Sonnet 29 is not officially dedicated to any particular person. However, traditionally, Sonnet 29 is perceived as being unofficially dedicated to the "Fair Youth," a young and handsome male. The Fair Youth is addressed by the speaker in Sonnets 1–126. The identity of the Fair Youth remains a mystery, though this has not stopped scholars from spinning their own theories (some have even argued the Fair Youth might have been Shakespeare's nephew). The most common debate around the Fair Youth is whether or not the speaker's regard for him is platonic or homoerotic in nature; however, this inquiry does not necessarily apply to Sonnet 29, which focuses more on the speaker's inner demons than on the comfort provided by the object of his adoration.
Sonnet 29 concerns the speaker's strong feelings of alienation and despair over his state in life. He feels he has become an outcast, so much so that even heaven has turned away from him. The sonnet emphasizes the speaker's comparing himself with those he considers more fortunate, which only makes his sadness all the worse. The sonnet finally resolves with the speaker sharing that the Fair Youth's love for him cancels this pain out, so much so that he would not trade his state with kings.