Itwas another great year to be rich, especially for the select few at the very top. With markets roaring, nearly all of the 25 wealthiest people in America got wealthier over the past 12 months—some by billions, or even tens of billions, of dollars.

In all, the top 25 billionaires on The Forbes 400 list are worth a collective $2.5 trillion. They hold nearly half of the $5.4 trillion in total wealth of the entire 400.

This elite group is $471 billion richer than in 2023, with each of the top 25 up 31% on average, outpacing the 18% jump in wealth across list members overall and the S&P 500’s 27% return.

Much of the gains come from two people: Meta’s Mark Zuckerberg, who added $75 billion to his net worth thanks to rebounding Meta stock, and Nvidia’s Jensen Huang, who has ridden the AI wave to $63.3 billion in additional wealth since the 2023 ranking. They’re two of a record 12 members of The Forbes 400 who are also in the $100 Billion Club, the lucky group of tycoons whose fortunes stretch a dozen digits.

Most of these 25 were among the top 25 last year, too. But there are three fresh faces: traders Jeff Yass (who ranked No. 28 in 2023) and Thomas Peterffy (who was No. 27), plus Walmart heir Lukas Walton, who jumped from No. 31 last year to No. 25 in 2024 on the back of the retailer’s rising stock. They replace MacKenzie Scott, the ex-wife of Jeff Bezos, who continues to give away her fortune; Miriam Adelson, whose shares of casino operator Las Vegas Sands have hit a cold streak; and investor Len Blavatnik, whose stock in Warner Music Group is worth less than a year ago. Zuckerberg jumped five spots, to No. 3; Huang jumped six, to No. 11.

Only three members of the top 25 got poorer over the past year: Elon Musk, whose fortune dropped by $7 billion but who remains the richest person in America; Bill Gates, after we increased our estimate of his 2021 divorce settlement with Melinda French Gates; and Phil Knight, following a rough run for Nike stock since last year.

Here are the top 25 members of the 2024 Forbes 400 list:

One of Sam Walton’s eight grandchildren, he inherited an estimated 4% stake in Walmart from his father, John Walton, who died in a 2005 plane crash. Lukas, who survived childhood cancer, founded and runs Builders Vision, a sustainability-focused philanthropic and impact-investing platform that has doled out more than $3 billion since launching in 2021. He is one of just two Forbes 400 members under age 40 (the other: VC investor Josh Kushner, No. 347, who is 39). His mother, Christy Walton (No. 48), cosigned a letter urging President Biden to withdraw from the 2024 election in July and has been fundraising for Kamala Harris. Two members of the family’s third generation still sit on Walmart’s board: Jim’s son Steuart Walton (Lukas’ first cousin) and Rob’s son-in-law Greg Penner, who is chairman.

“On the doorsteps of the Olympic Games,” Knight wrote this summer in a letter to U.S. athletes, whose jerseys Nike designed, “we need to reignite the passion, desire and the want to win.” His sportswear giant could........

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