• Elon Musk capped off 2024 with an extraordinary boost to his wealth, becoming one of the biggest beneficiaries of the year’s historic surge among the world’s richest billionaires.

Elon Musk, already the world’s richest person, saw his net worth grow by a staggering $213 billion this year alone—largely driven by his close ties to President-elect Donald Trump and the rallying performance of Tesla, SpaceX, and his other ventures.

The combined net worth of the world’s 500 wealthiest individuals hit an unprecedented $10 trillion in 2024, according to Bloomberg’s Billionaires Index. This milestone represents a $1.5 trillion increase in just 12 months, with tech leaders such as Mark Zuckerberg, Jensen Huang, and Larry Ellison gaining billions. Musk, however, emerged as the standout figure, accounting for more than 13% of the total wealth surge among the top billionaires.

By year’s end, Musk’s net worth stood at $442.1 billion, up $213 billion from the start of 2024. The gap between Musk and Jeff Bezos, the world’s second-richest person, reached a record $237 billion, underscoring the sheer scale of Musk’s financial dominance. Bloomberg reported this disparity as the largest ever recorded between the top two billionaires.

The Trump effect on billionaire wealth

Trump’s return to the White House fueled a meteoric rise in Musk’s fortune. His public and financial support for Trump’s campaign not only positioned Musk favorably within political circles but also elevated investor confidence in his companies. Tesla’s stock soared more than 65% in the weeks following Trump’s election win, fueled by optimism around Trump’s promises to streamline autonomous vehicle regulations and curb competition from Chinese electric-vehicle makers.

The broader billionaire class also experienced significant windfalls, with Trump’s victory driving market enthusiasm and boosting valuations across sectors. The S&P 500 climbed more than 23% in 2024, led by tech giants collectively known as the “Magnificent Seven,” which include Meta and Nvidia. It also previously included Tesla, but the company was knocked out in October as Broadband took its place. These companies combined accounted for more than half of the Bloomberg index’s total gains.

In the five weeks following Trump’s win, billionaires tracked by Bloomberg’s index saw their wealth rise by $505 billion, representing 34% of their total gains for the year. Trump’s pro-business policies and pledges to reduce regulatory constraints on tech and energy sectors spurred optimism, particularly for Musk’s ventures.

Musk’s friendship with Trump also translated into more direct opportunities. The president-elect’s endorsement of SpaceX’s Mars missions and his vocal support for Musk’s AI startup, xAI, encouraged further investments and government contracts. SpaceX, now valued at $350 billion after a series of insider share sales, saw increased backing from institutional investors betting on Musk’s growing influence in Washington.

A year of unprecedented gains

Beyond Musk, other tech billionaires rode the wave of market optimism. Nvidia’s Jensen Huang added $76 billion to his fortune as the company’s stock nearly tripled, driven by the ongoing AI boom. Mark Zuckerberg’s wealth surged by $81 billion, even after Meta faced significant regulatory challenges, including an $841 million antitrust fine from the European Union, Bloomberg noted.

Crypto billionaires also reaped the benefits of Trump’s win. Bitcoin crossed the $100,000 threshold for the first time, boosting the fortunes of figures like Binance’s Changpeng Zhao and Coinbase cofounder Brian Armstrong. Zhao’s net worth rose by 60% to $55 billion, while Armstrong’s climbed more than 50% to $11.1 billion.

However, not every billionaire thrived. French luxury magnates like Bernard Arnault and Francoise Bettencourt Meyers faced losses, shedding a combined $71 billion as demand for high-end goods waned, particularly in China. Carlos Slim and other Latin American billionaires also struggled amid currency devaluations and political shifts.

Musk’s political gambit pays off

Musk’s aggressive backing of Trump’s campaign—reportedly contributing more than $130 million—signaled his willingness to intertwine his business ambitions with political alliances. Musk’s influence extended beyond financial contributions, with frequent appearances at Trump rallies and direct involvement in shaping policy discussions around AI, space exploration, and clean energy.

Musk is also set to take on a formal role within the Trump administration. He has been tapped to co-lead the newly created Department of Government Efficiency (DOGE), which aims to slash $2 trillion in federal spending. This position cements Musk’s status as a key player in Trump’s economic agenda.

Musk’s entanglement with politics carries risks. His ties to Trump have drawn scrutiny, with critics warning of potential conflicts of interest, especially as Musk’s companies secure lucrative government contracts. Nonetheless, for Musk, the rewards have so far outweighed the risks, with 2024 standing as his most financially successful year to date.

As the world’s wealthiest individuals grow even richer, Musk’s meteoric rise reflects not only the dominance of tech billionaires but also the evolving intersection of business and politics. Whether Musk’s close relationship with Trump continues to pay dividends remains to be seen, but for now, the Tesla and SpaceX CEO stands alone at the summit of global wealth.

This story was originally featured on Fortune.com