The Hurun Global Wealth Report 2024 reveals a gripping tale of billionaires riding tech booms, crashing markets, and global shifts in economic dominance. AI led the pack with stunning gains for tech moguls, as Nvidia’s Jensen Huang crossed the US$100 billion mark. Owning just 3% of Nvidia didn’t stop him from becoming one of the most influential figures in the AI revolution, thanks to the dominance of Nvidia’s GPUs in powering next-gen models. He wasn’t alone—DeepSeek’s Liang Wenfeng and OpenAI’s Sam Altman also joined the AI billionaire ranks. Altman’s wealth hit US$1.8 billion after OpenAI switched to a for-profit model, proving AI’s commercial potential is only just being realized.

Crypto wasn’t far behind. Bitcoin soared past US$100,000, catapulting fortunes of crypto founders like Binance’s CZ Zhao, whose net worth reached US$22 billion, and Coinbase’s Brian Armstrong, now worth US$11 billion. The Winklevoss twins, too, saw their wealth nearly double. Overall, crypto billionaires saw an 80% year-on-year increase, signaling a return to prominence after a period of regulatory uncertainty and bear markets.

Meanwhile, traditional finance had its champions. Steve Schwarzman (Blackstone), Ken Griffin (Citadel), and Leon Black (Apollo) all managed to thrive in volatile conditions, using sharp investment acumen to expand their wealth. But not all sectors were so lucky.

Luxury suffered a major blow. Bernard Arnault of LVMH and Francoise Bettencourt Meyers of L’Oréal watched their fortunes dwindle as the Chinese market cooled and post-COVID revenge spending slowed. Real estate in China was another casualty, with economic restructuring pushing over 80 billionaires off the list. Telecommunications also lagged, marking a sharp contrast from last decade’s tech-driven optimism.

In entertainment and social media, though, names like Zhang Yiming (ByteDance) and Pony Ma (Tencent) stood tall. Even as China faced broader economic challenges, these platforms thrived, highlighting how some sectors could outperform despite macroeconomic headwinds.

The United States had an exceptional year. Donald Trump’s presidential win triggered market optimism and helped boost the wealth of close allies like Elon Musk, whose net worth surged 82% to US$420 billion. However, the ride wasn’t without its dips. Tesla’s market value collapsed by US$700 billion amid rising Chinese EV competition and Musk’s polarizing political commentary. Still, Musk retained his spot as the world’s richest man, a reminder of how turbulent yet rewarding the billionaire journey can be.

America’s dominance extended far beyond Musk. The country added 96 new billionaires, bringing its total to 870—the highest globally—reclaiming the crown it had lost to China since 2016. New York topped the list of cities with 129 billionaires, reaffirming its position as the global billionaire capital. The US is now home to 42% of all billionaire wealth and boasts 206 immigrant billionaires, cementing its place as the land of opportunity. It also ranked second in women billionaires with 130, most of whom inherited their fortunes.

China, while still strong, slipped to second with 823 billionaires. The drop was driven by heavy losses in real estate, telecom, and healthcare—industries once seen as dependable. Even though 91 new billionaires were minted, 82 dropped off, signaling volatility in the Chinese economy’s transformation. Still, it holds the largest share of self-made billionaires (90%), underlining its entrepreneurial spirit.

India remained steady at third place with 284 billionaires, adding 45 new names to the list. Mumbai emerged as a key hub with 90 billionaires, and major sectors included healthcare, consumer goods, and industrial products. Gautam Adani saw his wealth rise by 13%, while Mukesh Ambani held firm as India’s richest person.

In the Middle East, despite geopolitical tensions like the Gaza conflict, billionaires in the UAE, Saudi Arabia, and Israel thrived. Diversification beyond oil helped fuel new wealth in energy and tech.

Yet, even with all the gains, philanthropy didn’t keep up. Billionaires added US$1.6 trillion to their collective fortunes, but only a handful gave away more than US$1 billion. Warren Buffett led the charge with US$5.3 billion in donations, followed by Michael Bloomberg and Netflix’s Reed Hastings. But the gap between rising wealth and charitable giving remains striking.

The global billionaire population hit a record 3,442, with 17 people now in the exclusive “11-zero club” of US$100 billion-plus fortunes—an elite tier that didn’t even exist eight years ago.

Overall, the Hurun report makes one thing clear: whether through AI, crypto, politics, or sharp investing, the road to billionaire status is as dynamic and unpredictable as ever. The global shift in fortunes tells the story not just of individuals, but of the sectors, cities, and nations defining tomorrow’s economy.