Only tech billionaires are making money this year

In the first nine months of 2026, tech billionaires have amassed a combined $845 billion, marking the highest increase for this period ever, according to the Bloomberg Billionaires Index. This surge in wealth is primarily driven by the artificial intelligence boom and soaring technology stocks, particularly in the United States.

Together, the world's 100 technology fortunes among the world's 500 richest people now total $4.6 trillion, comprising 36% of the index's wealth despite representing just about a fifth of its members.

The vast majority of this wealth increase has been concentrated at the very top. Elon Musk, the richest person in the world, added $310 billion to his fortune this year through September, accounting for roughly 40% of the index's total gain. He briefly became the world's first trillionaire after the merger of his space exploration company SpaceX with his artificial intelligence venture xAI, which went public in June.

Nine out of the world's 10 wealthiest people owe their fortunes to American tech firms. Michael Dell, founder of Dell Technologies Inc., saw his wealth increase by 81% to $254 billion as his company's data center sales business grew. Meta Platforms Inc. founder Mark Zuckerberg added $23 billion to his net worth this year as shares of Meta gained 27% in September, its best month in nearly four years, following the introduction of its personal AI assistant Muse.

Cracks are starting to show, however. The combined wealth of the world's 500 richest people peaked at $13.4 trillion in mid-June but has since declined by 6% to $12.6 trillion due to a broader market slowdown and increasing skepticism about some of the biggest AI companies. Notably, Larry Ellison, who briefly became the world's richest person in September 2025 after Oracle Corp. reported strong growth in its AI-linked cloud infrastructure business, has seen his wealth plummet by $196 billion this year.

Oracle's credit-default swaps are trading near record highs as investors become increasingly wary of the massive borrowing required to fund its AI infrastructure expansion.

The surge in billionaire wealth has also sparked discussions about the need for higher taxes on the ultra-rich. In November, California voters will decide whether to implement a wealth tax on the state's billionaires, while other states such as Washington, New York, Illinois, and Rhode Island are also considering new taxes on high-net-worth individuals.

This trend has also raised questions about the future of wealth concentration. As many of the top billionaires are young tech entrepreneurs rather than traditional business heirs, it remains uncertain to what extent this dynamic will fuel further wealth concentration.