In this article, we will discuss the 25 richest billionaires in the technology industry. To skip the detailed analysis of the technology industry, please go directly to: 5 Richest Billionaires in Technology.
Technology market outlook
According to a McKinsey report, 2023 will see a resurgence in technology, with generative AI being one of the key drivers for the technology industry. Generative AI is the technology that powers large language models such as ChatGPT and Generative Fill, Adobe Photoshop's new AI image filler. According to a report by Bloomberg Intelligence, the AI market is expected to be valued at $40 billion in 2022 and grow to $1.3 trillion by 2032, growing at a compound annual growth rate of 42%. I am. Increased demand for generative AI products will add nearly $280 billion in new software revenue. Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOG), NVIDIA Corporation (NASDAQ:NVDA), and Microsoft Corporation (NASDAQ:MSFT) are four that are investing heavily in generative AI. The largest technology company. They are expected to be the biggest beneficiaries of AI, according to Bloomberg Intelligence.
In a report, Deloitte highlighted that global IT investments are expected to see double-digit growth in spending on software and IT services in 2024. AI-related investments are expected to reach $200 billion globally by 2025, primarily led by the United States. According to Deloitte, nearly all enterprise software companies plan to incorporate generative AI into at least some of their products in 2024. With the shift to generative AI, software companies could reach $10 billion in average revenue by the end of 2024. Deloitte predicts that revenues for companies working in the hardware space will exceed $50 billion in 2024, driven by the chip and server market. .
On April 28, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk spoke about X. Posted Tesla Inc. (NASDAQ:TSLA) plans to spend about $10 billion on a combination of training and inference AI in 2024, Musk further said. “Companies that spend at this level and don't execute efficiently can't compete.”
The technology industry is diverse and has vast market segments. According to a report by The Business Research Company, the global IT market will be valued at $8.5 trillion in 2023, and reach $9.3 trillion in 2024, with an average annual growth rate of It is expected to grow at 6.2%. By 2028, the IT market is expected to reach $12.41 trillion, and from 2024 to 2028 it will grow at a compounded growth rate of 8.3%.
Major companies in the technology industry
Major companies in the technology sector include Alphabet Inc. (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT), and NVIDIA Corporation (NASDAQ:NVDA). Let's discuss 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 the few companies to reach a market capitalization of $2 trillion. The company reached a market capitalization of $2 trillion after posting higher profits in the first quarter. On April 25th, Alphabet Inc. (NASDAQ:GOOG) announced its first quarter 2024 earnings. The company posted earnings of $1.89 per share, beating consensus by $0.39. Revenue was reported at approximately $80.54 billion, exceeding expectations by $1.84 billion. Alphabet Inc. (NASDAQ:GOOG) is planning the next wave of AI investments. Below are some of the comments made during the Q1 2024 earnings announcement.
“We had a great quarter driven by strong performance in search, YouTube and cloud. Today we want to share more broadly how we think about this business and its opportunities. Of course, AI and search.Here are some highlights from the quarter on cloud, YouTube, and more.Let's take a step back and think about our momentum and strategy. It took us more than 15 years to reach $100 billion in annual revenue. In the past six years alone, we've gone from $100 billion in annual revenue to more than $300 billion.
Here's a look at how well-positioned we are for the next wave of AI innovation and the opportunities ahead. There are 6 points. The first is research leadership. The second is infrastructure leadership. The third is innovation and search. Fourth is our global product footprint. The fifth is execution speed. 6, the path to monetization. ”
Microsoft Corporation (NASDAQ:MSFT) is another technology giant that is expanding significantly with AI services. On April 29, Microsoft Corporation (NASDAQ:MSFT) announced a partnership with German mass media company Axel Springer SE. Microsoft Corporation (NASDAQ:MSFT) and Axel Springer SE have expanded their partnership across advertising, AI, content, and cloud computing. Our collaboration aims to leverage cutting-edge innovation to advance independent journalism around the world. Satya Nadella, CEO of Microsoft Corporation (NASDAQ: MSFT), said of the partnership extension:
“This new generation of AI is transforming nearly every aspect of work and life, including how people find and consume content online. Our leadership and the full power of the Microsoft cloud, including our advertising solutions, will come together to build innovative AI-driven experiences and create new opportunities for advertisers and users.”
NVIDIA Corporation (NASDAQ:NVDA) is one of the world's fastest growing technology companies. The company primarily focuses on AI-powered technologies across segments. On April 19, NVIDIA Corporation (NASDAQ: NVDA) reported that its two latest chips, NVIDIA RTX A400 and A1000, will power AI-powered design and productivity workflows. Additionally, AI-powered chips have the ability to empower professionals and creators with greater computing power, no matter the size or complexity of their projects.
The technology industry is expected to experience significant growth in 2024 and beyond. So let's take a look at the 25 richest billionaires in the technology industry.
The 25 richest billionaires in the tech industry
our methodology
We collected data on the 25 richest billionaires in the technology industry from the Forbes Real Time Billionaires Index. The tech billionaires list is ranked by billionaires' net worth as of April 30th.
The 25 richest billionaires in the tech industry
25. Lei Jun
Net worth: $14.3 billion
Lei Jun is the co-founder of Xiaomi Corporation (HKG:1810), one of the world's most popular smartphone brands. Lei Jun's net worth is approximately $14.3 billion, ranking him 25th among the richest billionaires in the technology industry.
24. Henry Samueli
Net worth: $14.3 billion
Henry Samueli is co-founder and chairman of chipmaker Broadcom Inc. (NASDAQ:AVGO). Singapore-based company Avago acquired Broadcom Inc. (NASDAQ: AVGO) in 2016 for $37 billion.
23. Andreas von Bechtolsheim
Net worth: $14.6 billion
Andreas von Bechtolsheim is co-founder and chairman of network switching company Arista Networks, Inc. (NYSE:ANET). Andreas von Bechtolsheim's net worth is approximately $14.6 billion, ranking him 23rd among the technology industry's richest billionaires.
22. Pavel Durov
Net worth: $15.5 billion
Pavel Durov is the founder and owner of Telegram, a private messaging application. Pavel Durov has a net worth of approximately $15.5 billion, making him one of the richest people in the technology industry.
21. Dustin Moskowitz
Net worth: $15.7 billion
Dustin Moskowitz co-founded Facebook with Mark Zuckerberg in 2004. After leaving the social media giant, Moskowitz co-founded workflow software company Asana, Inc. (NYSE:ASAN).
20. Jan Koum
Net worth: $15.8 billion
Jan Koum co-founded WhatsApp before selling the messaging app to Facebook in 2014 for $22 billion. Jan Koum ranks him 20th among the richest billionaires in the technology industry.
19. Rick Cohen
Net worth: $18 billion
Rick Cohen's net worth is approximately $18 billion, making him one of the richest people in the technology industry. The bulk of Rick Cohen's wealth comes from his family automation company, Symbotik, Inc. (NASDAQ:SYM).
18. Eric Schmidt
Net worth: $24 billion
Eric Schmidt served as CEO of Alphabet Inc. (NASDAQ:GOOG) from 2001 to 2011. Mr. Schmidt left the company in June 2019 and served as a technical advisor until February 2020. Eric Schmidt's net worth is approximately $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 Alibaba Group Holding Limited (NYSE: BABA), one of the world's largest e-commerce companies.
15. William Dinh
Net worth: $30.8 billion
William Ding is the CEO of NetEase, Inc. (NASDAQ:NTES), one of the world's leading online gaming companies. William Ding's net worth is approximately $30.8 billion, ranking him 15th among the richest billionaires in the technology industry.
14. Shiv Nadar
Net worth: $31.4 billion
Shiv Nadar is considered an IT pioneer of India. Nadar co-founded HCL Technologies Limited (NSE:HCLTECH), a leading technology company in India. Shiv Nadar's net worth is approximately $31.4 billion.
13. Mackenzie Scott
Net worth: $33.8 billion
Mackenzie Scott acquired a 4% stake in Amazon.com (NASDAQ:AMZN) following her divorce from Jeff Bezos. Mackenzie Scott's net worth is approximately $33.8 billion.
12. Ma Huateng
Net worth: $37.6 billion
Ma Huateng is the CEO and Chairman of Tencent Holdings Limited (OTC:TCEHY), the Chinese internet giant. 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 ByteDance, a Chinese tech company that owns the popular app TikTok. Zhang Yiming's net worth is approximately $43.4 billion.
10. Colin Huang
Net worth: $44.7 billion
Colin Huang is the founder of PDD Holdings Inc. (NASDAQ:PDD), a Chinese e-commerce company. Colin Huang's net worth is approximately $44.7 billion, ranking him 10th among the richest billionaires in the technology industry.
9. Jensen Huang
Net worth: $77.2 billion
Jensen Huang is the CEO of technology giant NVIDIA Corporation (NASDAQ:NVDA). Mr. Huang owns his 3% of the company's stock and is one of the richest people in the technology industry.
8. Michael Dell
Net worth: $95.8 billion
Michael Dell is Chairman and CEO of Dell Technologies Inc. (NYSE:DELL), a leading technology company. Michael Dell's net worth is approximately $95.8 billion, ranking him 8th among the richest billionaires in the technology industry.
7. Steve Ballmer
Net worth: $120.1 billion
Steve Ballmer joined Microsoft Corporation (NASDAQ:MSFT) as an employee in 1980 and became the company's CEO in 2000. He retired from the company in 2014.
6. Bill Gates
Net worth: $128.7 billion
Bill Gates has long been one of the richest people in the world. Gates founded Microsoft Corporation (NASDAQ: MSFT) in 1975. Bill Gates ranks 6th among the richest billionaires in the technology industry.
Click to keep reading to see the 5 richest billionaires in the tech industry.
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Disclosure. none. The 25 richest billionaires in the tech industry Originally published on Insider Monkey.
