Alzheimer’s disease (AD), the leading cause of dementia, has an estimated heritability of approximately 70%¹. The genetic component of AD has been mainly assessed using genome-wide association studies, which do not capture the risk contributed by rare variants². Here, we compared the gene-based burden of rare damaging variants in exome sequencing data from 32,558 individuals—16,036 AD cases and 16,522 controls. Next to variants inTREM2,SORL1andABCA7, we observed a significant association of rare, predicted damaging variants inATP8B4andABCA1with AD risk, and a suggestive signal inADAM10. Additionally, the rare-variant burden inRIN3, CLU, ZCWPW1andACEhighlighted these genes as potential drivers of respective AD-genome-wide association study loci. Variants associated with the strongest effect on AD risk, in particular loss-of-function variants, are enriched in early-onset AD cases. Our results provide additional evidence for a major role for amyloid-β precursor protein processing, amyloid-β aggregation, lipid metabolism and microglial function in AD.