French luxury goods tycoon Bernard Arnault has topped the Forbes list of billionaires with a net worth of $211 billion. This marks his first time at the top of the list, thanks to a banner year at LVMH, which owns Louis Vuitton, Christian Dior, and Tiffany & Co.
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Elon Musk drops to second place: Last year's number one, Elon Musk, now holds the second spot with a net worth of $180 billion. The tech billionaire had a tough year after his pricey purchase of Twitter, which he funded in part by the sale of Tesla shares, spooked investors.
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Jeff Bezos falls to third: Meanwhile, Jeff Bezos, the founder of Amazon, saw the biggest loss among the top billionaires, with a drop of $57 billion from his fortune, and he fell from second place last year to third this year.
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Larry Ellison rises to fourth place amid tough year for tech: Larry Ellison, the chairman, chief technology officer, and co-founder of software giant Oracle, rose four spots to fourth place on the Forbes list. Despite a tough year for tech, Oracle shares increased 10% on solid earnings and a focus on security. Ellison, who owns about 35% of the company, also made headlines last summer when he purchased one of Florida's most expensive homes for $173 million.
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Warren Buffett and Bill Gates hold steady on the list: Warren Buffett, the CEO of Berkshire Hathaway, has spent the past three years on a spending spree, pumping some $90 billion of the company's cash into stocks, share buybacks, and acquisitions.
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Meanwhile, Bill Gates, who stepped down from the board of Microsoft in 2020, spends 10% of his time working with teams at the software firm, including those at OpenAI, which Microsoft has backed. Gates is also boosting spending by the Gates Foundation, which he co-chairs with his former wife, Melinda French Gates.
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Michael Bloomberg's fortune climbs despite charitable donations: Bloomberg LP co-founder Michael Bloomberg donated $1.7 billion to charity over the past year. Despite this, his fortune still climbed, with estimated revenue at his financial terminal and media business reaching $13.3 billion in 2022. Bloomberg has also waded into Israeli politics, criticizing Prime Minister Benjamin Netanyahu's plans to weaken the country's judiciary.
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Carlos Slim Helú & family took the eigth spot: Shares of the family’s mobile phone firm América Móvil rose 14 per cent in the past year, helping to lift Slim’s fortune by nearly $12 billion and place him among the world’s ten richest people for the first time since 2019.
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Reliance Industries Chairman and Managing Director Mukesh Ambani has been ranked ninth in the Forbes' 37th annual World's Billionaires List 2023, with an estimated net worth of USD 83.4 billion. He maintained his position as the wealthiest individual in Asia. In the latest list this year, Mukesh Ambani is ranked higher than Steve Ballmer of Microsoft, Larry Page and Sergey Brin of Google, Mark Zuckerberg of Facebook and Michael Dell of Dell Technologies.
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Steve Ballmer: The former Microsoft CEO’s fortune is down $10 billion in the past year, mainly because of the slump in Microsoft shares.
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