America’s billionaires have had a great year from a financial standpoint.
The top 20 people on Forbes’ 2023 richest list have added $310 billion to their fortunes. Together, they have a combined wealth of $1.9 trillion, a 30% increase from a year ago. To give a sense of how significant their growth is, these 20 people now hold 40% of the total wealth of the entire Forbes 400 list.
Among the top 20, Nvidia Corp. CEO Jensen Huang stands out. His company, which has made big strides in artificial intelligence (AI), propelled him up the list. With Nvidia’s stock price rising rapidly, Huang has seen a 216% boost in his wealth from last year, putting his net worth at $40.7 billion.
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According to Forbes, the amount of wealth the top 20 have is so massive they could “buy the bottom 340 billionaires ranking on the list — with billions to spare.” While this is one way to visualize their wealth, it also highlights the difference in financial stature even among America’s richest.
Artificial intelligence (AI) is a significant factor in shaping the fortunes of America’s elite. Oracle Corp. Co-Founder Larry Ellison experienced a notable increase in his wealth, amounting to $57 billion. This surge, largely the result of Oracle’s 69% stock appreciation, elevated him to the No. 3 spot on America’s wealthiest list.
Meta Platforms Inc. CEO Mark Zuckerberg also made big strides this year. His reentry into the top 10 of the Forbes 400 list can be credited to Meta’s strategic adoption of AI and its new initiatives.
Google Co-Founders, Larry Page and Sergey Brin also rode the AI wave. With parent company Alphabet Inc. introducing innovative AI tools, its stock enjoyed a 27% boost. This success has positioned both Page and Brin in the Forbes top 10.
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Not to be left behind, Microsoft Corp. Founder Bill Gates integrated AI into his investment strategy. His recent backing of AI-based startup Inflection.ai, in partnership with Microsoft, reflects this approach. Gates maintains his status at No. 6 on the rich list, illustrating the positive impact of strategic AI investments.
At the more modest end of the Forbes 400 list, taking the 379th spot is Stewart Horejsi. His story stands out because of his insightful investment choices. Influenced by the late investment adviser John Train’s “The Money Masters” in 1980, he purchased stock in Berkshire Hathaway at a price as low as $265 per share. This singular investment decision has since ballooned his net worth to $2.9 billion.
At the 161st position is Vinod Khosla. As the founder of Khosla Ventures, a prominent venture capital firm in Silicon Valley, California, Khosla has achieved a net worth of $6.5 billion. His success exemplifies the immense potential and returns that venture capital offers.
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This article The Top 20 Richest People On Forbes 400 Are So Rich They Could Buy The Bottom 340 Billionaires — And Still Have Billions Left Over originally appeared on Benzinga.com
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