AI boom will add more than $5 trillion to US tech billionaires in 2025 | Extensive list

A stock market boom in artificial intelligence companies has increased the wealth of America’s tech billionaires by more than $5 trillion in the past year, data shows.

The finances of the top 10 U.S. founders and executives at the world’s biggest technology companies rose from $1.9 trillion to nearly $2.5 trillion in the year to Christmas Eve, according to Bloomberg.

As the AI ​​gold rush pushes the US stock market to record highs, Elon Musk, already the world’s richest man, has once again proven to be one of the biggest winners.

Musk’s net worth rose nearly 50% from a year ago to $645 billion. The tycoon, whose business interests include artificial intelligence company xAI, became the first person with a net worth of over $500 billion in October this year. He could become the world’s first billionaire if his electric car company Tesla achieves the goals he has set.

Musk is ahead of Google co-founder Larry Page and Amazon founder Jeff Bezos in the overall ranking of the world’s richest people. Page is estimated to be worth $270 billion, while Bezos is estimated to be worth $255 billion.

The increasing concentration of wealth in the hands of the super-elite has fueled debate about how best to rebalance the economy, with calls for a more effective wealth tax.

Jensen Huang, CEO of semiconductor maker Nvidia, was among the biggest gainers. The value of his investments, stocks and other assets increased by $41.8 billion, bringing his personal fortune to $159 billion. This puts him ninth on the overall Bloomberg Billionaires Index and eighth among the top 10 U.S. tech billionaires, according to a separate report in the Financial Times.

Mr. Huang sold about $1 billion worth of stock this year, profiting from Nvidia’s soaring stock price. Its relatively advanced computer chips are a key component in building the more powerful processing power needed for AI. In October, the company became the world’s first $5 trillion company, surpassing the economic output of the world’s largest economies such as Japan and India.

Google co-founders Page and Sergey Brin’s wealth rose by about $102 billion and $92 billion, respectively, as investors bet on the company’s AI advances, including internal efforts to develop new chips known as tensor processing units.

The Bank of England has warned that global markets could be plunged into a “sudden correction” if investors’ confidence in the recent surge in AI investment proves to be misplaced.

“Based on a number of indicators, stock market valuations appear to be overvalued for technology companies, particularly those focused on artificial intelligence,” central bank policymakers said in October.

This means “equity markets are particularly at risk if expectations regarding the impact of AI become less optimistic,” they said.

While technology dominates the top industries on the billionaires list, there are other well-known names as well. Bernard Arnault, the French chairman of luxury goods company LVMH, which makes Louis Vuitton bags and Dom Pérignon champagne, has seen his wealth rise by $28.5 billion in the past year. The 76-year-old controls about half of LVMH, and analysts have become more positive on the stock in recent months due to strong spending by wealthy North American consumers.

Spaniard Amancio Ortega, who owns a 59% stake in Inditex, the parent company of luxury clothing retailer Zara and seven other brands, was one of the biggest gainers, adding $34.3 billion to his $136 billion fortune. This was boosted by a record dividend of €3.1 billion from the retail group.