• Hermès surpassed LVMH's valuation on Tuesday after Bernard Arnault's company reported disappointing sales.
• The 3% decline in first-quarter sales compared with a 2% rise forecast by analysts.
• LVMH stock has fallen 38% in the past 12 months, while Hermès is up 2%.

Hermès surpassed arch rival LVMH on Tuesday to become France's most valuable company after Bernard Arnault's conglomerate posted sliding first-quarter sales.

The Birkin bag maker was worth almost 248 billion euros ($281 billion) in lunchtime trading in Paris after LVMH fell as much as 8%, leaving it valued at about 245 billion euros.

The Givenchy and Fendi owner said on Monday that first-quarter sales fell 3%, compared with the 2% rise forecast by analysts.

LVMH has had a torrid few months due to a wider downturn in the luxury sector after Chinese consumers started cutting their spending. That was before the economic uncertainty sparked by President Donald Trump's tariffs complicated the picture even further.

The stock is down 38% over the past 12 months, while Hermès is up 2%.

Arnault is still one of the world's wealthiest people worth $165 billion, according to the Bloomberg Billionaire Index. His net worth has fallen by $13 billion this year.

Analysts at UBS said in a Tuesday note that the "end of earnings downgrades is not in sight yet" for LVMH and cut their earnings per share estimate by a further 11%.

Adam Cochrane at Deutsche Bank wrote that disappointing sales results at LVMH's fashion and leather goods division were on par with earnings from the third quarter last year.

"Despite consensus forecasts falling into the print this is below the low end of any investor conversations we have had," he said.

Bank of America analysts cut their LVMH earnings per share forecast by 6% to 8% and warned: "The luxury sector will continue to face many share price ups & downs until organic revenue growth accelerates back to mid-single digit."

It's a stunning turnaround for LVMH. In October 2010 it revealed a 17% stake in Hermès and Arnault tried to persuade the family that controlled the company to sell — without success.

LVMH did not immediately respond to a request for comment.

• The world's 10 richest people had a combined $172 billion wiped off their fortunes in three days.
• Stocks plunged after Trump's tariff plans sparked fears of retaliation and recession.
• Elon Musk is down $35 billion since Wednesday, while Mark Zuckerberg is down about $24 billion.

The world's 10 richest people had a combined $172 billion wiped off their fortunes during the stock market's three-day rout, the Bloomberg Billionaires Index shows.

President Donald Trump's unveiling of sweeping tariffs last Wednesday triggered a frantic sell-off that sent the S&P 500 down 11% over the course of Thursday, Friday, and Monday.

The world's 10 wealthiest people, collectively worth just over $2 trillion at the start of this year, have had more than $350 billion vaporized in 2025 due to the slide in the value of their equity stakes.

Elon Musk alone has shed $135 billion, bringing the Tesla and SpaceX CEO's net worth below $300 billion for the first time in five months. The only top 10 member in the green this year is Warren Buffett, the legendary investor who leads Berkshire Hathaway.

Here's where their fortunes stood at Monday's market close:

1. Elon Musk

Net worth: $298 billion

3-day change: down $35 billion

Year-to-date change: down $135 billion

Elon Musk's net worth has fluctuated wildly in recent months. Excitement about his proximity to the president has been replaced by concern, as anger has grown toward the White House's DOGE agency, and public backlash against Tesla has hammered the automaker's stock.

The world's richest person derives his wealth primarily from his stakes in Tesla and SpaceX. His other businesses include SpaceX, Neuralink, X, The Boring Company, and xAI.

2. Jeff Bezos

Net worth: $196 billion

3-day change: down $21 billion

Year-to-date change: down $43 billion

Jeff Bezos is the founder and executive chairman of Amazon. He also owns The Washington Post, which he purchased in 2013. Bezos stepped down as Amazon's CEO in 2021.

3. Mark Zuckerberg

Net worth: $183 billion

3-day change: down $24 billion

Year-to-date change: down $25 billion

Mark Zuckerberg is the cofounder and CEO of Meta Platforms, the social media behemoth that owns Facebook, WhatsApp, Instagram, and Threads.

4. Warren Buffett

Net worth: $154 billion

3-day change: down $14 billion

Year-to-date change: up $12 billion

Warren Buffett, 94, is the chairman and CEO of Berkshire Hathaway. His conglomerate owns scores of businesses including Geico and See's Candies, and holds multibillion-dollar stakes in public companies such as Apple and American Express.

The legendary investor's track record of capitalizing on market crashes, and his company's scale and diversification, have made Berkshire a haven for investors who've pushed its stock up 8% this year.

5. Bernard Arnault

Net worth: $150 billion

3-day change: down $19 billion

Year-to-date change: down $26 billion

Bernard Arnault is the chairman and CEO of LVMH, the world's largest luxury goods conglomerate. LVMH owns more than 75 brands spanning fashion, cosmetics, jewelry, and spirits, including Louis Vuitton, Dior, and Moët & Chandon.

LVMH's sales have come under pressure from flagging luxury demand in recent quarters.

6. Bill Gates

Net worth: $149 billion

3-day change: down $13 billion

Year-to-date change: down $10 billion

Bill Gates is the cofounder of Microsoft, though he stepped down from the board in 2020 and now owns only a small percentage of its shares. Most of his fortune is managed through Cascade Investment, a private firm that holds major stakes in companies like the Four Seasons Hotels.

Gates' primary focus is the Gates Foundation, a philanthropic powerhouse that supports global health, education, and climate initiatives.

7. Larry Ellison

Net worth: $147 billion

3-day change: down $21 billion

Year-to-date change: down $45 billion

Larry Ellison is the cofounder, executive chairman, and chief technology officer of Oracle, one of the world's largest software and cloud computing companies.

Ellison is also a major investor in Tesla and owns a large portion of Lanai, a Hawaiian island.

Along with OpenAI's Sam Altman and SoftBank's Masayoshi Son, Ellison is spearheading Project Stargate, a $500 billion AI infrastructure initiative supported by Trump.

8. Larry Page

Net worth: $134 billion

3-day change: down $9 billion

Year-to-date change: down $35 billion

Larry Page is the cofounder of Google and a board member of its parent company, Alphabet. While he stepped down as Alphabet's CEO in 2019, he remains a major shareholder and influential figure.

Page is also a major backer of Kitty Hawk and Opener, companies that are developing electric flying vehicles.

9. Steve Ballmer

Net worth: $126 billion

3-day change: down $8 billion

Year-to-date change: down $20 billion

Steve Ballmer is the former CEO of Microsoft, a role he held from 2000 to 2014. He remains one of the company's largest individual shareholders with an estimated 4% stake.

Outside Microsoft, Ballmer also owns the Los Angeles Clippers, an NBA team he purchased in 2014 for $2 billion.

10. Sergey Brin

Net worth: $126 billion

3-day change: down $8 billion

Year-to-date change: down $33 billion

Sergey Brin is the cofounder of Google and played a key role in developing its early search algorithms. He served as president of Alphabet until stepping down in 2019.

Like Page, Brin retains significant influence at Alphabet through his Class B shares. Most of his net worth is tied to Alphabet stock.

• LVMH is trying to keep Bernard Arnault, 76, in charge for nearly another decade.
• The company proposed changing its bylaws to raise the age limit of its chairman and CEO to 85.
• The luxury giant had already changed the limit once in 2022 when it was raised from 75 to 80.

French luxury giant LVMH is trying to keep Bernard Arnault, 76, in charge for nearly a decade more.

LVMH is trying to amend its company bylaws to raise the age limit for its chairman and CEO to 85, per its company filings.

If shareholders agree to the change during the annual general meeting on April 17, Arnault could continue to helm the company for another nine years. He has been the chairman and CEO of LVMH since 1989.

If the vote is successful, it will be the second time the luxury tycoon pushes back his retirement. In 2022, when Arnault was 73, LVMH raised the age limit from 75 to 80.

Bloomberg reported that the first time the change went through, famed investor Warren Buffett, the then-93-year-old head of Berkshire Hathaway, wrote to Arnault, telling him he had set the new age limit too low.

Arnault has made several leadership reshuffles in the brands he owns, including moving his children around.

On Wednesday, LVMH said in a statement that Arnault's second-youngest son, 30-year-old Frédéric Arnault, would be the new CEO of Loro Piana, an Italian cashmere brand under LVMH.

The company statement said he would start his new role on June 10. Before the promotion, he led LVMH's watches division.

Other leadership shake-ups included Damien Bertrand, the current CEO of Loro Piana, being promoted to deputy CEO of Louis Vuitton, and Pierre-Emmanuel Angeloglou being appointed deputy CEO of Dior.

According to his LinkedIn, Angeloglou is currently the managing director of LVMH's fashion group and the CEO of Fendi.

All five of Arnault's children hold leadership positions in LVMH, with four of them sitting on the board of directors.

Representatives for LVMH did not respond to a request for comment from Business Insider, sent outside regular business hours.

• LVMH's CEO, Bernard Arnault, promoted his second-youngest son to be the CEO of Loro Piana.
• Frédéric Arnault, aged 29, led LVMH's watches division.
• This is Arnault's latest move of reshuffling his children around in leadership roles in LVMH.

Bernard Arnault, the billionaire CEO and chairman of French luxury giant LVMH, is shuffling one of his children around at his companies again.

Frédéric Arnault, the chief executive's 29-year-old son, has been tapped to be the CEO of Loro Piana, an Italian cashmere brand under LVMH.

The company said in a Wednesday statement that he will step into the role on June 10. Before the promotion, the younger Arnault led LVMH's watches division.

Frédéric Arnault's appointment was one of three across LVMH. Damien Bertrand, the current CEO of Loro Piana, was promoted to deputy CEO of Louis Vuitton, and Pierre-Emmanuel Angeloglou was appointed deputy CEO of Dior. According to his LinkedIn, Angeloglou is currently the managing director of LVMH's fashion group and the CEO of Fendi.

"Our maisons' desirability is fuelled by dedicated and passionate leaders. Damien, Frédéric and Pierre-Emmanuel's vision, entrepreneurial spirit, creativity and commitment to excellence will be assets to pursue the dynamic development of our maisons," Arnault said in the statement.

The move is the latest instance of Arnault, aged 76, shaking up leadership in LVMH and putting his five children in the upper echelons of its fashion houses.

In November, he appointed his third-eldest child, Alexandre Arnault, as the deputy CEO of LVMH's Wines and Spirits division, Moët Hennessy. Before the new posting, he was executive vice president of product and communications at Tiffany & Co.

In 2023, Arnault's eldest child, Delphine Arnault, was tapped to be the CEO of Christian Dior. His second oldest child, Antoine Arnault, is LVMH's image and environment director.

And Jean Arnault, the youngest of the siblings, is the watch director of Louis Vuitton.

Four of his children — Delphine, Antoine, Alexandre, and Frédéric — sit on LVMH's board of directors.

• Bernard Arnault has said LVMH has no plans to relocate the company.
• It follows backlash over his criticism of proposed French tax hikes.
• Arnault had also praised the "optimism" in the US following President Donald Trump's return to office.

Bernard Arnault, the billionaire CEO of the luxury conglomerate LVMH, has said there are no plans to relocate the company after his criticism of proposed French tax hikes faced backlash.

"I never said that we were going to relocate the LVMH group. This statement is false," Arnault said in a statement posted on the company's X account on Friday.

"What I said is that the tax measures envisaged are an incentive for relocation, since they tax Made in France products, but not relocated French companies," he added.

Arnault had expressed frustration over proposed tax hikes on French companies in an earnings call earlier this week.

He warned that such measures could push businesses to move elsewhere.

"When you return to France and you see that they are planning to increase taxes on companies that produce in France to 40%, it's incredible! If you actually wanted them to relocate, that would be the ideal way to do it," he said.

He also contrasted the atmosphere with what he called the "wind of optimism" in the US following the return of President Donald Trump to the White House. Arnault joined a host of other billionaires and executives to attend Trump's inauguration earlier this month.

"Coming back to France is a bit like taking a cold shower," Arnault said.

His comments have been met with some criticism, including from Sophie Binet, the leader of the French trade union the General Confederation of Labour (CGT). Binet said in an interview on RTL that Arnault's remarks were a sign that "rats are jumping ship."

It wasn't the only part of the Tuesday earnings call that made headlines this week.

During the call, Arnault also said he had recently spoken with Meta boss Mark Zuckerberg about the decision to let low-performing Meta staff go.

While drawing parallels between job cuts at Tiffany & Co. and the layoffs at the Silicon Valley firm, Arnault said that the Meta employees were being "promoted outwards, so to speak."

LVMH generated 84.7 billion euros (around $88.2 billion) in revenue in 2024. France accounted for 8% of that figure, while the US accounted for 25%.

• Bernard Arnault said he spoke about Meta job cuts with Mark Zuckerberg.
• The CEO of LVMH referenced layoffs at Meta when discussing job cuts at Tiffany on an earnings call.
• Arnault described laid-off Meta workers as being "promoted outwards."

Bernard Arnault drew parallels between layoffs at Tiffany & Co. and job cuts at Meta on an earnings call Tuesday.

The CEO of the luxury conglomerate LVMH said he talked with Mark Zuckerberg last week about letting low-performing Meta staff go. Arnault said those workers were being "promoted outwards, so to speak."

The pair, who are worth a combined $445 billion, might have had a moment to chat about layoffs at President Donald Trump's inauguration, which they both attended last week.

Arnault added on the call: "We didn't have a choice. At Tiffany, we had to let go of some people."

He described the luxury jewelry brand as a "sleeping beauty" that was awakened in 2021 after being acquired by LVMH.

"When you're used to sleeping for 10 years, and you're all of a sudden asked to become fierce, and when you're expected to achieve high objectives, some people can't," he said. "Unfortunately, we were not able to keep everyone."

His comments came shortly after Meta announced a new round of layoffs.

Business Insider reported last week that Hillary Champion, Meta's director of people development growth programs, described the jobs in an internal memo as "non-regrettable attrition."

Meta isn't the only company using linguistic somersaults when it comes to job cuts — possibly to make them sound more positive or attempt to maintain the morale of remaining employees.

Amazon often describes layoffs as "unregretted attrition," while TechCrunch recently told BI that job cuts were necessary to meet the company's "evolving needs."

• Bernard Arnault has gained more wealth in 2025 than anyone else, including Elon Musk and Mark Zuckerberg.
• The LVMH CEO is now the world's fourth richest person after gaining $15 billion on Thursday.
• LVMH stock jumped 9% after a rival luxury goods company reported strong earnings.

A fashion mogul has gained more wealth this year than Elon Musk, Mark Zuckerberg, or anyone else on the global rich list.

Bernard Arnault, the founder and CEO of LVMH Moët Hennessy Louis Vuitton, has become about $14 billion richer already in 2025, according to the Bloomberg Billionaires Index.

He leapfrogged Oracle cofounder Larry Ellison on Thursday to take fourth place on Bloomberg's rich list with an estimated $190 billion fortune, adding $15 billion to his net worth in just one day.

The luxury tycoon has gained more wealth this year than Binance founder Changpeng Zhao, who was up nearly $12 billion at Thursday's market close, and the "Donald of Dubai" Hussain Sajwani, up around $10 billion.

Zuckerberg and Musk are the next-biggest gainers. The Meta and Tesla CEOs have added around $9 billion and $7 billion to their respective fortunes in just over two weeks, respectively.

Arnault's net worth soared on Thursday as LVMH stock surged 9% to close at its highest price since September. Arnault owns about 48% of the luxury conglomerate, which houses around 75 brands, including Tiffany & Co, Dom Perignon, and Sephora.

The shares jumped on hopes of a rebound in luxury demand after rival Richemont — the owner of brands like Cartier and Chloé — reported record quarterly sales with around 20% growth across Europe, the Americas, Japan, and the Middle East and Africa.

Consumer appetite for pricey products came roaring back after the pandemic as people resumed traveling and shopping again. But the luxury business has struggled more recently as brisk inflation, higher interest rates, and economic fears have dampened demand even among well-heeled buyers.

Arnault, nicknamed the "Wolf in Cashmere," was ranked as the world's richest person last March with a $230 billion-plus fortune, but his net worth shrank by over $50 billion by December as LVMH stock tumbled. Despite his latest gains, Arnault is still less than half as wealthy as Musk, worth $439 billion.

Even accounting for Arnault's wealth decline, the world's 10 richest people added more than $500 billion to their combined fortunes in 2024, boosting their total worth to over $2 trillion.

The group benefited from the buzz around artificial intelligence, the Federal Reserve's interest rate cuts, an improved US economic outlook, and hopes that Donald Trump's planned tax cuts and deregulation as president will boost corporate profits.

• The world's 10 wealthiest people added more than $500 billion to their combined fortunes in 2024.
• The top 20 gained $700 billion and ended the year with a total worth above $3 trillion.
• Elon Musk scored a huge $203 billion gain, but other tech bosses also notched up big rises.

The richest people on the planet saw their fortunes surge in 2024 as the artificial intelligence boom, the Federal Reserve's interest rate cuts, Donald Trump's election victory, and a robust economic outlook helped the stock market to roar.

The world's 10 wealthiest people grew more than $500 billion richer last year, boosting their combined net worth to just over $2 trillion — not far off the $2.3 trillion market values of Amazon and Google owner Alphabet.

Widen the lens to the top 20 names on the Bloomberg Billionaires Index, and the total net worth jumped $700 billion to above $3 trillion by the year's end, rivaling Microsoft's $3.1 trillion market value.

Tesla and SpaceX CEO Elon Musk led the pack with a $203 billion gain for the year, which lifted his personal fortune to $432 billion at the market close on December 31.

His net worth briefly touched $486 billion a couple of weeks earlier after Tesla stock surged to a record high and SpaceX's valuation leaped to $350 billion. At that point, his year-to-date gain of $257 billion exceeded the entire net worth of Jeff Bezos, no.2 on the rich list.

However, Musk wasn't the only one to notch huge wealth gains in 2024. Meta CEO Mark Zuckerberg, Nvidia boss Jensen Huang, Oracle cofounder Larry Ellison, and Bezos all grew between $60 billion and $80 billion wealthier as their respective companies surged in value.

Other Big Tech luminaries scored big gains too with Michael Dell, the founder of the eponymous computer maker, adding $45 billion to his fortune. Google cofounders Larry Page and Sergey Brin added $42 billion and $38 billion to their respective fortunes.

Tech leaders accounted for most of the wealth gains, but Walmart founder Sam Walton's three surviving heirs — Jim, Alice, and Rob — each grew more than $38 billion richer, thrusting the trio into the $100 billion club for the first time.

Warren Buffett, whose Berkshire Hathaway conglomerate owes scores of businesses like Geico and huge stakes in public companies like Coca-Cola, also gained $22 billion and ended the year on $142 billion.

Not everyone's a winner

There were a few wealth losers among the uber-wealthy, however. LVMH founder and CEO Bernard Arnault saw his fortune shrink from over $230 billion at its peak in March to $176 billion by the end of December, sending him from first place to fifth.

Indian industrialist Mukesh Ambani, Mexican telecoms mogul Carlos Slim, Indian infrastructure tycoon Gautam Adani, and L'Oréal heiress Françoise Bettencourt Meyers all lost money last year by Bloomberg's estimates.

The superrich mostly got wealthier because excited investors wagered the likes of Nvidia, Tesla, and Microsoft would post higher profits by playing key roles in the AI revolution.

The Fed also made its first cuts to rates after hiking them to curb runaway inflation in 2022 and 2023. That has benefited stocks by making them relatively more appealing versus fixed-income assets such as government bonds, and could boost corporate profits by encouraging spending and borrowing.

Trump's win in November pushed stocks higher too, as the former president had run on promises of pro-growth policies such as tax cuts and deregulation. Tesla in particular gained as investors bet Musk's close ties to the future president would benefit the automaker.

• In 2024, the rich largely got richer as tech stocks flew and markets experienced a postelection bump.
• However, some luxury titans shed billions amid an industry downturn.
• Here are the biggest billionaire winners and losers of the year, according to their net worth.

2024 was a good year to be a billionaire.

The S&P 500 gained 25% this year, while the Nasdaq grew 33%. The uberwealthy, many of whom are invested in companies on each index, benefited greatly.

The five billionaires who gained the most wealth in 2024 saw their net worths climb a collective $542 billion, according to the Bloomberg Billionaires Index as of December 27.

These billionaires all come from the tech sector, where AI fever and a postelection rally pushed many stocks to all-time highs.

There were, though, those whose fortunes took a hit. Some billionaires whose money comes from luxury retail, which struggled this year, lost double-digit billions.

Here are the billionaires who gained and lost the most this year — and just how much their fortunes changed as of December 27.

The biggest winners of the year are…

Elon Musk: $239 billion richer

Elon Musk, who is worth $468 billion, nearly doubled his net worth in 2024, owing in no small part to the stock market's rally after Donald Trump's election victory. Since Election Day, he's become more than $200 billion richer.

His fortune is predominantly made up of Tesla stock and equity in SpaceX. Even though sales of electric vehicles have slowed down, Tesla's stock price has jumped more than 70% this year. SpaceX, meanwhile, has doubled in value in the past year and is now worth a reported $350 billion.

Musk, who gave more than $200 million to Trump's reelection efforts, has become an advisor to the president-elect, who tapped him and Vivek Ramaswamy to lead his newly created Department of Government Efficiency. Investors are bullish that his relationship with the commander in chief will benefit his companies.

Mark Zuckerberg: $85 billion richer

Mark Zuckerberg is riding on the success of Meta's strong year. The CEO, who is worth $213 billion, owns about 13% of the company's stock, making him its largest individual shareholder.

Meta's share price is up over 70% this year thanks to its strong ad business and push further into AI. The company announced its first-ever dividend in February, and its stock hit record highs multiple times this year.

Jensen Huang: $78 billion richer

The AI boom minted a new centibillionaire this year in Jensen Huang, who is worth $122 billion.

The Nvidia CEO and cofounder owns about 3.5% of the company, whose share price is up more than 175% year-to-date thanks to its dominance in the AI chip industry.

Larry Ellison: $70 billion richer

Larry Ellison, who is worth $193 billion, is the founder and chief technology officer of Oracle.

The database software company's stock, which makes up the largest share of his net worth, is up more than 60% year-to-date thanks to its cloud applications and infrastructure, which can be used to train AI.

Ellison also owns more than 1% of Tesla stock, which is worth $20 billion, according to Bloomberg.

Jeff Bezos: $69 billion richer

Jeff Bezos, the Amazon cofounder, remains the company's largest individual shareholder, owning nearly 9% of the $2.4 trillion company. His stake in the retail and tech behemoth makes up more than 80% of his $246 billion fortune.

Amazon's stock, which is up more than 45% year-to-date, surged after Trump's election. The company has also benefited from its leadership in e-commerce and cloud computing.

Meanwhile, some billionaires did experience hits to their fortunes.

Bernard Arnault: $31 billion poorer

This year was one of the worst years for luxury in recent memory, and Bernard Arnault has an 11-figure loss to show for it.

The CEO of LVMH, who is worth $176 billion, has a 48% stake in the company, which owns brands like Louis Vuitton and Christian Dior. Luxury labels have struggled this year, particularly in China, which has experienced a real estate crisis and high youth unemployment.

Françoise Bettencourt Meyers: $25 billion poorer

Francoise Bettencourt-Meyers, the heir to the L'Oréal fortune, is the second-richest woman in the world with a fortune of $75 billion.

The cosmetics company has struggled this year as sales in China took a hit. Its share price is down more than 26% year-to-date.

Carlos Slim: $23 billion poorer

Mexican billionaire Carlos Slim, who is worth $82 billion, saw his fortune slip with telecommunications giant América Móvil's stock this year.

Colin Huang: $17 billion poorer

Nearly all of Colin Huang's $35 billion fortune lies in his stake in Pinduoduo, the parent company of fast-fashion retailer Temu, whose stock has fallen more than 30% this year.

In August, Temu announced it expected profits to fall in the future due to growing competition and changing consumer sentiment. The company took another hit following Trump's victory, given the uncertainty of how future tariffs may affect sales.

Francois Pinault: $14 billion poorer

Francois Pinault's fortune is another casualty of the luxury downturn this year.

He founded the luxury group Kering, which includes brands like Balenciaga, Gucci, and Saint Laurent, and the majority of his $22 billion net worth is tied up in the company, whose stock is down more than 40% year-to-date.

• The world's wealthiest people have shuffled their ranks and seen their fortunes surge since 2000.
• Bill Gates, Warren Buffett, Larry Ellison, and Steve Ballmer held top-20 spots then and still do.
• Elon Musk, Jeff Bezos, and Mark Zuckerberg didn't rank in the top 20 less than 25 years ago.

Compare the wealthiest people on the planet today to a quarter-century ago, and it's striking to see how the fortunes have grown, and most of the names have changed.

Bill Gates topped Forbes' rundown of the world's richest people in 2000, the earliest list accessible using the Wayback Machine. The Microsoft cofounder's net worth has grown from $60 billion then to $105 billion at Tuesday's close — good for 15th place in the real-time rankings.

Oracle cofounder Larry Ellison, Berkshire Hathaway CEO Warren Buffett, Walmart heir Rob Walton, Dell founder and CEO Michael Dell, former Microsoft CEO Steve Ballmer, and LVMH founder and CEO Bernard Arnault also made the top 20 then and still do today.

But retaining a top 20 spot has required them to grow dramatically more wealthy since 2000. For example, Ellison's net worth has more than quadrupled from $47 billion to $217 billion.

Buffett's fortune has grown more than five-fold from about $26 billion to $143 billion, despite the investor gifting over half of his Berkshire shares to good causes since 2006.

Walton and Dell's fortunes have more than quintupled in size from roughly $20 billion to well above $100 billion.

Ballmer and Arnault have notched even larger gains, with their net worths growing from about $16 billion and $13 billion each to $128 billion and $168 billion, respectively.

Meanwhile, SoftBank founder and CEO Masayoshi Son's wealth has only grown from about $19 billion to $30 billion, dropping him from eighth place to 59th.

Several other people have fallen out of the top 10. They include Gates' late cofounder, Paul Allen; Theo and Karl Albrecht, the brothers who cofounded supermarket giant Aldi; Prince Alwaleed Bin Talal Al Saud of Saudi Arabia; and newspaper tycoon Kenneth Thompson.

On the other hand, Tesla and SpaceX CEO Elon Musk, Amazon founder Jeff Bezos, Meta cofounder and CEO Mark Zuckerberg, Alphabet cofounders Larry Page and Sergey Brin, and Nvidia founder and CEO Jensen Huang now rank in the top 10.

While a $20 billion fortune would have landed someone firmly in the top 10 in 2000, a net worth of that magnitude barely cracks the top 100 nowadays.

The top 10 wealthiest individuals were worth a combined $275 billion in 2000, or about one-seventh of their $2 trillion in total wealth at Tuesday's close. The 20 richest people were worth $406 billion then, a fraction of the $3 trillion they're worth today.

Musk alone is worth $454 billion today, exceeding the combined wealth of the top 20 in 2000.

The consistency between the two lists shows how companies such as Microsoft, Oracle, Berkshire Hathaway, Dell, and Walmart have gained value over the course of decades, enabling their largest shareholders to retain their top 10 spots almost a quarter-century later.

But it also underscores how businesses like Amazon, Alphabet, Tesla, Meta, and Nvidia have skyrocketed in value and propelled their biggest backers into top 10 positions.

• The elite group worth more than $100 billion includes Elon Musk, Jeff Bezos, and Bill Gates.
• The 16 members have grown almost $900 billion richer this year and are jointly worth $2.8 trillion.
• Walmart heirs Jim, Rob, and Alice Walton joined the club for the first time in September.

Elon Musk, Jeff Bezos, and Mark Zuckerberg are among the handful of people on the planet with a net worth above $100 billion.

Members of this elite group have amassed 12-digit fortunes by owning huge amounts of stock in some of the world's most valuable companies. Most are founders and either current or former CEOs, and some, such as Warren Buffett, would be much richer if they didn't give billions to charity.

The 16 people in this very exclusive club have a combined wealth of about $2.8 trillion, according to the Bloomberg Billionaires Index. They're worth more than Amazon or Google owner Alphabet, which command market values of around $2.4 trillion each.

All but one of them have grown richer this year, adding a net $890 billion to their collective fortunes. Walmart ($762 billion), Eli Lilly ($740 billion), and JPMorgan ($675 billion) are all worth significantly less than that.

Walmart heirs Jim, Rob, and Alice Walton joined the exclusive group in September, thanks to their net worths surging by upward of $43 billion this year.

Here's the list of individuals worth at least $100 billion, showing Bloomberg's estimate on December 16, how much it's changed this calendar year, and the source of their wealth.

1. Elon Musk

Net worth: $474 billion

YTD change in wealth: +$245 billion

Source of wealth: Tesla and SpaceX stock

Elon Musk is the CEO of the electric-vehicle maker Tesla and the spacecraft manufacturer SpaceX. He's also the owner of X, the social network formerly known as Twitter. His other businesses include The Boring Company, Neuralink, and xAI.

Musk's wealth has nearly doubled this year — surging by $245 billion or almost Jeff Bezos' entire net worth — because Tesla stock has jumped by over 85% and SpaceX's valuation has surged to $350 billion, per Bloomberg.

2. Jeff Bezos

Net worth: $251 billion

YTD change in wealth: +$74.5 billion

Source of wealth: Amazon stock

Jeff Bezos is the founder, executive chairman, and former CEO of Amazon, the e-commerce and cloud-computing giant.

He also founded the space company Blue Origin and owns The Washington Post.

3. Mark Zuckerberg

Net worth: $221 billion

YTD change in wealth: +$92.6 billion

Source of wealth: Meta stock

Mark Zuckerberg is the cofounder, chairman, and CEO of Meta Platforms, the social-media titan behind Facebook, Instagram, WhatsApp, and Threads.

Meta's Reality Labs division makes virtual-reality and augmented-reality headsets and experiences.

4. Larry Ellison

Net worth: $194 billion

YTD change in wealth: +$70.9 billion

Source of wealth: Oracle and Tesla stock

Larry Ellison is the cofounder, chief technology officer, and former CEO of Oracle, an enterprise software company specializing in cloud computing and database platforms.

He invested in Tesla prior to joining the automaker's board in 2018 and made more than 10 times his money on paper by the time his term as a director ended in August 2022.

5. Bernard Arnault

Net worth: $178 billion

YTD change in wealth: -$29.3 billion

Source of wealth: LVMH stock

Bernard Arnault is the founder, chairman, and CEO of LVMH Moët Hennessy Louis Vuitton. His conglomerate owns a bevy of luxury brands, including Dior, Fendi, Dom Pérignon, Sephora, and Tiffany & Co.

LVMH stock has struggled this year, falling over 10% and eroding Arnault's net worth in the process.

6. Larry Page

Net worth: $175 billion

YTD change in wealth: +$48.2 billion

Source of wealth: Alphabet stock

Larry Page cofounded Google with his Stanford University classmate Sergey Brin in a friend's garage in 1998 and served as CEO until 2001.

He took the reins again between 2011 and 2015 after Google was restructured as a subsidiary of Alphabet alongside other businesses such as YouTube and Waymo.

7. Bill Gates

Net worth: $165 billion

YTD change in wealth: +$23.9 billion

Source of wealth: Microsoft stock

Bill Gates is the cofounder and former CEO of Microsoft, which makes the Office application suite, the cloud-computing platform Microsoft Azure, and Xbox consoles.

He's renowned for his philanthropic work at the helm of the Bill & Melinda Gates Foundation, one of the world's largest charitable entities.

8. Sergey Brin

Net worth: $164 billion

YTD change in wealth: +$44.3 billion

Source of wealth: Alphabet stock

Sergey Brin cofounded Google with Page in 1998 and served as the search-and-advertising titan's first president.

He and Page stepped down from their respective roles as Alphabet's president and CEO in 2019.

9. Steve Ballmer

Net worth: $156 billion

YTD change in wealth: +$25.4 billion

Source of wealth: Microsoft stock

Steve Ballmer served as Microsoft's CEO between 2000 and 2014. He joined the company in 1980 as Bill Gates' assistant, initially negotiating a profit share, which he later swapped for an equity stake when it became excessively large.

Ballmer retired as CEO in 2014 with a 4% stake — a position now worth more than $130 billion. He promptly bought the Los Angeles Clippers for $2 billion and remains the basketball team's owner.

10. Warren Buffett

Net worth: $143 billion

YTD change in wealth: +$23 billion

Source of wealth: Berkshire Hathaway stock

Warren Buffett acquired Berkshire Hathaway when it was a failing textile mill in 1965 and has since grown it into one of the world's largest companies. His nearly 15% stake is worth around $141 billion.

The famed investor's conglomerate owns scores of businesses, including GEICO, See's Candies, and BNSF Railway, and holds multibillion-dollar stakes in public companies such as Apple and Coca-Cola.

Buffett has gifted about half his Berkshire shares to the Gates Foundation and his four family foundations since 2006.

11. Michael Dell

Net worth: $130 billion

YTD change in wealth: +$51.4 billion

Source of wealth: Dell stock

Michael Dell is the founder, chairman, and CEO of the eponymous computer maker. Dell stock has roughly tripled since March last year to $119, valuing the company at over $80 billion, as investors wager it will be a key beneficiary from the AI boom.

Dell owns about 46% of his company, and pocketed well over $10 billion from the sale of Dell-backed VMware to Broadcom last year.

12. Jim Walton

Net worth: $117 billion

YTD change in wealth: +$44.5 billion

Source of wealth: Walmart stock

Jim Walton is the youngest son of Walmart founder Sam Walton, who gave each of his four children a 20% stake in the budding retail business over 70 years ago. Jim and his two surviving siblings, Rob and Alice, each still own over 11% of the company.

Jim's net worth crossed $100 billion in September following an 80% surge in Walmart stock this year.

13. Jensen Huang

Net worth: $115 billion

YTD change in wealth: +$71.4 billion

Source of wealth: Nvidia stock

Jensen Huang cofounded Nvidia in 1993, but the microchip maker has become a market darling within the past two years as its semiconductors have proven pivotal to developing artificial intelligence.

Nvidia's stock price has skyrocketed from under $15 at the end of 2022 to $132. That has boosted the company's value to $3.2 trillion — meaning it now rivals Apple as the world's most valuable company —and bolstered Huang's superrich status in the process.

14. Rob Walton

Net worth: $115 billion

YTD change in wealth: +$43.3 billion

Source of wealth: Walmart stock

Rob Walton, Sam Walton's eldest, sat on Walmart's board for more than 40 years before retiring this June.

His net worth passed $100 billion for the first time in September, making him the second Walton to join the club after his younger brother, Jim.

15. Alice Walton

Net worth: $114 billion

YTD change in wealth: +$43.8 billion

Source of wealth: Walmart stock

Alice Walton is Sam Walton's only daughter, and the world's richest woman after overtaking L'Oréal heiress Françoise Bettencourt Meyers earlier this year.

She joined her brothers, Jim and Rob, in the $100 billion club in September.

16. Amancio Ortega

Net worth: $104 billion

YTD change in wealth: +$16.9 billion

Source of wealth: Inditex stock

Amancio Ortega is the founder and former chairman of Inditex, a fashion retail group home to brands such as Zara, Bershka, and Massimo Dutti.

The billionaire philanthropist and real-estate investor stopped running Inditex in 2011. His daughter Marta Ortega Pérez was appointed chair at the end of 2021.

• The world's 10 biggest wealth gainers have already grown a combined $157 billion richer this year.
• Mark Zuckerberg tops the list with a $40.7 billion gain that lifted his net worth to $248 billion.
• Jeff Bezos, Bernard Arnault, Larry Page, and Thomas Peterffy are all up by at least $13 billion.

Ten people have grown their personal fortunes by a combined $157 billion within the first five weeks of this year — a figure that rivals BlackRock's market value.

The biggest wealth gainers of 2025 so far include Meta CEO Mark Zuckerberg, Amazon chairman Jeff Bezos, and Alphabet cofounder Larry Page, according to the Bloomberg Billionaires Index.

Investor optimism around artificial intelligence, the US economic outlook, and the Trump administration have boosted their companies' stock prices, benefiting them as major shareholders.

Here are the 10 greatest wealth builders this year as of the market close on February 4.

1. Mark Zuckerberg

Year-to-date wealth gain: $40.7 billion

Net worth: $248 billion

Source of wealth gain: Meta stock

Mark Zuckerberg is the cofounder and CEO of Meta, the parent company of Facebook, Instagram, WhatsApp, and Threads.

Meta stock has soared 20% this year as investors wager Zuckerberg's big bets on AI and the metaverse will pay off in the years ahead. Zuckerberg has added almost $41 billion to his net worth as a result.

2. Jeff Bezos

Year-to-date wealth gain: $21.1 billion

Net worth: $260 billion

Source of wealth gain: Amazon stock

Jeff Bezos is Amazon's founder, executive chairman, and former CEO.

Amazon shares have risen 10% this year as investors bet the online retailer can harness AI to supercharge its sales and leverage Amazon Web Services to become a key provider of cloud infrastructure to AI companies.

3. Bernard Arnault

Year-to-date wealth gain: $15.1 billion

Net worth: $191 billion

Source of wealth gain: LVMH stock

Bernard Arnault is the founder, chairman, and CEO of LVMH Moët Hennessy Louis Vuitton.

His luxury conglomerate houses dozens of high-end brands, including Dior, Fendi, and Tiffany & Co.

LVMH stock has climbed 8% this year, lifting the value of Arnault's 48% stake in the company.

4. Larry Page

Year-to-date wealth gain: $13.7 billion

Net worth: $182 billion

Source of wealth gain: Alphabet stock

Larry Page cofounded Google in 1998. He was the company's CEO until 2001 and again between 2011 and 2015 after Google was restructured as a subsidiary of Alphabet.

Alphabet shares have climbed 9% this year as investors wager the search-and-advertising titan can dominate AI. The stock jump has fueled a roughly $14 billion rise in Page's net worth.

5. Thomas Peterffy

Year-to-date wealth gain: $13.0 billion

Net worth: $66.1 billion

Source of wealth gain: Interactive Brokers stock

Thomas Peterffy is the founder and chairman of Interactive Brokers, which runs one of the world's biggest electronic trading platforms.

His company's stock has surged 25% this year, adding $13 billion to his net worth, as investors wager the crypto-friendly Trump administration will fuel a trading boom.

6. Sergey Brin

Year-to-date wealth gain: $12.8 billion

Net worth: $171 billion

Source of wealth gain: Alphabet stock

Sergey Brin cofounded Google with Page in 1998 and served as the search-and-advertising titan's first president.

He and Page stepped down from their respective roles as Alphabet's president and CEO in 2019. Alphabet's stock rally this year has added about $13 billion to his personal fortune.

7. Jim Walton

Year-to-date wealth gain: $10.5 billion

Net worth: $123 billion

Source of wealth gain: Walmart stock

Jim Walton is the youngest son of Walmart founder Sam Walton and, like his siblings, one of the retailer's largest shareholders with an 11%-plus stake.

Walmart stock has climbed 12% this year, fueled by resilient consumer spending in the face of historic inflation and soaring interest rates in recent years. The Waltons joined the $100 billion club for the first time last year.

8. Alice Walton

Year-to-date wealth gain: $10.3 billion

Net worth: $119 billion

Source of wealth gain: Walmart stock

Alice Walton is the only daughter of Walmart founder Sam Walton.

She overtook L'Oréal heiress Françoise Bettencourt Meyers in August 2024 to become the world's richest woman.

9. Rob Walton

Year-to-date wealth gain: $10.2 billion

Net worth: $120 billion

Source of wealth gain: Walmart stock

Rob Walton is the eldest son of Sam Walton and an heir to the Walmart fortune.

He and his siblings owe a big chunk of their wealth to their father, who handed them each a 20% stake in the family business over 70 years ago instead of having them inherit his fortune upon his death, in turn avoiding paying billions of dollars in estate taxes.

``10. Hussain Sajwani

Year-to-date wealth gain: $9.85 billion

Net worth: $13.2 billion

Source of wealth gain: Damac ownership

Hussain Sajwani is a real-estate tycoon who's been dubbed the "Donald of Dubai." He's the chairman and founder of Damac Group, which owns luxury developer Damac Properties and fashion label Roberto Cavalli.

Sajwani is an associate of both President Donald Trump and Tesla CEO Elon Musk.