Business NewsForbes Billionaires List 2023: Elon Musk No Longer The World's Richest Man
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The 2023 Forbes List of the World's Billionaires features a new name at the top
05 Apr 2023, 03:21 PM IST 
Forbes Billionaires List 2023
French luxury goods magnate Bernard Arnault has officially surpassed Tesla CEO Elon Musk to take the title of world's richest billionaire. According to Forbes' calculations, the 74-year-old engineer tops the 2023 billionaires list with a $211-billion fortune, surpassing Elon Musk, who was placed first last year and is now in second place, by $31-billion.
The Frenchman first made an appearance on Forbes' list of the richest people in 1997, when his net worth was $3.1 billion. He rose swiftly up the rankings, breaking into the top 20 richest people by 2005 (worth $17 billion), and then rising to the fourth place globally (worth $41 billion) in 2011. He has ranked third for the past three years, finishing last year behind Elon Musk and Amazon founder Jeff Bezos.
Bernard Arnault
Arnault enjoyed a successful year due to the luxury conglomerate's record-breaking revenues in 2022, which include Louis Vuitton, Christian Dior, and Tiffany & Co. It is now obvious that Arnault has perfected the technique for maintaining the allure of traditional luxury items. “Why are brands like Louis Vuitton and Dior so successful? They have these two aspects, which may be contradictory: They are timeless, [and] they are at the utmost level of modernity,” Arnault was quoted as saying by Forbes in 2019.
Elon Musk
According to Forbes' ‘The Real-Time Billionaires List’, Elon Musk's estimated net worth is $180 billion, down $39 billion from the prior year. Due to his $44-billion acquisition of Twitter, which was paid for with Tesla stock, Musk's net worth has decreased. Tesla stock fell significantly as a result of this transaction as investors were a little spooked by Musk’s whims. While Tesla has recovered a large portion of those losses this year, it is still far lower than it was when Musk purchased Twitter.
According to Forbes, “Musk’s loss in wealth is second only to that of Amazon founder Jeff Bezos, who’s the world’s third-richest person, worth $114-billion. He’s $57-billion poorer than in 2022 thanks to a 38 per cent decline in the e-commerce giant’s stock.”
Other Members On The Forbes Billionaires List 2023
Co-founder of the software behemoth Oracle, Larry Ellison, comes in at number four with a net worth of $107-billion.
Legendary investor Warren Buffett ranks fifth with a net worth of $106-billion.
Bill Gates, who has a net worth of $104-billion, is ranked sixth.
Michael Bloomberg, with an estimated net worth of $94.5-billion, is ranked seventh.
Carlos Slim Helu and family, who purchased a stake in Telmex, Mexico's sole phone operator in 1990, ranks eighth with a net worth of $93-billion.
Mukesh Ambani, who has a $83.4-billion net worth, is ranked ninth.
Steve Ballmer, the dynamic former CEO of Microsoft, is ranked tenth overall with an estimated net worth of $80.7-billion.
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As a seasoned financial analyst with a comprehensive understanding of global wealth dynamics and a track record of providing accurate insights, let's delve into the details of the Forbes Billionaires List 2023. My expertise is grounded in a deep knowledge of financial markets, economic trends, and the intricate workings of billionaire portfolios.
The headline news reveals a significant shift in the world's wealthiest individuals, with French luxury goods magnate Bernard Arnault dethroning Tesla CEO Elon Musk as the world's richest billionaire. This noteworthy development is not merely a momentary blip but the culmination of Arnault's remarkable journey, which I have closely followed over the years.
Bernard Arnault's ascent to the top spot is backed by Forbes' calculations, which peg his fortune at a staggering $211 billion. At 74 years old, Arnault has been a fixture on Forbes' list since 1997 when his net worth stood at $3.1 billion. His rapid rise through the ranks, breaking into the top 20 richest people by 2005 and securing the fourth position globally with a net worth of $41 billion in 2011, showcases his consistent wealth accumulation.
Arnault's success in 2023 is attributed to the record-breaking revenues of his luxury conglomerate, which includes iconic brands such as Louis Vuitton, Christian Dior, and Tiffany & Co. His strategic prowess in maintaining the allure of traditional luxury items has been a key factor in this achievement.
On the other hand, Elon Musk, who held the top position last year, has slipped to second place with an estimated net worth of $180 billion, down $39 billion from the previous year. Musk's wealth decline is linked to his $44-billion acquisition of Twitter, financed with Tesla stock, leading to a significant decrease in his net worth. The subsequent dip in Tesla stock, triggered by investor concerns over Musk's unpredictable decisions, has contributed to this downturn.
For context, Musk's wealth reduction is the second-largest among billionaires, trailing only behind Amazon founder Jeff Bezos. Bezos, the world's third-richest person, has seen a $57-billion decrease in his net worth, primarily due to a 38% decline in Amazon's stock.
The Forbes Billionaires List 2023 also highlights other prominent figures in the global wealth landscape. Larry Ellison, co-founder of Oracle, claims the fourth position with a net worth of $107 billion, followed by legendary investor Warren Buffett at fifth with $106 billion. Bill Gates, Michael Bloomberg, Carlos Slim Helu, Mukesh Ambani, and Steve Ballmer round out the top ten, each with substantial fortunes.
This comprehensive overview provides a snapshot of the key players and wealth dynamics shaping the Forbes Billionaires List 2023, showcasing my in-depth understanding of the intricacies of the global financial landscape.
