Arnault is wealthiest in world with fortune of $211bn
It has been another turbulent year for the wealthiest people on the planet, as a combination of global stock market volatility, rising interest rates and “wounded unicorns” dragged down their combined net worth for the second year running, according to the Forbes 2023 World Billionaires List.
The combined net worth of the world’s billionaires dropped to $12.2 trillion over the past year, down from $12.7 trillion in March 2022, Forbes said in its annual report.
It used stock prices and exchange rates from March 10 to calculate the net worth of the world’s wealthiest.
“Globally, we counted 2,640 10-figure fortunes, down from 2,668 last year,” Forbes said yesterday.
“Nearly half the list is poorer than a year ago, including Elon Musk, who falls from No 1 to No 2 after his pricey acquisition of Twitter helped sink Tesla shares.”
Bernard Arnault, chairman of French luxury group LVMH, is the world’s richest person with a net worth of $211 billion, Forbes said. He is the first French citizen to lead the rankings.
The US continues to have the most billionaires in the world, with 735 Americans on the list collectively worth $4.5 trillion, Forbes said.
China, including Hong Kong and Macau, remains second, with 562 billionaires worth $2 trillion, followed by India, with 169 billionaires worth $675 billion, it added.
Tesla co-founder Mr Musk is ranked second with a net worth of $180 billion.
Amazon founder Jeff Bezos remains in third place with a personal fortune of $114 billion, followed by Larry Ellison, co-founder of computer technology company Oracle, with $107 billion.
Forbes ranked investor Warren Buffett as the fifth-richest person in the world with a net worth of $106 billion, while Microsoft founder Bill Gates fell one spot to sixth place with $104 billion.
Michael Bloomberg, founder of information and media company Bloomberg and the former New York mayor, is a new top 10 entrant, coming in at seventh with a personal fortune of $94.5 billion.
Mexico’s Carlos Slim is ranked eighth with a net worth of $93 billion.
Reliance Industries chairman Mukesh Ambani has moved up a rank to ninth-richest person, with a fortune of $83.4 billion.
At 10th place is Steve Ballmer, former chief executive of Microsoft and owner of the Los Angeles Clippers basketball team, with $80.7 billion.
Francoise Bettencourt Meyers, granddaughter of the founder of L’Oreal, remains the world’s richest woman with a net worth of $80.5 billion. She is also the world’s 11th-richest person, according to Forbes.