Tech is leading the wealth boom

The concentration of wealth in tech is reshaping the global b’naire class. Nine of the world’s ten richest people now owe their fortunes to US technology companies, while the AI boom is creating new fortunes across chips, data centers, and other infrastructure, according to Bloomberg.

The 100 tech b’naires among the world’s 500 richest people added USD 845 bn to their combined wealth in 9M 2026 — their biggest gain for the first nine months of any year, according to the Bloomberg B’naires Index.

The AI boom and surging US tech stocks are driving the gains, pushing the group’s combined wealth to USD 4.6 tn, or 36% of the index’s total, despite tech b’naires accounting for only a fifth of its members. All seven co-founders of Anthropic joined the wealth ranking in June after the AI company closed a funding round valuing it at USD 965 bn.

MEANWHILE- B’naires outside technology collectively lost USD 62 bn over the same period, while US b’naires captured 94% of the index’s net gains.

New entrants to the index include the founders of Suzhou TFC Optical Communication and Suzhou Dongshan Precision Manufacturing, as well as DeepSeek founder Liang Wenfeng. Meanwhile, Taiwan’s Lin Tsung-chi, founder of server-rail maker King Slide, built a USD 9.5 bn fortune as data center demand surged.

A league of his own: Elon Musk added USD 310 bn to his fortune through September, accounting for around 40% of the index’s total increase. He also became the world’s first t’naire, following SpaceX’s merger with xAI last February. The company went public in June.

But the boom isn’t bulletproof: The world’s 500 richest people reached a combined USD 13.4 tn in June, but their wealth has since fallen 6% to USD 12.6 tn as markets slowed and investors grew more cautious about some of the biggest AI names.

Larry Ellison is a case in point. His wealth has fallen USD 196 bn over 2025, while Oracle’s credit-default swaps have climbed near record highs as investors question the borrowing required to finance its AI infrastructure expansion.

The US is taking the lion’s share, but other countries are joining the club: Since 10 September, all 10 of the world’s richest people have been American — the first time that has happened since Bloomberg began tracking b’naire wealth in 2012. However, China is producing its own new b’naires as Beijing pushes for greater technology independence.

MARKETS THIS MORNING-

Asian markets were in the red earlier today. Japan’s Nikkei was down 0.3%, while South Korea’s Kospi was down 0.5%. Meanwhile, US equities were broadly in the green.

THE CLOSING BELL: TADAWUL-

The TASI rose 1% yesterday on turnover of SAR 4.2 bn. The index is up 0.9% YTD.

In the green: Saudi Enaya Cooperative Ins. (+10%), Watani Iron Steel (+9.9%), and Arab Sea Information System (+9.9%).

In the red: Gulf Union Alahlia Cooperative Ins. (-2.9%), East Pipes Integrated Company for Industry (-2.3%), and Marketing Home Group for Trading (-1.8%).

THE CLOSING BELL: NOMU-

The NomuC rose 1% yesterday on turnover of SAR 8.9 mn. The index is down 6.7% YTD.

In the green: National Building and Marketing (+22.7%), Mulkia Investment (+14.3%), and

Alfakhera for Mens Tailoring (+12.5%).

In the red: Almuneef Company for Trade, Industry, Agriculture and Contracting (-12.8%), Advance International Company for Communication and Information Technology (-9%), and Naf Company for Feed for Industry (-6.9%).

CORPORATE ACTIONS-

Almarai’s board approved a dividend policy targeting payouts of 40-60% of annual net income for FY 2026-2030, according to a Tadawul filing. The policy takes effect in 2027, starting with dividends for FY 2026, while actual annual payouts will remain subject to board recommendation, shareholder approval, and the company’s financial and funding needs.

The Capital Market Authority has cleared Almasane Alkobra Mining Company’s SAR 680 mn rights issue, according to a statement. The capital increase still needs shareholder approval at an extraordinary general meeting, with the subscription price and number of new shares to be set after the meeting.