Mark Zuckerberg becomes 2024’s top wealth gainer with $54bn increase

• Published On: 06 September 2024 at 18:49

Following a volatile week in the markets, Mark Zuckerberg has emerged as the biggest wealth gainer in 2024, surpassing Nvidia's Jensen Huang.

According to the Bloomberg Billionaires Index, Zuckerberg's net worth has increased by $54 billion this year, or 40%, bringing his total fortune to $182 billion.

This leap has propelled him to fourth place on the global rich list, closing the gap to LVMH's Bernard Arnault, who is third, by $7 billion.

Previously, Huang, Nvidia's co-founder and CEO, led in year-to-date wealth gains as a result of the company's soaring stock price, which was driven by the AI boom.

However, Nvidia's stock decline this week wiped out $11.5 billion of Huang's wealth, bringing his year-to-date gains to $44 billion.

Huang's net worth is now $93 billion, trailing Zuckerberg in wealth accumulation for the year.

Zuckerberg's significant wealth gain reflects Meta's resurgence.

Under his leadership, Meta made significant investments in AI, virtual reality, and the metaverse.

Although these strategies caused a 75% drop in Meta's stock between September 2021 and November 2022 due to investor scepticism, the company has since benefited from the global AI boom and a resurgence of investor confidence, propelling its stock and Zuckerberg's personal fortune higher.