Bernard Arnault, a prominent figure in the French luxury goods industry, has claimed the top spot on the World's Billionaires list for the first time. His remarkable achievement is attributed to the exceptional performance of LVMH, the conglomerate he oversees, which boasts renowned brands such as Louis Vuitton, Christian Dior, and Tiffany & Co. The past year has witnessed unparalleled success, with LVMH achieving record-breaking revenue, profit, and stock prices. 

    Consequently, Arnault's wealth has soared by an astounding $53 billion, marking the most substantial increase among all billionaires. With his fortunes reaching unprecedented heights, Arnault has now turned his attention to ensuring a smooth transition of power. In July, he presented a proposal to restructure his holding company, Agache, which houses the majority of his LVMH shares, aiming to distribute equal ownership stakes to his five children.

2. Elon Musk :

 

Fortune: $180 Billion 

Primary Source of Wealth: Tesla, SpaceX 

Age: 51 | 

Nationality: American

 

   Elon Musk's reign at the top has been disrupted primarily due to his active presence on Twitter. Since his announcement of a $44 billion takeover of Twitter last April, Tesla's stock has plummeted by nearly 50%, surpassing the Nasdaq's 18% decline. This decline has been a cause of concern for investors, especially considering the $23 billion worth of Tesla shares Musk sold to fund the acquisition. On the other hand, SpaceX continues to soar, with its valuation reaching nearly $140 billion in an early 2023 tender offer—an impressive increase from the $127 billion valuation set by investors in May of the previous year. Nonetheless, Musk's net worth has experienced a significant decline of $39 billion in less than a year.

3. Jeff Bezos :

    Following his departure as CEO of Amazon in 2021, Jeff Bezos has embarked on various ventures. He ventured into space through his company Blue Origin, attracted attention with the construction of a nearly-complete $500 million superyacht, and increased his philanthropic efforts by supporting initiatives like the Bezos Academy, which provides free preschool education, and grants from his Bezos Earth Fund. However, his financial standing tells a different story. Bezos has experienced a staggering decline in wealth, with a loss of $57 billion over the past year—the most substantial loss among all billionaires. This decline can be attributed to a 38% decrease in the value of Amazon stock, which has significantly impacted his overall fortune.

4. Larry Ellison 

    Larry Ellison, the Chairman and former CEO of Oracle, has ascended four spots on the list despite a challenging year for the tech industry. This rise in rankings can be attributed to a 10% increase in Oracle shares, bolstered by solid earnings and a heightened focus on security. Ellison's extravagant real estate acquisitions, including the purchase of one of Florida's most expensive homes for $173 million, further enhance his impressive portfolio, which already includes the Hawaiian island of Lanai where he resides. In August, he stepped down from Tesla's board after serving for four years.

5. Warren Buffett 

    Warren Buffett has spent the past three years actively investing his wealth. Berkshire Hathaway, under his stewardship, allocated approximately $90 billion in cash towards stocks, share buybacks, and the $11.5 billion acquisition of insurance firm Alleghany Corp., which was finalized in October. In late March, the renowned investor, often referred to as the "Oracle of Omaha," reportedly offered advice to the Biden administration on bank runs and explored potential investments in regional banks, leveraging his extensive experience in navigating market crises.

6. Bill Gates 

    Bill Gates stepped down from Microsoft's board in 2020 but remains actively involved, dedicating 10% of his time to collaborate with teams at the software giant. Gates has expressed profound belief in the transformative potential of generative artificial intelligence tools, such as OpenAI's ChatGPT, which Microsoft has backed. In a February interview with Forbes, he emphasized the significance of this technology, comparing it to the impact of personal computers and the internet. Gates and his former wife, Melinda French Gates, have also increased spending through the Gates Foundation, an organization they co-chair and plan to gradually wind down within the next 25 years.

7. Michael Bloomberg

 Primary Source of Wealth: Bloomberg LP 

 Age: 81 

Nationality: American

     Michael Bloomberg, co-founder of Bloomberg LP, witnessed a growth in his fortune despite his charitable contributions amounting to an additional $1.7 billion over the past year. The estimated revenue of his financial terminal and media business surged to $13.3 billion in 2022, up from $12.5 billion in 2021. Bloomberg, a long-time supporter of Israel, voiced his concerns about the plans to weaken the country's judiciary by Prime Minister Benjamin Netanyahu through a New York Times opinion piece published in March, delving into Israeli politics.

8. Carlos Slim Helú & family

Primary Source of Wealth: Telecom 

Age: 83 

Nationality: Mexican

    Carlos Slim Helú, the telecommunications magnate, witnessed a significant rise in his fortune, resulting in his inclusion among the world's top ten richest individuals for the first time since 2019. The New York-listed shares of América Móvil, his pan-Latin American mobile phone company, experienced a 14% increase over the past year, contributing to a nearly $12 billion surge in Slim's wealth. In February, he listed his historic Manhattan mansion, located opposite the Metropolitan Museum of Art, for $80 million, nearly doubling the amount he initially paid for it in 2010.

9. Mukesh Ambani 

    Mukesh Ambani reclaimed his position as Asia's wealthiest person, surpassing Gautam Adani (No. 24) who experienced a decline in rankings. Reliance Industries, Ambani's conglomerate spanning oil and telecommunications, achieved a significant milestone as the first Indian company to surpass $100 billion in revenue. Ambani addressed speculation surrounding succession planning by assigning key roles to his children last year: his eldest son Akash became the Chairman of telecom arm Jio Infocomm, his daughter Isha took charge of the retail business, and his son Anant engaged in Reliance's new energy ventures.

10. Steve Ballmer 

Primary Source of Wealth: Microsoft 

Age: 67 

Nationality: American

Steve Ballmer, the former CEO of Microsoft, has experienced a decrease in his fortune by $10 billion over the past year, largely due to the decline in Microsoft shares. Nonetheless, his ownership of the L.A. Clippers, the sixth-most valuable NBA team, continues to flourish. Ballmer is currently overseeing the construction of a privately funded $2 billion arena for the team, expected to be completed in 2024.