Tech moguls predominate Fortune's new '100 Most Powerful People in Business' list

Elon Musk attended an event in Lancaster, Pennsylvania, on Oct. 26 2024. Photo by AFP

Elon Musk, the world’s richest person and CEO and founder of Tesla and SpaceX, tops the list.

After recently becoming the first individual with a net worth exceeding US$400 billion according to the Bloomberg Billionaires Index, Musk is "recognized for his transformative contributions to technology and sustainability," The Indian Express eulogized.

Jensen Huang, co-founder, chairman and CEO of Nvidia, ranks second in the list for his leadership in positioning Nvidia as a cornerstone of the global AI revolution. The company's advanced graphics processors, renowned for their efficiency and computational power, are used in most AI server systems today.

Jensen Huang at the Dealbook Summit 2023, organized by The New York Times at Lincoln Center, New York, in November 2023. Photo by AFP

Satya Nadella, CEO of Microsoft, ranks third for his strategic foresight in embracing AI technologies. Under his leadership, Microsoft made significant early investments in OpenAI, the creator of ChatGPT, and seamlessly integrated AI features into its products, according to Dan Tri citing Fortune.

Other entries include Tim Cook, CEO of Apple (6th); Mark Zuckerberg, CEO of Meta (7th); Sam Altman, CEO of OpenAI (8th); Sundar Pichai, CEO of Alphabet (10th); Jeff Bezos, chairman of Amazon (11th); and Ren Zhengfei, CEO of Huawei (14th).

Microsoft co-founder Bill Gates is 22nd, Alphabet co-founders Sergey Brin and Larry Page are 33rd, Xiaomi chairman Lei Jun is 57th, and ByteDance chairman Zhang Yiming, whose company owns TikTok, is 92nd.

The list includes influential leaders from 40 industries, aged 30 to 90. It features past and current executives of 70 companies in the U.S., 15 in Asia, 14 in Europe, and one in the Middle East, with 18 women among them, Fortune said.

Alyson Shontell, Fortune’s editor-in-chief and chief content officer, said about the significance of the list: "The Fortune 100 Most Powerful People list is the authoritative ranking of corporate power as it exists today. It includes global industry giants, mavericks, and disruptors who are reshaping entire sectors and broader society with their outsized leadership, wealth, innovation, and influence."

The magazine’s proprietary methodology considered business size and health and leaders' innovation, influence, and impact. "Defining power is no simple task—it’s more than revenue or seniority. The leaders on our inaugural 100 Most Powerful People in Business list share one defining trait: their actions and words influence what others think and do."

Lee Clifford, the publication’s executive editor, said: "With this ranking, Fortune captured the breadth of influence in business across industries and around the globe."

The global media company publishes iconic rankings such as the "Fortune 500," "Fortune Global 500" and "World’s Most Admired Companies."