Friday, 22nd September 2023

Elon Musk Loses Top Spot Of Richest People To Bernard Arnaut

By Itunu Azeez Kareem
05 April 2023   |   5:37 pm
The World’s Billionaires list for 2023 has been released. With over 2000 people on the list, the top 25 people have some new faces as well as those who dropped down.

Bernard Arnault, Chairman and chief executive officer of LVMH Moet Hennessy Louis Vuitton SE, delivers a speech at the Viva Technology conference in Paris, France, June 16, 2017. REUTERS/Benoit Tessier

The World’s Billionaires list for 2023 has been released. With over 2000 people on the list, the top 25 people have some new faces as well as those who dropped down.

Forbes released this on their official page, and a lot of changes were seen, as well as Elon Musk losing his spot to Anaut, the list also see some new faces move up.
Bernard Arnault, the French luxury goods mogul, tops the list with a net worth of $211 billion, thanks to a record year for LVMH.

Elon Musk comes in at number two, worth $180 billion, with a decline in Tesla shares offset by the continued success of SpaceX. Jeff Bezos, the former CEO of Amazon, takes third place, with a net worth of $114 billion, while Larry Ellison, the Oracle chairman, and Warren Buffet, CEO of Berkshire Hathaway, come in fourth and fifth, with a net worth of $107 billion and $106 billion, respectively.

Bill Gates, who stepped down from the board of Microsoft in 2020, ranks sixth, with a net worth of $104 billion. Other notable names on the list include Michael Bloomberg, Carlos Slim Helú, and Mukesh Ambani.

Check out the top 25 richest people in the world currently.

Bernard Arnault & family Net worth: $211 Billion
The French luxury goods tycoon tops the World’s Billionaires list for the first time on the back of a banner year at LVMH, which owns Louis Vuitton, Christian Dior, and Tiffany & Co

Elon Musk Net worth: $180 Billion
Musk has mostly tweeted himself out of the top spot on the ranks, with Tesla stock down nearly 50% since he announced his $44 billion takeover of Twitter last April, far outpacing the tech-heavy Nasdaq’s 18% drop. Investors have bemoaned the $23 billion of Tesla shares he sold to finance the acquisition.

Jeff Bezos Net worth: $114 Billion
Since stepping down as Amazon CEO in 2021, Bezos has flown to space via his company Blue Origin, made waves with a near-complete $500 million superyacht, and stepped up his philanthropy through support for groups such as Bezos Academy free preschools and grants from his Bezos Earth Fund.

Larry Ellison Net worth: $107 Billion
The Oracle chairman and former CEO rose four spots amid a tough year for tech, as Oracle shares increased 10% on solid earnings and a focus on security. Ellison bought one of Florida’s most expensive homes for $173 million last summer, adding to his portfolio of glitzy real estate, including the Hawaiian island of Lanai, where he lives. He stepped down from Tesla’s board in August after four years.

Warren Buffett Net worth: $106 Billion
Buffett has spent the past three years on a spending spree, pumping some $90 billion of Berkshire Hathaway’s cash into stocks, share buybacks, and the $11.5 billion acquisition of insurance firm Alleghany Corp.

Bill Gates
Net worth: $104 Billion
Gates stepped down from the board of Microsoft in 2020 but still spends 10% of his time working with teams at the software firm–including those at OpenAI, which Microsoft has backed.

Michael Bloomberg Net worth: $94.5 Billion
Despite his donations of another $1.7 billion to charity over the past year, the Bloomberg LP cofounder’s fortune still climbed, as estimated revenue at his financial terminal and media business reached $13.3 billion in 2022, up from $12.5 billion in 2021.

Carlos Slim Helú & family Net worth: $93 Billion
The New York–listed shares of the telecom tycoon’s pan–Latin American mobile phone firm, América Móvil, rose 14% 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.

Mukesh Ambani Net worth: $83.4 Billion
Ambani regained his spot as Asia’s richest person as Gautam Adani (No. 24) tumbled. Last year, Ambani’s oil-to-telecom behemoth Reliance Industries became the first Indian company to surpass $100 billion in revenue.

Steve Ballmer Net worth: $80.7 Billion
Ballmer’s L.A. Clippers–the sixth-most valuable NBA team–are flying high. He’s building them a privately funded $2 billion arena, slated for completion in 2024. The former Microsoft CEO’s fortune is down $10 billion in the past year, primarily due to the slump in Microsoft shares.

Françoise Bettencourt Meyers & family Net worth: $80.5 Billion
The L’Oréal heiress has kept her title of the world’s richest woman for the third year in a row, thanks to a 12% rise in the cosmetics giant’s stock in the last 12 months. Besides pledging $230 million for Notre Dame Cathedral’s reconstruction, she has hired a managing director for her investment firm, Téthys Invest, where she backs projects including French private hospital operator Elsan.

Larry Page Net worth: $79.2 Billion
Three years after the Google cofounder stepped away from day-to-day operations, Page and cofounder Sergey Brin (No. 14) attended strategy meetings in late 2022 amid the generative-AI arms race spurred by ChatGPT. Page has also stopped selling his stock: After unloading more than $2.5 billion (pretax) between May 2021 and April 2022, he has not sold a share since.

Amancio Ortega Net worth: $77.3 Billion
His Inditex fashion retail empire—best known in the U.S. for the Zara chain—has been on a tear. Its stock rose 39% in the past 12 months, buoyed by brisk sales; revenue in the year through January 31, 2023, climbed 18% to nearly $35 billion.

Sergey Brin Net worth: $76 Billion
Like his co-founder Larry Page (No. 12), he stopped what the two men called their “daily nagging” at Google in 2019. But is Brin back? A code request filed in January appears to be his first in years, and he has reportedly submitted code changes to Google’s AI chatbot.

Zhong Shanshan Net worth: $68 Billion
China’s bottled water king remains the country’s richest person for the third year in a row. Gains by Zhong-led beverage producer Nongfu Spring offset a decline in shares of his Covid test supplier Beijing Wantai Biological Pharmacy after the country eased pandemic restrictions at the end of last year.

Mark Zuckerberg Net Worth: $64.4 Billion
Unlike many big tech founders, Zuckerberg remains at the CEO helm. It hasn’t been easy, especially amid AI competition and tech layoffs, including 21,000 job cuts at his Meta Platforms since November. Meanwhile, the charitable Chan Zuckerberg Initiative, which aims to create tools to help cure or manage all diseases, announced a new Chicago Biohub in March.

Charles Koch Net worth: $59 Billion
Julia Koch & family Net worth: $59 Billion
Change is underway at $125 billion (2022 sales) Wichita, Kansas, conglomerate Koch Industries, which announced a restructuring of certain subsidiaries in March 2022. Charles Koch recently announced that his chief operating officer will join him as co-CEO after 55 years alone in the role. Julia Koch, the widow of Charles’ brother David (d. 2019), was elected as a trustee of New York’s Metropolitan Museum of Art in January.

Jim Walton Net worth: $58.8 Billion
Rob Walton Net worth: $57.6 Billion

Alice Walton Net worth: $56.7 Billion
After decades of almost religiously holding onto their family retailer’s shares, the children of Walmart co-founder Sam Walton have been among its biggest sellers, unloading another $1.8 billion of stock over the past 12 months.

David Thomson & family Net worth: $54.4 Billion
Canada’s richest person added another $5.2 billion to his fortune in 2022 as his 68% stake in the conglomerate Thomson Reuters jumped 17%. The Toronto-based company, which Thomson chairs, has been supplementing its core news and information business with AI investments like SurePrep, an automated tax software company it acquired in January for $500 million.

Michael Dell Net Worth: $50.1 Billion
The Dell chairman and CEO is $5 billion poorer this year after a 27% drop in Dell Technologies’ stock price. His family office, however, has grown into a large investment and advisory firm. MSD Partners, which manages over $12 billion, merged with fellow billionaire Byron Trott’s BDT & Co. in October.

Gautam Adani Net worth: $47.2 Billion
Adani was the world’s third-richest person on January 24, when he was worth nearly $126 billion. A report issued by short-seller Hindenburg Research later that day, however, sent his companies’ shares plummeting.

Phil Knight & family Net worth: $45.1 Billion
Knight, who cofounded Nike in 1964 with just $500, is still reaping hefty dividends—$400 million (pretax) worth over the past year—thanks to a 25% stake in the shoe and apparel company. Supply chain difficulties and Covid restrictions in China nudged Nike’s shares down 3%. Ben Affleck portrays a young Knight in the new movie AIR, about the brand’s lucrative signing of a young Michael Jordan.