Jeff Bezos and other global magnates' net worth reached new heights: the combined wealth of the world's 500 billionaires grew by $2.2 trillion

The year will close with a historic milestone for the billionaire world. The collective wealth of the 500 wealthiest individuals on the planet experienced an unprecedented growth of $2.2 trillion, raising their combined net worth to $11.9 trillion, according to reports from institutions specializing in global wealth tracking.

This unparalleled expansion was fueled by a convergence of factors in international markets. Stocks experienced a sustained rally, primarily driven by enthusiasm around artificial intelligence and the exceptional performance of major U.S. tech corporations. Simultaneously, the cryptocurrency sector experienced a significant resurgence, while precious metals also maintained their upward trend. This combination of positive movements across multiple asset classes disproportionately benefited magnates whose fortunes are concentrated in these sectors.

The leaders of the tech ecosystem were the big winners of this year. Oracle, Tesla, Alphabet, and Amazon, among other corporate giants, saw their valuations increase considerably. This boost resulted in extraordinary gains for their main shareholders: Jeff Bezos, founder of Amazon; Larry Ellison, head of Oracle; Elon Musk, CEO of Tesla; and Larry Page, co-founder of Alphabet, were some of the main beneficiaries.

Interestingly, although these 8 magnates in particular were responsible for approximately a quarter of the total wealth growth recorded, their relative share showed a slight decrease compared to the previous year, indicating a broader distribution of gains among other members of the select group of global billionaires during this period.