America's wealthiest billionaires have witnessed an extraordinary year in 2024, with their fortunes far outpacing the 3% growth of the U.S. economy. What Happened: Surging markets, fueled by advancements in technology and artificial intelligence, have propelled their wealth to unprecedented levels. According to the report by The Daily Beast, these top 10 billionaires amassed gains nearly equivalent to the U.S. government's annual defense budget of $850 billion. 10. Michael Dell : $14 Billion The founder of Dell Technologies DELL saw a 55% surge in his company's stock this year, thanks to its transformation into an infrastructure powerhouse for the AI age. Dell owns approximately half of the company, contributing significantly to his fortune. 9. Larry Page and Sergey Brin : $19–20 Billion The Alphabet GOOGL founders benefited from the company's $650 billion valuation increase in 2024. Despite stepping back from operations, they retain control through super-voting shares, owning just over 3% each of the tech giant. 8. Steve Ballmer : $20 Billion The former Microsoft MSFT CEO continues to profit from the company's revival under Satya Nadella. Ballmer owns 4.5% of Microsoft, which has funded ventures such as a new stadium for the LA Clippers, the NBA team he owns. 7. Warren Buffett : $29 Billion Through Berkshire Hathaway BRK , Buffett continues to outperform the market. The company's value rose 28% this year, helping Buffett build his cash reserves to an impressive $325 million, or 30% of Berkshire's valuation. 6. Jeff Bezos : $63 Billion Bezos, the founder of Amazon AMZN , saw his wealth soar by over $1 billion weekly as Amazon stock rebounded. Bezos retains nearly 9% of the company, funding projects like Blue Origin through periodic stock sales. Also Read: From Steve Ballmer To Jamie Dimon, Meet The Billionaires Who Amassed Their Wealth Without Founding A Company 5. Jensen Huang : $72 Billion The founder of Nvidia NVDA reaped immense gains as the company became the darling of the AI revolution. Nvidia's value more than doubled in 2024, with Huang's 3.8% stake driving his fortune. 4. Larry Ellison : $73 Billion The Oracle founder's fortune grew alongside the company's role as a key player in cloud computing. Ellison owns 43% of Oracle, benefiting significantly from the AI-driven surge in enterprise demand. 3. Mark Zuckerberg : $82 Billion Zuckerberg's Meta META saw its value rise more than sixfold since late 2022, thanks to strong margins and AI developments like the Llama open-source model. His 13.5% stake in Meta underpins his staggering gains. 2. The Waltons : $148 Billion America's richest family, heirs to Walmart WMT , collectively control the fortune built by Sam Walton. Their wealth solidifies Walmart's status as one of the largest employers in the country. 1. Elon Musk : $252 Billion The Tesla TSLA and SpaceX founder tops the list with his fortune growing by nearly $5 billion weekly. Musk's ventures, including Neuralink, the Boring Company, and his federal government initiatives, further cement his status as the most influential figure in business. Read Next Billionaires’ Paradise: New York Tops The List Of 16 Cities Housing The World’s Richest This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Image: Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
In Pakistan, small traders and shopkeepers are facing a severe downturn, with sales plummeting by 70% amid economic instability fueled by political unrest. All Karachi Tajir Ittehad Chairman, Atiq Mir, expressed grave concern about the declining sales in markets and bazaars, attributing the drop to soaring food inflation, high energy tariffs, shrinking incomes, rising taxes, and persistent political and economic instability, according to the Express Tribune. On a contrasting note, e-commerce sales have seen a steady rise, spurred by significant sales events like Blessed Friday, Big Friday, and 11.11, offering limited-time, tempting discounts. Mir conveyed his worry that a staggering 80% of traders can no longer afford essentials such as electricity bills, salaries, or shop rents. He also criticized the government's misleading portrayal of an economic uptick in the Pakistan Stock Exchange and excessive debt, as Pakistan's financial hub continues to face escalating economic challenges. Mir called upon policymakers and the Pakistan Army to intervene, demanding cuts in energy tariffs, inflation control, job creation, and immediate measures to resolve the ongoing political and economic instability. He stressed the need for regulation of artificial price hikes in essential goods and the eradication of corruption within government departments. Meanwhile, Asif Gulfam, Chairman of the Arambagh Markets Association, highlighted the challenges faced by businesses amid the current economic scenario, with uncertainty affecting all stakeholders. Despite concerns over scams, Gulfam noted the growing traction of e-commerce, with more than 350 online stores in Saddar ensuring prompt deliveries. E-commerce, well-established in the West, is witnessing a surge in Pakistan as well, with retailers competing on price, timing, and delivery savings. A spokesperson for Daraz detailed the significance of the 11.11 event, highlighting its success and how it bridges the gap between urban and rural buyers, providing access to national products and delivering significant savings during times of high costs. (With inputs from agencies.)
Turkish tech startups woo investors at Slush 2024 in Finland