s share price increased by 300%, significantly boosting Huang’s wealth. He is now among the world’s 20 richest people for the first time.

8. Michael Dell

Net worth: $91 Billion | Change vs. 2023: +$41 Billion | Source of wealth: Dell Technologies

Dell benefited from Broadcom’s $69 billion acquisition of VMware, in which he held a 40% stake. He also donated over $3 billion to his family foundation.

7. Sergey Brin

Net worth: $110 Billion | Change vs. 2023: +$34 Billion | Source of wealth: Google

Brin reportedly returned to contribute to Google’s AI chatbot models and was listed as a core contributor to Gemini. He also donated $150 million to Parkinson’s disease research.

6. Larry Page

Net worth: $114 Billion | Change vs. 2023: +$35 Billion | Source of wealth: Google

Page remains a major shareholder of Google, although he is no longer involved in daily operations.

5. Steve Ballmer

Net worth: $121 Billion | Change vs. 2023: +$40 Billion | Source of wealth: Microsoft

Ballmer’s wealth increased due to the rising value of the Los Angeles Clippers and Microsoft shares.

AFP via Getty Images

4. Bill Gates

Net worth: $128 Billion | Change vs. 2023: +$24 Billion | Source of wealth: Microsoft

Despite his wealth increase, Gates’ ranking is the lowest since 1992 due to competition, his divorce, and charitable giving.

3. Larry Ellison

Net worth: $141 Billion | Change vs. 2023: +$34 Billion | Source of wealth: Oracle

Ellison remains chairman, CTO, and the largest shareholder of Oracle. He benefited from increased stock value and dividends.

2. Mark Zuckerberg

Net worth: $177 Billion | Change vs. 2023: +$113 Billion | Source of wealth: Facebook

Zuckerberg’s fortune rebounded significantly after Meta’s stock nearly tripled.

1. Jeff Bezos

Net worth: $194 Billion | Change vs. 2023: +$80 Billion | Source of wealth: Amazon

Bezos’ wealth surged due to a 93% jump in Amazon’s stock. He also made significant real estate purchases in Florida.