World's 10 richest people are $500 billion wealthier this year thanks to the AI boom

"The world's 10 wealthiest people have added a remarkable $523 billion to their fortunes this year, the Bloomberg Billionaires Index shows. Mastercard, Exxon Mobil, and Netflix are all worth less than that; their market values were between $460 billion and $520 billion at Monday's close. Oracle cofounder Larry Ellison has notched the biggest wealth gain so far this year with a $150 billion increase in net worth, to $343 billion."

"The top 10 names on Bloomberg's list added $45 billion to their combined fortunes on Monday alone as strong tech earnings and receding trade-war fears drove stocks to new highs. They're collectively worth almost $2.5 trillion, or more than Amazon - a company with over $600 billion in annual sales and more than 1.5 million employees. The 10 richest people have added over half a trillion dollars to their fortunes this year, almost entirely because of AI optimism, fueled by buzzy partnerships, massive contracts, and sky-high growth forecasts."

The 10 wealthiest individuals globally have increased their combined net worth by about $523 billion year-to-date, with a $45 billion single-day gain recently. Larry Ellison leads with a $150 billion rise to $343 billion, while Alphabet cofounders Larry Page and Sergey Brin each added over $60 billion. Mark Zuckerberg and Nvidia's Jensen Huang each gained more than $50 billion. Michael Dell, Steve Ballmer, and Elon Musk each rose over $30 billion, with Bernard Arnault and Jeff Bezos up $19 billion and $11 billion respectively. AI optimism, partnerships, large contracts, and strong tech earnings are the primary drivers of these gains.

Read at Business Insider