Most powerful people in business

Elon Musk is the most powerful person in business, followed by Nvidia CEO Jensen Huang and Microsoft boss Satya Nadella. 

This was revealed in Fortune’s ranking of the most powerful people in business for 2024, dominated by American CEOs. 

Every year, Fortune grapples with the problem of measuring businesspeople’s power and influence. Revenue alone doesn’t define it, nor does seniority. 

“Who is more powerful: the CEO who oversees a $20 billion enterprise? Or the AI genius who leaves that bureaucratic behemoth to find a nimble, paradigm-shifting startup?” 

“The farsighted venture capitalist who inks a term sheet to fund said startup? Or the feared short-seller who bets against the ageing tech giant and forces out the CEO? ” this year’s report asked. 

Fortune’s list is based on six criteria: business size, innovation, impact, business health, market value, and influence. 

In today’s interconnected economy, a select group of business leaders wields extraordinary influence, driving innovation, shaping industries, and setting trends that impact billions of lives. 

These individuals stand out for their wealth and vision, resilience, and ability to navigate complex global challenges. 

From technology titans revolutionising communication and AI to financial moguls managing trillions in assets, these business leaders shape the future of industries. 

Fortune’s list for 2024 is dominated by US-based tech CEOs, led by Tesla and SpaceX CEO Elon Musk. 

Musk proved his power and influence by supporting Donald Trump’s candidacy for the US presidency, which may have tipped the scales in his favour. 

Nvidia’s Huang has risen to prominence due to his company’s vital role in powering the AI revolution through the chips it designs. 

The company has benefitted immensely from the hundreds of billions of dollars tech companies are pumping into building data centres to power their AI models. 

Microsoft CEO Satya Nadella is no surprise at number three, given the company’s sheer size. Microsoft has also benefitted from the AI wave, becoming the largest shareholder in ChatGPT-creator OpenAI. 

OpenAI CEO Sam Altman cracked the top ten, landing at number eight and ahead of Google CEO Sundar Pichai. 

Legendary investor Warren Buffett is ranked fourth, and his immense influence on financial markets and status as an investment oracle give him immense power. 

Buffett’s experience of having lived through many of the most important events of the past century also positions him as a vital source of wisdom for upcoming business leaders. 

Jamie Dimon of JP Morgan, the leader of the world’s most systemically important bank, rounds out the top five. 

JP Morgan is seen as so important to the global financial system that it is held to its own regulatory standards, including holding additional cash on its balance sheet and being more conservative in its lending. 

Dimon also has access to an immense store of financial data, with JP Morgan facilitating over $10 trillion in financial flows around the world on a daily basis. 

Below is a table of the top 15 most powerful business people in 2024, according to Fortune.