Top 15 Business Tycoons that we must follow in 2024

The business world has its own superstars – business tycoons, gathering wealth through their vast empires. These empires span multiple companies or dominate a single industry.

Traditionally, tycoons were steel, railroad, oil, and mining giants. Today, tech giants like Elon Musk and Bill Gates are considered modern-day tycoons. Their ventures shape our economy and society, wielding immense power.

Notably, not all billionaires are tycoons. So, what sets them apart from billionaires? While both possess immense wealth, business tycoons leverage their wealth to influence industries, not just accumulate it.

list the top 15 business tycoons in the world in 2024.

As we have a curated list, let’s understand why they are at the top positions.

1. Bernard Jean Etienne Arnault: Chairman, CEO of LVMH

• Net Worth: $216 Billion
• Industry: Fashion & Retail
• Country: France

French business magnate Bernard Arnault is the brain behind LVMH, a massive conglomerate that includes 75 esteemed fashion and beauty brands. With well-known brands like Sephora and Louis Vuitton, LVMH has cemented its place as the industry leader in luxury goods.

In fact, LVMH made headlines in 2021 with the record-breaking acquisition of American jeweler Tiffany & Co. for a staggering $15.8 billion. This strategic move further expanded their reach and solidified their dominance in the luxury sector.

But Arnault’s influence extends beyond the realm of fashion and beauty. His holding company, Agache, is a powerhouse investor. Through Aglaé Ventures, a venture capital firm backed by Agache, Arnault has stakes in cutting-edge companies like Netflix and the parent company of TikTok, ByteDance.

His unique and constantly innovative approach has helped him reach this position. Hence, he is considered one of the biggest business tycoons in the world.

“I like that combination between creativity and the creative process and the organization needed to make a business like this successful worldwide.”  Bernard Arnault

Also read, Interesting Facts about Bernard Arnault

2. Jeff Bezos: CEO and Founder, Amazon

• Net Worth: $199 Billion
• Industry: E-commerce and Space Technology
• Country: USA

Business magnate Jeff Bezos, the founder and Executive Chairman of Amazon, has revolutionized the way we shop. Launched in 1994 as a humble online bookstore, Amazon, under Bezos’s leadership, has become the world’s leading e-commerce platform, offering a vast array of products and services. There are many brains behind Amazon’s success story. However, Jeff Bezos is the core of building this highly successful company.

While Bezos stepped down as CEO in July 2021, he is still shaping Amazon’s long-term strategy. Currently, he is the company’s guiding force as Executive Chairman. Beyond Amazon, Bezos owns The Washington Post, a prestigious American newspaper.

Along with that, his entrepreneurial spirit extends to space exploration. He founded Blue Origin, an aerospace manufacturer with a mission to make space travel more accessible. Bezos even took a short trip to space in a Blue Origin rocket in July 2021!

His visionary decisions and urge to develop better technology have put Bezos on the list of top business tycoons.

“You have to be willing to be misunderstood if you’re going to innovate.” Jeff Bezos

3. Elon Reeve Musk: CEO of SpaceX

• Net Worth: $184 Billion
• Industry: Automotive and Space Technology
• Country: USA

Elon Musk, the co-founder and CEO of Tesla and SpaceX, is a true business tycoon who has become a household name. He’s synonymous with innovation and audacious goals, constantly pushing boundaries and inspiring others.

This prolific entrepreneur isn’t afraid to diversify. Musk has co-founded a remarkable six companies, each tackling unique challenges. Tesla, the electric carmaker, is revolutionizing the automotive industry. It is those gigafactories that make Tesla a great electric automobile company.

SpaceX, the rocket producer, is making space exploration more accessible. The Boring Company tackles infrastructure with its focus on high-speed transportation tunnels.

While his leadership roles are impressive, Musk also holds significant ownership in Tesla. He currently owns roughly 12% of the company (excluding options). However, it’s important to note that a portion of his shares are pledged as collateral for personal loans. Elon Musk has utilized this for buying, formerly Twitter, now X’s majority shares. He stated that this deal was done for freedom of speech on this microblogging platform.

Meanwhile, SpaceX continues to soar. Founded in 2002, the company’s value has skyrocketed to nearly $180 billion after a recent tender offer. In just four years, SpaceX stock has seen a staggering fivefold increase!

Musk’s ventures extend beyond electric cars and rockets. He co-founded Neuralink, a neurotechnology company developing brain-computer interfaces, exploring the potential to merge human and machine intelligence. He is the man to follow if you want to become one of the successful business tycoons. If you want to know Elon Musk’s success mantra, then we have it for you.

Fascinating facts about Twitter you must know.

“When something is important enough, you do it even if the odds are not in your favor.” Elon Musk

4. Mark Zuckerberg: Co-Founder and CEO, Meta

• Net Worth: $173 Billion
• Industry: Technology
• Country: USA

Mark Zuckerberg, the co-founder and CEO of Meta Platforms (formerly Facebook), is a tech icon who has redefined online connection. From a dorm room project to a global phenomenon, Facebook, under Zuckerberg’s leadership, became the world’s largest social media network with billions of users.

Zuckerberg started Facebook in 2004, a simple platform for students to connect. Fast forward to 2012, and Facebook took a monumental step by going public. Zuckerberg himself holds a significant ownership stake in the company. Further, Meta owns several companies under its umbrella.

However, Zuckerberg’s vision isn’t confined to the social media landscape we know today. In 2021, Facebook underwent a major transformation, rebranding itself as Meta Platforms. This shift signaled a bold new direction: the metaverse.

The metaverse is an ambitious project aiming to create a virtual world experience where users can interact through avatars. This immersive concept has sparked discussions about privacy and social interaction in a virtual space. Despite the debate, Zuckerberg remains a firm believer in the metaverse, convinced it will be the future of social connection.

Zuckerberg’s efforts to connect every individual with the latest technology brought him to the list of the biggest business tycoons.

5. Larry Ellison: Founder and CTO, Oracle

• Net Worth: $147 Billion
• Industry: Technology
• Country: USA

Larry Ellison is the co-founder, chairman, and chief technology officer of software giant Oracle. He played a pivotal role in shaping Oracle’s success, leading the company for 37 years as CEO before stepping down in 2014. Even today, he retains a significant ownership stake of nearly 40% in the company.

Oracle’s growth story is impressive. Strategic acquisitions, like the record-breaking $28.3 billion purchase of electronic health records company Cerner in 2021, fueled their expansion.  Ellison’s vision and leadership were instrumental in establishing Oracle as a software giant.

Beyond software, Ellison has a multifaceted life. In 2020, he made Lanai, a Hawaiian island he almost entirely acquired in 2012, his permanent residence. His interests extend to the world of electric vehicles – he served on Tesla’s board from 2018 to 2022 and remains a significant shareholder.

He appears very rarely in the news. Therefore, fewer people know about him as one of the finest business tycoons in the world.

“People will be critical of you if you do things a little bit differently; it takes a certain amount of strength not to succumb to fashion.” Larry Ellison

6. Warren Buffett: CEO, Berkshire Hathaway

• Net Worth: $131 Billion
• Industry: Finance and Investments
• Country: USA

Warren Buffett, the Chairman and CEO of Berkshire Hathaway Inc., is a name synonymous with investment success. Earning the nickname “Oracle of Omaha,” he’s widely considered one of the most brilliant investors of all time.

Buffett’s influence extends far beyond his own wealth. He steers Berkshire Hathaway, a diversified holding company encompassing a wide range of businesses – from insurance giant Geico to battery maker Duracell and the iconic Dairy Queen restaurant chain.

But his legacy goes beyond financial acumen. Buffett is a dedicated philanthropist, pledging to donate over 99% of his wealth to charitable causes. He has already surpassed $56 billion in donations, primarily directed through the Gates Foundation and his children’s foundations.  Furthermore, in 2010, he partnered with Bill Gates to launch the Giving Pledge, a movement inspiring other billionaires to commit to significant philanthropic endeavors.

Buffett’s investment philosophy transcends personal gain. His “bargain-buying strategy” has become a valuable lesson for generations of investors. As he famously stated, “If you’re making a good investment in security, it shouldn’t bother you if they closed the stock market for five years.” This approach emphasizes the importance of long-term value and patience in building wealth.

If you are interested in knowing his secrets to gain wealth, then you must read. So here is the list of recommended books by Warren Buffett.

“The most important investment you can make is in yourself.” Warren Buffet

7. Larry Page: Co-Founder of Alphabet

• Net Worth: $130 Billion
• Industry: Technology
• Country: USA

Falling just short by a billion dollars, Larry Page ranks seventh on our list of top business tycoons. He is the co-founder of one of the world’s largest technology companies, Google.

Larry Page, alongside Sergey Brin, co-founded Google in 1998, forever altering how we access information. While he stepped down from his CEO positions at Google and its parent company Alphabet in 2019, his influence remains undeniable.

Page served at the helm of Google in two separate stints, from 1998 to 2001 and again from 2011 to 2015. He then went on to lead Alphabet, the parent company overseeing Google’s vast portfolio, from 2015 to 2019. During his tenure, Google’s influence grew exponentially, venturing beyond search to encompass groundbreaking projects like self-driving cars with Waymo and health technology advancements with Verily.

Even beyond Google, Page’s entrepreneurial spirit continues to shine. He’s actively involved in Kitty Hawk, a company working on flying cars – a testament to his fascination with disruptive technologies.

As a private investor, he reportedly focuses on ambitious projects in cutting-edge areas like artificial intelligence and clean energy. This highlights his commitment to pushing boundaries and shaping the future. Hence, he is marked as one of the global business tycoons.

“Especially in technology, we need revolutionary change, not incremental change.” Larry Page

8. Bill Gates: Co-founder Microsoft

• Net Worth: $129 Billion
• Industry: Technology
• Country: USA

Every person across the globe knows Bill Gates. Whether for his technological revolution or philanthropy. Bill Gates, along with Paul Allen, co-founded Microsoft in 1975. His vision and leadership were instrumental in transforming the personal computing landscape.

Under his guidance, Microsoft developed MS-DOS and Windows, operating systems that revolutionized the PC experience, propelling the company to dominate the market. Gates served as CEO for several decades, stepping down in 2000 but remaining chairman until 2014.

While software may be where his fortune began, Bill Gates’ influence extends far beyond. In 2000, he and his then-wife Melinda French Gates established the Bill & Melinda Gates Foundation, one of the world’s largest philanthropic organizations.

This foundation tackles significant global health issues, from polio eradication and malaria prevention to improving sanitation in developing countries. Their efforts don’t stop there – they also address challenges in education and climate change. Therefore, these valuable contributions have kept Bill Gates in the race of business tycoons for such a long time.

“It’s fine to celebrate success but it is more important to heed the lessons of failure” Bill Gates

9.   Sergy Brin: Co-Founder, Google

• Net Worth: $124 Billion
• Industry: Technology
• Country: USA

Sergey Brin, a computer scientist with an entrepreneurial spirit, is another force behind the Google phenomenon. While Brin may maintain a lower profile these days, his impact as a business tycoon remains undeniable.

During his Ph.D. studies at Stanford University, Brin and Larry Page co-created the PageRank algorithm. This innovative system became the foundation of Google’s search engine, revolutionizing how we access information online.

Brin’s leadership as Google’s President of Technology for several years further solidified their success. His vision and commitment to user experience were instrumental in propelling Google to become the world’s leading search engine and a dominant tech giant.

After stepping down from Alphabet, Brin transitioned his focus to philanthropy. Through the Brin Wojcicki Foundation, he tackles critical issues like environmental sustainability, science education, and social justice, making a positive impact beyond the tech world.

His venture capital firm, Brin Capital, reflects his continued interest in innovation. They invest in disruptive technologies like robotics, artificial intelligence, and life sciences, shaping the future of various fields.

10. Steve Ballmer: Owner, Los Angeles Clippers

• Net Worth: $122 Billion
• Industry: Technology and Sports
• Country: USA

Steve Ballmer’s journey exemplifies the drive and ambition of a true business tycoon. He joined Microsoft in 1980 as a young recruit, employee number 30, after leaving his MBA program at Stanford.

His talent and dedication were quickly recognized, leading to his promotion to President in 1998. This move positioned him as the heir apparent, and in 2000, he became Microsoft’s CEO, succeeding Bill Gates.

Ballmer’s leadership proved crucial for Microsoft during a pivotal time. He steered the company through the aftermath of the dot-com bubble burst and spearheaded efforts to keep pace with competitors like Google in search and Apple in mobile technology.

Under his watch, Microsoft maintained its dominance in the PC market with Windows and Office, and his vision for gaming led to the successful acquisition of Xbox, solidifying Microsoft’s position in the industry.

Ballmer retired from Microsoft in 2014, but his legacy extends far beyond his CEO tenure.  He remains a significant shareholder, receiving a staggering annual dividend exceeding $1 billion.

“Great companies in the way they work, start with great leaders.” Steve Ballmer

11. Mukesh Ambani: Chairman, MD Reliance Industries

• Net Worth: $122 Billion
• Industry: Diversified
• Country: India

Mukesh Ambani is Asia’s wealthiest person and India’s one of the business tycoons. He chairs and steers Reliance Industries, a sprawling conglomerate with diverse sectors like petrochemicals, oil and gas, telecom (Jio), retail, and financial services.

This empire has its roots in 1966, founded by his late father, Dhirubhai Ambani, who began as a yarn trader and transitioned to a small textile manufacturer. Following his father’s passing in 2002, Mukesh and his brother Anil divided the Reliance empire.

Under Mukesh’s leadership, Reliance has seen phenomenal growth. Jio, its telecom and broadband service, boasts over 470 million subscribers, making it a dominant force in India’s digital landscape.

In August 2023, Reliance strategically listed its financial arm, Jio Financial Services, further strengthening its portfolio. This growth trajectory culminated in a historic moment in February 2024, when Reliance Industries (RIL) became the first Indian company to surpass a market capitalization of ₹20 lakh crore (approximately $260 billion).

Jio’s launch in 2016 marked a turning point. By offering affordable data plans, it revolutionized India’s telecom sector and significantly fueled the nation’s digital growth.  Ambani’s influence extends beyond business.

He is actively involved in philanthropy through the Reliance Foundation, which focuses on giving back to society through initiatives in education, healthcare, and rural development.

“Everybody has equal opportunity and I think that is true for everything.” Mukesh Ambani

12. Michael Bloomberg: CEO of Bloomberg L.P.

• Net Worth: $106 Billion
• Industry: Finance and Investments
• Country: USA

Michael Bloomberg is the founder and majority owner of Bloomberg LP, a company that revolutionized the world of financial data analysis. In 1981, his vision led to the creation of innovative terminals and software, forever changing how financial information is accessed and processed.

While Bloomberg stepped down as CEO in August 2023, his legacy endures. He appointed Vlad Kliatchko and Mark Carney to guide the company into the future. Bloomberg’s journey began on Wall Street in 1966, starting with an entry-level position at Salomon Brothers. However, after 15 years, his time there came to an end.

Undeterred, Bloomberg embarked on a new venture, ultimately leading to his remarkable success. Beyond his business achievements, his philanthropic efforts are equally impressive. In 2023 alone, he generously donated $3 billion to various causes. Throughout his lifetime, his charitable contributions have surpassed a staggering $17.4 billion, supporting initiatives focused on gun safety, climate change education, and many other worthy causes.

He has even pledged to donate his stake in Bloomberg LP to his philanthropic organization, Bloomberg Philanthropies, further solidifying his commitment to giving back.

“We will rebuild, renew and remain the capital of the free world.” Michael Bloomberg

13. Amancio Ortega: Founder, Zara

• Net Worth: $106 Billion
• Industry: Fashion and Retail
• Country: Spain

Amancio Ortega, a Spanish business tycoon, is a name synonymous with fast fashion.  He co-founded Inditex, the powerhouse behind the iconic Zara clothing chain, alongside his former wife Rosalia Mera (d. 2013) in 1975. Ortega’s journey is a remarkable testament to starting from humble beginnings and building a global empire.

Inditex, now a major fashion player, boasts over 7,500 stores worldwide and encompasses eight brands, including Massimo Dutti and Pull & Bear. Ortega maintains a significant ownership stake, holding approximately 60% of the Madrid-listed company, and his annual dividend income often surpasses a staggering $400 million. In November 2021, Inditex announced a change of the guard, with Ortega’s daughter, Marta Ortega Pérez, taking over as chairperson in April 2022.

Ortega’s success story stands out for its unassuming origins. Unlike many fashion moguls, his journey began at a young age, working in a shirt-making shop. This experience proved invaluable, providing him with a deep understanding of the garment industry. Leveraging this knowledge, he opened his first Zara store in Spain in 1975, focusing on a unique concept: offering trendy, high-quality clothing at affordable prices.

14. Carlos Slim Helu & family

• Net Worth: $98 Billion
• Industry: Telecom
• Country: Mexico

Carlos Slim Helú, a Mexican business tycoon of Lebanese descent born in 1940, is a name recognized worldwide for his immense wealth and business acumen. This qualified engineer, with a sharp eye for opportunity, began his career in the 1960s, strategically acquiring real estate and making investments that laid the groundwork for his future empire.

The 1990s marked a turning point for Slim. His acquisition of Telmex, Mexico’s dominant telephone company, proved to be a game-changer. This strategic move became the foundation for his telecom giant, América Móvil. Under his leadership, América Móvil expanded its reach throughout Latin America, solidifying Slim’s position as the region’s richest person for many years.

His influence extends beyond telecom. Slim also holds stakes in various Mexican companies, spanning construction, consumer goods, mining, and real estate. Previously, he even held a significant ownership stake in The New York Times. Together with his family, Slim controls a staggering 76% of Grupo Carso, one of Latin America’s largest conglomerates.

15.  Francoise Bettencourt Meyers & family

• Net Worth: $96 Billion
• Industry: Fashion and Retail
• Country: France

Françoise Bettencourt Meyers, the reigning heiress to the L’Oréal cosmetics empire, holds the title of the world’s richest woman. Inheriting a legacy built over generations, she and her family control a significant share – over a third – of the publicly traded L’Oréal company.

While she doesn’t handle L’Oréal’s daily operations, Françoise’s influence extends far beyond ownership. She has served on the company’s board since 1997 and currently chairs the family holding company. This positions her family as a key decision-maker in L’Oréal’s long-term vision and strategy.

Beyond business, Françoise is a dedicated philanthropist. She presides over her family’s foundation, which actively promotes advancements in French science and arts. Their generosity extends further, with the foundation supporting initiatives in the areas of arts, sciences, and ecological preservation.

Her influence isn’t limited to business and philanthropy. Françoise is also a published author, having penned books on the Bible and Greek mythology. Despite her immense wealth, she chooses to live a relatively private life, prioritizing her family and personal passions.

End Note

These are the top 15 business tycoons in the world-dominating and influencing their respective industries. However, the list does stay static. It keeps changing daily. So, you will have to stay constantly updated with the latest updates and news. Hence, we urge you to stay tuned for more such valuable content.

Note: The list is updated until April 2024. The numbers are subject to the source.

Keep Reading! Keep Growing!

Parag Ahire