When it comes to who gets the top spot as the richest person in the world, there's a constant battle of the billionaires. Bill Gates and Jeff Bezos, spring to mind when talking about the rich and wealthy but surprisingly, although these famous A-listers have personal fortunes worth billions and are the faces behind big name companies such as Microsoft (MSFT) and Amazon (AMZN) neither of them takes the top spot on the Forbes "Real-Time Billionaires List" tracking the richest people in the world.
Americans "dominate the billionaires ranks" with 17 out of the top 25 spots, says Forbes. Other household names that have made it onto the Forbes rich list include Mark Zuckerberg and Warren Buffett, but where do they rank and who is the richest person in the world?
5. Warren Buffett
(Image credit: Eric Francis)
Warren Buffett makes the rich list with a net worth of $118.4 billion. Buffett is famous for his investing style, making him one of the richest investors in the world. Some of his famous investments include Coca-Cola (KO), Wells Fargo (WFC) and American Express (AXP).
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Buffett's investing method is centered around finding undervalued companies with a strong foundation and investing in them for the long term. The companies he opts for all have a competitive advantage to deter competitors from entering the market, and this style of investing has proved to be a success as he has historically generated impressive returns for his investors.
Textile manufacturer Berkshire Hathaway (BRK.B) is one of Buffett's successful investments. After investing in the company in 1962, he took it over and expanded the holding into other industries such as retail, insurance and utilities.
4. Jeff Bezos
(Image credit: Rodin Eckenroth )
Jeff Bezos has a net worth of around $148.8 billion, Forbes reports. His spot on the rich list is fairly dynamic and yet he's one of the best-known billionaires of them all. Bezos is famous for founding Amazon (AMZN) in 1994. From just selling books in the 90s, Amazon has now grown to be the biggest online retailer in the world with a market capitalization of over $1 trillion.
It all started when Bezos was working on Wall Street and saw a gap in the market for selling products online and its potential. After selling books, he branched out to other products, such as household goods and electronics, and the success came from his business model, focusing on great customer service and low prices.
The entrepreneur also has other investments, including The Washington Post and Blue Origin.
3. Larry Ellison
(Image credit: Kimberly White)
Larry Ellison, the founder of Oracle (ORCL), has a fortune of $157.1 billion, a jump in his net wealth that makes him the third richest person on the rich list, surpassing Jeff Bezos.
The billionaire founded the computer technology company Oracle in 1977 and has expanded it to specialize in hardware, enterprise software and cloud computing. Ellison's inspiration to start the business came from working on a project with the CIA where he had to create a database.
2. Bernard Arnault
(Image credit: STEFANO RELLANDINI)
Billionaire, businessman and the chairman and chief executive of LVMH (LVMUY), Bernard Arnault holds the crown as the richest person in the world. According to Forbes, Arnault has a fortune of $234.5 billion.
LVMH is the biggest luxury goods company in the world and owns more than 70 high-end brands including Louis Vuitton, Givenchy and Fendi.
Arnault is known for taking struggling brands under his wing and making them profitable. As a result, Arnault's net worth rose by $53 billion since last year and LVMH shares surged 18% due to high demand, according to Forbes.
The billionaire was born on March 5, 1949, in Roubaix, a city in northern France, and comes from a wealthy family who owned a construction company. Arnault had a good education and holds a degree in engineering from the École des Mines de Paris.
Putting aside Arnault's business acumen and wealth, he enjoys art and has one of the biggest private art collections in the world. He has donated millions of dollars to charities in his time.
1. Elon Musk
(Image credit: Matt Cardy)
One result that may come as a surprise is Elon Musk who is back in the top spot — despite his Twitter woes — with an estimated wealth of around $238.5 billion, according to Forbes. The entrepreneur has accumulated his wealth from his involvement in companies such as Tesla and SpaceX. More recently, he acquired Twitter for $44 billion in April 2022.
Tesla is a great example of how Musk's vision transformed the automotive industry by producing electric cars that produce less CO2 than petrol vehicles. His innovation for a sustainable future made Tesla one of the biggest car companies in the world.
Musk's other venture, SpaceX, was founded in 2002 and aims to make space travel accessible and affordable for all. The company is valued at approximately $137 billion and its value is four times more than it was three years ago, says Forbes.
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Greetings, I'm a seasoned expert in the field of finance, investment, and the global wealth landscape. My extensive knowledge in these areas is underscored by a deep understanding of key financial concepts, investment strategies, and the profiles of influential individuals shaping the economic landscape.
In the article discussing the wealthiest individuals globally, the focus is on the Forbes "Real-Time Billionaires List," a reliable source for tracking the fortunes of the world's richest people. This list provides real-time updates on the net worth of billionaires, offering a dynamic snapshot of their financial standings.
Let's delve into the concepts and key players highlighted in the article:
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Warren Buffett:
- Net Worth: $118.4 billion.
- Investing Style: Renowned for value investing, Buffett seeks undervalued companies with a strong foundation. He emphasizes long-term investments in companies with a competitive advantage.
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Jeff Bezos:
- Net Worth: $148.8 billion.
- Background: Founder of Amazon in 1994, Bezos transformed it from a bookstore into the world's largest online retailer. His success is attributed to a customer-centric business model and diversification into various product categories.
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Larry Ellison:
- Net Worth: $157.1 billion.
- Founder of Oracle: Ellison founded Oracle in 1977, expanding its focus on computer technology, hardware, enterprise software, and cloud computing.
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Bernard Arnault:
- Net Worth: $234.5 billion.
- Chairman and CEO of LVMH: Arnault heads the largest luxury goods company globally, with ownership of prestigious brands like Louis Vuitton and Givenchy. Known for revitalizing struggling brands, contributing to his substantial wealth increase.
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Elon Musk:
- Net Worth: $238.5 billion.
- Business Ventures: Musk holds the top spot. His wealth stems from ventures like Tesla and SpaceX. Tesla's impact on the automotive industry, producing sustainable electric cars, and SpaceX's goal of accessible space travel contribute to Musk's substantial fortune.
The Forbes list underscores the dominance of American billionaires, with 17 out of the top 25 spots occupied by U.S. individuals. The article provides a glimpse into the diverse investment strategies and business acumen of these influential figures, offering readers insights into the dynamic world of global wealth.
