Technology clearly has an impact on the evolution of wealth.

This week in ourInsights and Insights column, we dive into a small study on the evolution of wealth over time. We wanted to explore how much the world’s richest people were worth in the 1990s, and examine the capitalization of large multinationals. To our surprise, the numbers reveal a striking reality: technology has significantly influenced the evolution of wealth . Indeed, as we will demonstrate, between 1990 and 2024, the individual wealth of the richest people jumped by 1,362.5% , and the capitalization of companies increased by 1,300% . This shows not only the phenomenal impact of technology, but also how it has reshaped global economic dynamics. In this article, we will first paint a picture of the evolution of personal wealth by focusing on the wealthiest individuals on the planet. Next, we’ll look at the evolution of companies’ market capitalizations, highlighting the biggest winners of the digital age. Finally, we’ll analyze the leading sectors that have contributed to this explosion of wealth.

1. The evolution of personal wealth between 1990 and 2024

In the 1990s, the world’s richest people often came from more traditional industries. Indeed, according to statistics, real estate or manufacturing were booming sectors. At that time, Yoshiaki Tsutsumi, a Japanese real estate tycoon, dominated the rankings with a fortune of $16 billion. By 1995, the rise of technology began to be felt. We started to see players like Bill Gates, co-founder of Microsoft and other tech geniuses. By 2024, the list of the richest people is largely dominated by tech titans. Elon Musk, for example, has an estimated fortune of $234 billion. This is mainly due to his successes with Tesla and SpaceX. The wealth of billionaires has therefore multiplied exponentially. This reflects not only the expansion of the technology sector, but also how technology companies can grow on global scales, far surpassing traditional sectors.

Table showing the approximate change in wealth of the world's richest people from 1990 to 2024

Observations:

• 1990s : The highest wealth comes mainly from the real estate sector in Japan, led by Yoshiaki Tsutsumi.
• 2000s : The explosion of technology, especially with Microsoft, puts Bill Gates on top for many years.
• 2010s : The telecommunications sector briefly takes the lead with Carlos Slim before technology regains its dominance with Bill Gates.
• 2020s : The dominance of tech companies, notably Amazon and Tesla, pushes Jeff Bezos and Elon Musk to the top of the rankings, with strong wealth growth driven by the rise of e-commerce and space technology.

This shows an impressive growth in fortunes, especially in the last two decades, where billionaires' wealth has been multiplied several times over thanks to technology and innovation.

2. The evolution of stock market capitalizations: multinationals on the rise

Traditional companies in the 1990s were dominated by industrial, banking, and oil giants. In 1990, the total market capitalization of the S&P 500 was around $2.8 trillion . But starting in the 2000s, technology companies gradually took over, and today, they completely dominate the markets. By 2024, the S&P 500 market capitalization will exceed $40 trillion , with companies like Apple, Microsoft, and Amazon leading the way. These companies alone are worth several trillion dollars. Apple , for example, became the first company to cross the $3 trillion mark in 2022, thanks to its revolutionary technology products and unique ecosystem. This 1,300% increase in market capitalization since 1990 shows how technology companies have shaped the modern economy, attracting investors and revolutionizing entire industries.

3. Dominant sectors: the rise of technology

The technology sector has undoubtedly played a key role in this transformation. Over the years, sectors such as telecommunications, e-commerce, and artificial intelligence have not only increased their influence, but have also created entirely new markets. Innovations by giants such as Amazon , Tesla , and Alphabet (Google) have generated massive fortunes and colossal market capitalization.

Why is technology so dominant?

Several parameters can explain the dominance of technical companies on a global scale.

1- Scalability

Tech companies can easily scale their services to millions or even billions of users without costs increasing proportionally.

2 – Continuous innovation

The ability to innovate quickly and meet changing consumer needs has enabled technology companies to grow faster than traditional businesses.

3 – Network effect

The more users a technology company attracts, the more essential it becomes, which is visible with platforms like Facebook , Google or Microsoft .

Conclusion: Technology at the heart of global wealth

The evolution of wealth between 1990 and 2024 clearly shows the major impact of technology on the global economy. From the wealth of the richest individuals to the capitalization of large companies, technology has not only changed the rules of the game, it has also opened new economic frontiers . The coming decades promise even more transformations, as fields such as artificial intelligence, biotechnology, and space exploration continue to shape the future of global wealth.