Shifting crowns: Mark Zuckerberg becomes world's second-richest person, surpasses Jeff Bezos

Meta CEO Mark Zuckerberg surpasses Amazon founder Jeff Bezos to become the world's second-richest person. According to the Bloomberg Billionaires Index, Zuckerberg's net worth reached $206.2 billion in 2024, surpassing Bezos' $205.1 billion. This development comes on the heels of Meta's 70 per cent stock surge in 2024, fueled by investor confidence in AI-based technologies. Zuckerberg's wealth increased by $78 billion in 2024

Zuckerberg is now placed just behind Tesla & SpaceX CEO Elon Musk, who boasts a net worth of over $250 billion.

Meta's substantial expenditures in AI, which have significantly increased revenue, have notably excited investors. Particularly noteworthy is Meta's achievement in 2024 following a difficult 2022, during which 21,000 people were let go as a result of Zuckerberg's cost-cutting efforts. One financial analyst remarked, "This is a huge turnaround for the company," citing how those difficult choices helped the business regain investor confidence and streamline operations.

Investor confidence has been further enhanced by Meta's recent release of its Orion AR glasses, which has received positive early reviews for its cutting-edge capabilities. The company's core advertising business is still strong despite spending billions on virtual and augmented reality technology. This tells investors that the company's key sources of income are secure.

Top 5 richest people in the world:

1. Elon Musk: $256 billion

2. Mark Zuckerberg: $206.2 billion

3. Jeff Bezos: $205.1 billion

4. Bernard Arnault: $203 billion

5. Warren Buffett: $121.7 billion