In this article, we discuss the 25 richest billionaires in technology industry. To skip our detailed analysis of the technology industry, go directly to the 5 Richest Billionaires in Technology Industry.
Technology Market Outlook
According to a report by McKinsey, 2023 experienced a technological comeback and generative AI was one of the major drivers of the tech industry. Generative AI is the technology that powers large language models such as ChatGPT and Adobe Photoshop’s new AI image filler, Generative Fill. According to a report by Bloomberg Intelligence, the AI market was valued at $40 billion in 2022 and is expected to grow to $1.3 trillion by 2032, growing at a compound annual growth rate of 42%. The increasing demand for generative AI products will add nearly about $280 billion of new software revenue. Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOG), NVIDIA Corporation (NASDAQ:NVDA), and Microsoft Corporation (NASDAQ:MSFT) are four of the biggest tech companies investing heavily in generative AI and are expected to be the biggest beneficiaries of AI, as per Bloomberg Intelligence.
In a report, Deloitte highlighted that global IT investments are projected to experience a double-digit growth in spending for software and IT services in 2024. AI-related investments are expected to reach $200 billion globally by 2025, primarily led by the US. Almost all enterprise software firms will embed generative AI into at least some of their products in 2024, as per Deloitte. The shift towards generative AI will likely help software companies reach an average revenue of $10 billion by the end of 2024. For the firms working on the hardware front, Deloitte estimates their revenue to surpass $50 billion in 2024, driven by the chips and servers market.
On April 28, Tesla, Inc.’s (NASDAQ:TSLA) CEO, Elon Musk, on X posted that Tesla, Inc. (NASDAQ:TSLA) will spend around $10 billion in combined training and inference AI during 2024. Musk further said, “Any company not spending at this level, and doing so efficiently, cannot compete.”
The technology industry is diverse and has vast market segments. According to a report by The Business Research Company, the global IT market was valued at $8.50 trillion in 2023 and is expected to reach $9.03 trillion in 2024, growing at a compound annual growth rate of 6.2%. By 2028, the IT market is anticipated to reach $12.41 trillion, growing at a compound growth rate of 8.3% from 2024 to 2028.
Major Players in The Technology Industry
Some of the major players in the tech space include Alphabet Inc. (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT), and NVIDIA Corporation (NASDAQ:NVDA). Let’s discuss some recent updates by these companies. These companies are also some of the most popular technology stocks among billionaires.
Alphabet Inc. (NASDAQ:GOOG) has become one of those few companies achieving the $2 trillion market capitalization mark. The company reached the $2 trillion market capitalization following its first quarter earnings beat. On April 25, Alphabet Inc. (NASDAQ:GOOG) announced the earnings for the first quarter of 2024. The company posted earnings per share of $1.89, beating consensus by $0.39. The revenue was reported at around $80.54 billion and surpassed estimates by $1.84 billion. Alphabet Inc. (NASDAQ:GOOG) is planning for the next wave of AI investment. Here are some of the comments from the Q1 2024 earnings call:
“It was a great quarter led by a strong performance from Search, YouTube, and Cloud. Today, I want to share how we are thinking about the business and the opportunity more broadly. Of course, that’s heavily focused on AI and Search. Then I’ll take you through some highlights from the quarter in Cloud, YouTube, and beyond. Let’s discuss our momentum and strategy. Taking a step back, it took Google more than 15 years to reach $100 billion in annual revenue. In just the last six years, we’ve gone from $100 billion to more than $300 billion in annual revenue.
Now, let’s look at how well we are positioned for the next wave of AI innovation and the opportunity ahead. There are six points to make. One, research leadership. Two, infrastructure leadership. Three, innovation and search. Four, our global product footprint. Five, velocity in execution. Six, monetization paths.”
Microsoft Corporation (NASDAQ:MSFT) is another tech giant that is massively expanding in AI services. On April 29, Microsoft Corporation (NASDAQ:MSFT) announced that it is collaborating with German mass media firm, Axel Springer SE. Microsoft Corporation (NASDAQ:MSFT) and Axel Springer SE have expanded their partnership across advertising, AI, content, and cloud computing. The collaboration between the two firms aims to leverage cutting-edge innovation to evolve independent journalism worldwide. Here is what Microsoft Corporation’s (NASDAQ:MSFT) CEO, Satya Nadella, said regarding the partnership extension:
“This new generation of AI is transforming nearly every aspect of work and life, including how people search for and consume content online. Our expanded partnership with Axel Springer brings together their leadership in digital publishing with the full power of the Microsoft Cloud — including our ad solutions — to build innovative AI-driven experiences and create new opportunity for advertisers and users.”
NVIDIA Corporation (NASDAQ:NVDA) is one of the fastest growing technology companies in the world. The company is mainly focused on AI-driven technology across its segments. On April 19, NVIDIA Corporation (NASDAQ:NVDA) reported that two of its latest chips, NVIDIA RTX A400 and A1000, will enhance AI-powered design and productivity workflows. In addition, the AI-powered chips will have the ability to help professionals and creatives with better computing power, regardless of the scale and complexity of their projects.
The technology industry is expected to experience strong growth in 2024 and beyond. With that, let’s take a look at the 25 richest billionaires in the technology industry.
25 Richest Billionaires in Technology Industry
Our Methodology
We gathered the data for the 25 richest billionaires in the technology industry from the Forbes Real Time Billionaires Index. The list of billionaires from the technology industry is ranked in ascending order of billionaires’ net worths, as of April 30.
25 Richest Billionaires in Technology Industry
25. Lei Jun
Net Worth: $14.3 Billion
Lei Jun is the co-founder of one of the world’s most popular smartphone brands, Xiaomi Corporation (HKG:1810). Lei Jun has a net worth of around $14.3 billion and ranks 25th among the richest billionaires in the technology industry.
24. Henry Samueli
Net Worth: $14.3 Billion
Henry Samueli is the co-founder and chairman of chipmaker Broadcom Inc. (NASDAQ:AVGO). A Singapore-based firm, Avago, acquired Broadcom Inc. (NASDAQ:AVGO) for $37 billion in 2016.
23. Andreas von Bechtolsheim
Net Worth: $14.6 Billion
Andreas von Bechtolsheim co-founded and chairs the network switching firm, Arista Networks, Inc. (NYSE:ANET). With a net worth of around $14.6 billion, Andreas von Bechtolsheim ranks 23rd among the richest billionaires in the technology industry.
22. Pavel Durov
Net Worth: $15.5 Billion
Pavel Durov is the founder and owner of the private messaging application, Telegram. Pavel Durov has a net worth of around $15.5 billion and is one of the richest people in the technology industry.
21. Dustin Moskovitz
Net Worth: $15.7 Billion
Dustin Moskovitz co-founded Facebook in 2004 along with Mark Zuckerberg. After leaving the social media giant, Moskovitz co-founded a workflow software firm, Asana, Inc. (NYSE:ASAN).
20. Jan Koum
Net Worth: $15.8 Billion
Jan Koum co-founded WhatsApp and later sold the messaging app to Facebook for $22 billion in 2014. Jan Koum ranks 20th among the richest billionaires in the technology industry.
19. Rick Cohen
Net Worth: $18 Billion
Rick Cohen has a net worth of around $18 billion and ranks among the richest people in the technology industry. Rick Cohen’s majority of wealth comes from his family automation firm, Symbotic Inc. (NASDAQ:SYM).
18. Eric Schmidt
Net Worth: $24 Billion
Eric Schmidt was the CEO of Alphabet Inc. (NASDAQ:GOOG) from 2001 to 2011. Schmidt left the company in June 2019 and stayed as a technical advisor until February 2020. Eric Schmidt has a net worth of around $24 billion.
17. Eduardo Saverin
Net Worth: $24 Billion
Eduardo Saverin co-founded Facebook, now Meta Platforms, Inc. (NASDAQ:META). Eduardo Saverin is one of the richest people in the technology industry.
16. Jack Ma
Net Worth: $24.8 Billion
Jack Ma is one of the richest Chinese billionaires in the technology industry. Jack Ma co-founded one of the largest e-commerce companies in the world, Alibaba Group Holding Limited (NYSE:BABA).
15. William Ding
Net Worth: $30.8 Billion
William Ding is the CEO of one of the world’s leading online games firms, NetEase, Inc. (NASDAQ:NTES). William Ding has a net worth of around $30.8 billion and ranks 15th among the richest billionaires in the technology industry.
14. Shiv Nadar
Net Worth: $31.4 Billion
Shiv Nadar is considered the IT pioneer in India. Nadar co-founded India’s leading tech firm, HCL Technologies Limited (NSE:HCLTECH). Shiv Nadar has a net worth of around $31.4 billion.
13. MacKenzie Scott
Net Worth: $33.8 Billion
MacKenzie Scott received a 4% stake in Amazon.com, Inc. (NASDAQ:AMZN) after her divorce from Jeff Bezos. MacKenzie Scott has a net worth of around $33.8 billion.
12. Ma Huateng
Net Worth: $37.6 Billion
Ma Huateng is the CEO and chairman of Chinese internet giant, Tencent Holdings Limited (OTC:TCEHY). Ma Huateng ranks 12th among the richest billionaires in the technology industry.
11. Zhang Yiming
Net Worth: $43.4 Billion
Zhang Yiming is the main founder of the Chinese tech firm ByteDance, which owns the popular app TikTok. Zhang Yiming has a net worth of around $43.4 billion.
10. Colin Huang
Net Worth: $44.7 Billion
Colin Huang is the founder of the Chinese e-commerce firm, PDD Holdings Inc. (NASDAQ:PDD). With a net worth of around $44.7 billion, Colin Huang ranks 10th among the richest billionaires in the technology industry.
9. Jensen Huang
Net Worth: $77.2 Billion
Jensen Huang is the CEO of tech giant, NVIDIA Corporation (NASDAQ:NVDA). Huang owns a 3% stake in the firm and he is one of the richest people in the technology industry.
8. Michael Dell
Net Worth: $95.8 Billion
Michael Dell is the chairman and CEO of the leading technology firm, Dell Technologies Inc. (NYSE:DELL). Michael Dell has a net worth of around $95.8 billion and ranks eighth among the richest billionaires in the technology industry.
7. Steve Ballmer
Net Worth: $120.1 Billion
Steve Ballmer joined Microsoft Corporation (NASDAQ:MSFT) in 1980 as an employee and became the firm’s CEO in 2000. In 2014, he retired from the company.
6. Bill Gates
Net Worth: $128.7 Billion
Bill Gates has been one of the richest people in the world for a long time. Gates founded Microsoft Corporation (NASDAQ:MSFT) back in 1975. Bill Gates ranks sixth among the richest billionaires in the technology industry.
Click to continue reading and see the 5 Richest Billionaires in Technology Industry.
Suggested articles:
- 23 Cheapest Housing Markets in Canada
- Top 11 Luxury Clothing Stocks to Invest in Now
- 30 Most Visited Websites in the World So Far in 2024
Disclosure. None. 25 Richest Billionaires in Technology Industry is originally published on Insider Monkey.