Who made fortune's first-ever 100 most powerful people in business list and why?

In 1929, Henry Luce, a young publisher seeking to expand his magazine empire, considered several names for a new business-focused magazine, including *Power*. While that name (along with *Tycoon*) was ultimately rejected, the essence of what he sought to capture was clear: the intersection of business and influence. This vision led to the creation of *Fortune*, a magazine that, since its inception, has chronicled power in the highest echelons of business. A quarter-century after launching *Fortune*, Luce introduced the *Fortune 500*, a ranking of the largest U.S. companies based on annual revenue, which became the benchmark for assessing corporate dominance. Another 43 years later, *Fortune* launched the *Most Powerful Women in Business* list, now regarded as the definitive measure of women’s influence in the C-suite.

In 2024, *Fortune* is launching a new list: the *100 Most Powerful People in Business*. But how do you define power in business? Is it simply about revenue or seniority? Is it the CEO of a $20 billion company, or the visionary founder of a disruptive startup who leaves behind a massive corporate entity? Is it the venture capitalist funding that startup or the short-seller betting against an aging tech giant? Power is multifaceted, dynamic, and ever-changing—difficult to quantify but impossible to ignore. So, how can *Fortune* measure something as nuanced as influence?

To determine the rankings, *Fortune*’s editors evaluated candidates across several key metrics:

- **Size of the business**: This factors in both short-term and mid-term growth (revenue, profit, and market value), profitability, and overall market impact.

- **Health of the business**: This looks at liquidity, operating efficiency, and solvency based on the company’s performance over the past 12 months.

- **Innovation**: Has the person accomplished something truly unique that competitors are now following?

- **Influence**: How significantly do their actions and decisions impact others in the business world?

- **Trajectory**: Where is this person in their career arc? Are they on an upward trajectory, making moves that will resonate for years to come?

- **Impact**: Is this individual using their power for positive change in the world?

The list includes leaders from over 40 industries, ranging from their 30s to their 90s. It features recognizable founders, top executives, disruptors, and innovators—people whose actions have shaped, and will continue to shape, the business landscape. Notably, the list excludes fossilized billionaires who are no longer active in business, as well as politicians, regulators, and seconds-in-command. In some cases, such as with firms like Blackstone and Berkshire Hathaway, individuals who are in line for succession are included.

The common thread among those who made the *Most Powerful People in Business* list is this: Their words, actions, and wealth have the power to influence others on a grand scale. Some, like Elon Musk, have built entirely new industries from the ground up. Others, like Jensen Huang, have created companies so central to the success of others that their calls are more influential than even that of the president. Figures like Satya Nadella and Mary Barra have reinvigorated massive companies facing stagnation, while people like Mellody Hobson wield behind-the-scenes influence to select and replace CEOs. And then there are innovators like Sam Altman, whose groundbreaking technologies have forced nearly every business leader to react.

In essence, power is not static. It’s earned, tested, and often fleeting. Those who have made this list are the ones who, by shaping industries, dictating trends, and defining the course of business, have demonstrated a profound and lasting impact on the world around them.