In a dramatic shift of fortunes, the collective net worth of the world’s billionaires has seen a significant drop of $500 billion (US), declining from a staggering $12.7 trillion (US) in March 2022 to its current value of $12.2 trillion (US), according to Forbes. This financial downturn has impacted nearly half of the world’s wealthiest individuals, reshuffling the ranks of the global elite.
One of the most notable casualties of this wealth shake-up is Elon Musk, who, until recently, held the coveted title of the world’s richest person. Musk’s fall from the pinnacle of the billionaire hierarchy to the second spot was precipitated by his high-profile acquisition of the social media giant Twitter, which led to a slump in Tesla’s stock value.
Stepping into Musk’s shoes is Bernard Arnault, the illustrious head of luxury goods conglomerate LVMH. This historic ascension makes Arnault the first French citizen to claim the top position in the global billionaire rankings. Arnault’s vast fortune and influence in the world of luxury goods and fashion have now placed him at the zenith of the global wealth pyramid.
The United States continues to be the frontrunner in terms of billionaire presence, boasting a remarkable 735 list members with a combined net worth of an astounding $4.5 trillion (US). While the American billionaire community remains formidable, China, encompassing Hong Kong and Macau, secures its position as the second-largest hub for billionaires, counting 562 wealthy individuals with a collective wealth of $2 trillion (US).
India follows closely behind, with 169 billionaires holding assets worth a total of $675 billion. As the global economic landscape evolves, these fluctuations in billionaire fortunes offer a glimpse into the ever-shifting dynamics of wealth and power on a worldwide scale.
Here are the 25 richest people in the world according to Forbes:
- Bernard Arnault & family – $211B (owner of LVMH that houses brands like Louis Vuitton, Christian Dior and Tiffany & Co, to name a few)
- Elon Musk – $180B (CEO and Founder of SpaceX)
- Jeff Bezos – $114B (Amazon Founder)
- Larry Ellison – $107B (Founder of Oracle, known for its Java tachnology)
- Warren Buffet – $106B (US business magnate and investor)
- Bill Gates – $104B (Microsoft Founder)
- Michael Bloomberg $94.5B (Former Mayor of New York, co-Founder and CEO of media, software and financial company Bloomberg)
- Carlos Slim Helu & family – $93B (Mexican business magnate)
- Mukesh Ambani – $83.4B (Indian businessman and Chairman of Reliance Industries)
- Steve Ballmer – $80.7B (Owner of the Los Angeles Clippers, Former Microsoft CEO)
- Francoise Bettencourt Meyers & family – $80.5B (L’Oreal heiress)
- Larry Page – $79.2B (Google co-founder)
- Amancio Ortega – $77.3B (Fasion retail entrepreneur, owner of Zara)
- Sergey Brin – $76B (Co-Founder of Google)
- Zhong Shanshan – $68B (Chinese businessman, Founder of Nongfu Spring Beverage company)
- Mark Zuckerberg – $64.4B (Co-Founder of Facebook/META)
- Charles Koch and family – $59B (CEO of Koch industries)
- Julia Koch and family – $59B (Socialite, serves on Board of Koch Industries)
- Jim Walton – $58.8B (Walmart Heir)
- Rob Walton and family – $57.6B (Walmart Heir)
- Alice Walton – $56.7B (Walmart Heiress)
- David Thompson and family – $54.4B (Canada’s richest man and Reuters media empire Heir)
- Michael Dell – $50.1B (Dell Chairman and CEO)
- Gautam Adani – $47.2B (Indian businessman, Founder of the Adani Group)
- Phil Knight and family – $45.1B (Nike co-Founder)
