The American magazine Forbes has released its list of the richest people in the world for 2024.
The list indicates that the number of billionaires around the world has reached an all-time high and their wealth has increased significantly over the past one year.
141 more people became billionaires during the year and a total 2781 people are included in the list. The total wealth of these people is around fourteen thousand and two hundred billion dollars, which in comparison to 2023 is two thousand billion dollars higher. Two-thirds of billionaires got richer, with the world’s 20 richest people earning a combined total of $700 billion a year, according to Forbes. The highest number of billionaires in the world reside in the United States with 813, followed by China with 473, and India with 200.
France’s Bernard Arnault has been named the world’s richest person in the 2024 list with assets worth $233 billion. This is the second year in a row that he has received the title, having topped last year’s list with $211 billion, his assets having increased by $22 billion in one year.
Tesla and SpaceX owner Elon Musk is second on the list with $195 billion.
Amazon founder Jeff Bezos came in third with a net worth of $195 billion, while Meta’s CEO Mark Zuckerberg came in fourth with $177 billion. India’s Mukesh Ambani was declared the 9th richest person in the world and the richest person in Asia with 116 billion dollars.
The richest woman in the world is Francoise Bettencourt Meyers of France, who owns 99.5 billion dollars, while she is on the 15th place in the list of the richest people in the world.
Alice Walton is the second richest woman in the world (21st overall) with $72.3 billion, while Julia Koch is the third (23rd overall) richest woman with $64.3 billion.
Binance boss Changpeng Zhao has become the most powerful cryptocurrency figure to fall in a two-year period chaotic even by the standards of the notoriously volatile industry.
Zhao stepped down as CEO of Binance — the largest crypto exchange in the world — after he and the company pleaded guilty on Tuesday to sweeping US money laundering violations and agreed to fines of more than $4 billion.
Here are three of the highest-profile crypto executives who have fallen foul of the law since last year:
Changpeng ‘CZ’ Zhao
Born in China in 1977, Zhao moved with his family to Canada in the 1980s and later got a degree in computer science from McGill University, according to his profile in the Bloomberg Billionaires Index.
Zhao Changpeng, chief executive officer of Binance, speaks during a Bloomberg Television interview in Tokyo, Japan, on Thursday, Jan. 11, 2018. The world’s biggest cryptocurrency exchange keeps getting bigger. Binance.com is adding “a couple of million” registered users every week, with 240,000 people signing up in just an hour on Wednesday, said Zhao. Photographer: Akio Kon/Bloomberg
He founded Binance in 2017 in Shanghai, and led the company’s explosive growth into the world’s biggest cryptocurrency exchange.
An outspoken celebrity in the crypto world with 8.7 million followers on X, Zhao became the richest known figure in the nascent industry. His net worth peaked at around $65 billion in 2022, according to a Forbes index.
With the prestige and wealth came increased scrutiny of Binance’s operations, as prominent crypto firms around the world began to buckle under a wave of criminal investigations.
The United States accused Zhao and Binance of multiple violations, including knowingly allowing transactions to militant groups such as the Islamic State and in barred jurisdictions such as North Korea and Iran.
On Tuesday, they pleaded guilty. The firm has agreed to total penalties of nearly $4.4 billion, while he will pay $50 million, according to court documents.
Zhao resigned as CEO of Binance and while he will reportedly retain his shares in the company, he has been banned from any involvement in its business. He is expected to face sentencing later.
Forbes listed his net worth as $10.2 billion as of Wednesday.
Sam Bankman-Fried
If Zhao was the richest and most powerful person in crypto, Sam Bankman-Fried was easily the most famous.
Born to Stanford University professors, Bankman-Fried graduated from MIT with a degree in physics.
In 2019, he founded FTX, which skyrocketed to become the world’s second-largest crypto exchange.
Along the way, Bankman-Fried built up his image as the unofficial ambassador for the cryptocurrency industry, with high-profile appearances in the media and even the US Congress.
At one point in 2022, he had a net worth of $24 billion, according to Forbes.
But he had been walking a dangerous path — his team used customers’ money for everything from buying posh real estate to covering risky moves by affiliate Alameda Research.
It all came crashing down when these moves were revealed in the media in November 2022. Within hours, rival CZ Zhao said Binance would sell all the FTX tokens it held.
It sparked a stunning collapse of FTX and Bankman-Fried’s empire, his fame turning to notoriety.
Arrested in the Bahamas in January, he was found guilty this month of what US prosecutors described as “one of the biggest financial frauds in American history”. He faces up to 110 years in prison.
During his trial, the 31-year-old admitted to making “mistakes” but denied trying to defraud anyone.
Do Kwon
South Korean entrepreneur Do Kwon co-founded Terraform Labs in 2018, developing the cryptocurrencies TerraUSD and Luna.
Do Kwon, co-founder and chief executive officer of Terraform Labs, poses in the company’s office in Seoul, South Korea, on Thursday, April 14, 2022. Kwon is counting on the oldest cryptocurrency as a backstop for his stablecoin, which some critics liken to a ginormous Ponzi scheme. Photographer: Woohae Cho/Bloomberg via Getty Images
The Stanford grad successfully marketed them as the next big thing in crypto, attracting billions in investments and global hype.
Media reports in South Korea described him as a “genius”.
But in May last year, the value of these currencies — marketed as “stablecoins” — plummeted, wiping out around $40 billion in investments and sending a shock wave through the rest of the industry.
It led to more than $500 billion in further losses on global crypto markets, industry data suggested.
Experts said Do Kwon — whose full name is Kwon Do-kyung — had marketed a glorified Ponzi scheme.
Brash and outspoken on social media, Do Kwon left South Korea before the collapse and spent months on the run.
He was arrested in Montenegro this year after being caught trying to catch a flight using fake Costa Rican travel documents.
He faces multiple criminal charges in the United States and South Korea.
Forbes magazine has unveiled its highly anticipated list of 30 under 30 successful individuals across Asia, which features 300 people who have excelled in the fields of arts, tech, medicine and more. This year, spotted among the prodigies, are five Pakistanis who exceeded against the odds and made their mark in the fields of media, finance, marketing. Check them out below!
Azam Mahmood as screenwriter for ‘Ramy’
Originally from Karachi, Azam Mahmood is a story editor for the Peacock show ‘Queer As Folk’, who is also working with the Golden Globes award winning actor Ramy Youssef for the show ‘Ramy’.
Anas Niaz as the founder of ‘Bioniks’
Niaz is a mechatronics engineer who is the founder and CEO of Bioniks, a social enterprise from Karachi which is developing low-cost bionic arms using 3D printing technology, to create custom-made prosthetics which can allow users to manipulate objects using robotic fingers.
Ayesha Mubarak Ali as a visual tech artist
Mubarak is a multimedia visual tech artist whose work revolves around identity politics, space applications and the future of humanity. She made history by becoming the first Pakistani artist to collaborate with NASA scientists with her work being sent to the International Space Station for the Maleth II mission.
Shershah Hassan and Waleed Amjad Islam, co-founders of KalPay
Shershah Hassan and Waleed Amjad Islam are co-founders of the fin-tech startup KalPay, a Sharia compliant buy now pay later venture, which aims to provide financial access to a country where credit card use is less than 1%. The company had previously partnered with Pakistani ventures like Food Panda and Muawin to provide users with a convenient and easy way to conduct banking transactions.
Federal Minister for Climate Change Sherry Rehman and the first female judge of Pakistan’s Supreme Court Justice Ayesha Malik have been featured in the prestigious Forbes’ ’50 Over 50: Asia 2023′ list.
Featuring Malik, Forbes detailed her achievement as part of Pakistan’s judiciary.
The magazine wrote: “In 2022, at age 56, Malik became the first woman to serve as a justice of Pakistan’s Supreme Court, in the country’s 75-year history. Malik issued a seminal judgement outlawing the use of virginity tests in rape cases. She also served on the board of the Punjab Judicial Academy and as chair of the Judicial Officers Female Supervisory Committee.”
Highlighting Rehman’s achievements Forbes stated, “At the 2022 UN Climate Change Conference (COP27), Rehman made global news, suggesting a new deal to channel money from rich countries to poor ones that have suffered climate-related disasters”.
“She was the first female to hold office as Leader of Opposition in the Senate in 2018,” added the magazine.
The magazine includes names of 50 women over the age of 50 from Asia-Pacific, who are reaching new heights in their industries and inspiring the region’s next generation.
Apart from Rehman and Malik, Forbes included the names of Malaysian biologist Asma Ismail, Indian novelist Geetanjali Shree and Australian businesswoman Vicki Brady and other superwomen who are making headlines globally.
According to the latest list by Forbes, these are the world’s richest people who have made it to the top 10.
Elon Musk
Elon Musk, who is in the news because of his battle with Twitter, has a net worth of $263.4 billion.
SpaceX is valued at almost $100 billion and Tesla is the world’s most important automaker.
Bernard Arnault and Family
Europe’s richest man who earned a $100 billion fortune last year, the chairman and CEO of LVMH, Bernard Arnault, is second on the list with a net worth of $167.7 billion. The family owns more than 70 brands.
Jeff Bezos
Jeff Bezos is the founder and CEO of Amazon and has a net worth of $162.7 billion. Even though he transferred much of his wealth to his wife after their divorce, the e-commerce giant remains the third richest.
Gautam Adani and family
India’s Gautam Adani has diversified Adani Group into multiple sectors, including aerospace, logistics, and energy. At $142.7 billion, he is now the fourth richest person in the world.
Bill Gates
Bill Gates has a net worth of $113.4 billion.
Larry Ellison
With a net worth of $108.5 billion, Larry Ellison — the founder of software firm Oracle — stands at the sixth position. Ellison has also been on Tesla’s board after he bought three million shares in 2018, reported Business Insider. Almost all of the Hawaiian island Lanai belongs to Ellison.
Larry Page
Google’s co-founder Larry Page has a net worth of over $100 billion. Among other interesting projects, he is funding “Flying Car”.
Sergey Brin
Sergey Brin is the co-founder and board member of Alphabet. He also co-founded Google. He has a total net worth of $97.0 billion.
Mukesh Ambani
Mukesh Ambani with a total net worth of $94.2 billion is at the 10 position in the world. He owns Reliance Industries and has been the richest person in Asia.
Microsoft co-founder and billionaire Bill Gates has announced that he is planning to give away all his wealth, adding that he will eventually “drop off” the world’s rich list. Gates first pledged to give away his wealth back in 2010.
Gates, the fourth richest man in the world according to the Bloomberg Billionaire Index, plans to donate all his wealth to the Gates Foundation and will eventually be leaving the world’s rich list. Till date, he along with his ex-wife have donated more than $50 billion to the Gates Foundation, which is one of the world’s largest charity organisations that focuses on providing healthcare and education to individuals around the world. In 2020, they funded work in over 130 countries.
Bill Gates announced that he would transfer $20 billion to the Gates Foundation this month.
“I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives. And I hope others in positions of great wealth and privilege will step up in this moment too.”
I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives. And I hope others in positions of great wealth and privilege will step up in this moment too.
The Forbes’ has published its 36th annual World’s Billionaires List recently, revealing a total of 2,668 billionaires with 236 newcomers. As per the report, “America still leads the world, with 735 billionaires worth a collective $4.7 trillion, including Elon Musk, who tops the World’s Billionaires list for the first time.”
India’s Mukesh Ambani is listed on number 10 on the list.
Elon Musk is working to revolutionize transportation both on Earth, through electric car maker Tesla — and in space, via rocket producer SpaceX.
He owns 21% of Tesla but has pledged more than half of his stake as collateral for loans. Forbes has discounted his stake to take the loans into account.
A regulatory filing in early April 2022 revealed that Musk had purchased 9.2% of Twitter. The company invited him to join its board the next day.
SpaceX, Musk’s rocket company, is valued at $74 billion after a funding round in February 2021.
He grew up in South Africa, then immigrated to Canada at age 17. He landed in the U.S. as a transfer student to the University of Pennsylvania.
Mariam Nusrat Adil, who hails from Pakistan, has made it to ‘Forbes Next 1000’.
As per Forbes , “Mariam is a Pakistani national, is an education specialist at the World Bank, who set up not-for-profit GRID — Gaming Revolution for International Development — in 2016. Its aim is to create low-cost mobile games to educate, engage and empower people for positive social change. They include games on reproductive health, compassion for animals and climate change, amongst others. She claims total downloads have exceeded 15,000.”
“The most successful is Nari Paila, a reproductive health game. One of Adil’s career highlights was presenting at sessions moderated by President Clinton at a Clinton Global Initiative University meeting. In March, she co-founded Gaming Revolution for International Development, which is building a platform that empowers people to create their own video games with no-code, at low-cost and lightning speed.”
— Mariam Nusrat -Founder Breshna.io (@gamingfordev) June 17, 2021
Mariam is the founder of the social-impact-gaming studio, GRID. Mariam holds two Masters Degrees, an MA in International Development Studies from George Washington University, USA and an MSc in Economics from Lahore University of Management Sciences (LUMS), Pakistan.
Earlier, this year in April Pakistani musician Abdullah Siddiqui Forbes list of ’30 under 30′ 2021 Asia list and in the same month chef Zahra Khan, made it to Forbes 30 Under 30 Europe in the Retail and E-commerce category
Could Pakistan be the latest world stock market to see a blow-up of interest from retail investors? Ali Farid, the cofounder of KTrade , thinks that KTrade is the next big thing.
As reported in Forbes, the brokerage firm will be announcing a $4.5m funding round that Farid believes will position KTrade perfectly as a new generation of Pakistanis embracing the stock market. “It is time for people to get their money out from under their mattresses and get a better return from more formal types of savings,” Farid insists.
KTrade is the fintech retail trading app created by Khalid Ali Shah Bukhari (KASB) securities, the leading stock brokerage in Pakistan. KTrade provides easy access to financial markets for retail investors much like its global peers such as XP in Brazil, Zerodha and Groww in India, Tiger in China, Flatex in Germany, and Robinhood in the US.
Ali Farid led the creation of KTrade. He was previously the CFO of UK listed fintech company SafeCharge (acquired by Nuvei) and a Partner at Autonomous Research (acquired by Alliance Bernstein) in London. Ali is a Rhodes Scholar and has been a top ranked Technology Analyst in Europe since 2013.
Ali Farid, the cofounder of KTrade
“KTrade will enable this mobile-first population to participate in the investment opportunity. By connecting these people to companies we can drive capital trapped in unproductive assets into the formal economy which would eventually drive a virtuous cycle of economic growth and higher investments”, says Farid.
KASB’s aim is to provide retail savers access to financial education, information and financial products and to help them make better decisions in the field of finance.
“We aim to regularise access to the capital markets and enable them to make stock market investments. The strong demand for KTrade shows that the market is ready for this transformation. Other regional and emerging markets have seen similar evolution led by successful fintech companies” added Farid.
Sharing the news on social media, Zahra said: “Truly blessed to have been recognised amongst the top emerging and game-changing entrepreneurs.”
“Deeply humbled and so thankful to my family, my girls- who are my biggest inspiration, my friends and lastly my teams at Feya and Dyce without whom none of this would have been possible,” she added.
Writing about Zahra, Forbes said: “Immigrant Zahra Khan defied Pakistani cultural stereotypes and launched a career in the UK focused on empowering women.”
“The chef and mother of two runs Feya cafes and shops. She employs 30 full-time staff, hires female illustrators to design packaging, and donates 10% of retail profits toward professional coaching for women.”
Zahra opened her debut eatery Feya Café on Bond Street just months after the birth of her first daughter in 2018. Following the unprecedented success, the award-winning DIY dessert parlour and interior masterpiece DYCE was opened in quick succession, followed by flagship Feya Knightsbridge in December 2019. Zahra now employs a 75% female workforce across her three restaurants.
Meanwhile, the Forbes ’30 Under 30 Europe’ class of 2021 includes 300 honourees across each of the 10 categories, all under 30.
“Against the backdrop of turbulent social and economic conditions across the region, the sixth annual Under 30 Europe list celebrates the young visionary leaders and entrepreneurs who have made their mark on business and society in the past year,” says a statement by the publication.
