The Top 5 richest people in the world in 2023 are expected to be dominated by tech moguls who continue to ride the wave of digital transformation. Taking into account the fast pace at which wealth is being created in the tech industry, the list of billionaires is likely to be dominated by individuals who have made their fortunes through the likes of e-commerce, social networking, and software development.
Top 5 Richest People in The World in 2023
1. Bernard Arnault & Family Net Worth: $240 Billion
Bernard Arnault, a prolific French business tycoon, investor, and lover of art, was born in Roubaix on March 5, 1949. He is the CEO, chairman, and founder of the global conglomerate, LVMH Moët Hennessy Louis Vuitton – the world’s leading company in luxury goods. According to Forbes, Arnault and his family boast a net worth of approximately $240 billion as of April 2023, making him the richest man in the world.
In April 1999, he became the wealthiest individual in the fashion sector, surpassing Amancio Ortega of Zara. In 2016, as CEO of the LVMH group, Arnault earned a compensation package of €7.8 million. In July 2019, he became the second richest man globally, owning a net worth of $103 billion. In December 2019 and January 2020, he briefly overtook Jeff Bezos as the wealthiest person in the world. However, during the COVID-19 pandemic, Arnault suffered a loss of $30 billion in net worth due to plummeting sales of luxury goods.
Arnault’s net worth rose to $198.4 billion in 2021, restoring his position as the wealthiest person worldwide; this was a result of booming sales of LVMH’s luxury goods in Asia and China. Bernard Arnault & family is how he features on the Forbes Billionaires list, which estimates the Arnault family fortune to be $158 billion as of 2022, situating him ahead of Bill Gates.
Besides his entrepreneurial endeavors, Arnault’s extravagance can be seen in his material possessions. He once owned the 70m (230 ft) converted research vessel, Amadeus, which he sold off towards the end of 2015, and currently owns a 101.5-meter (333 ft) yacht, Symphony, built in the Netherlands by Feadship. According to Forbes’ projections, Arnault and his family, as of April 2023, have an estimated peak net worth of $240.7 billion, surpassing Elon Musk to be the richest person globally. This man is on the top of the top 5 richest people in the world in 2023.
2. Elon Musk Net worth: $192 Billion
Elon Musk, a prominent business magnate and investor, has made a name for himself in various fields. He is the esteemed founder, CEO, and chief engineer of SpaceX, a visionary angel investor, and CEO of Tesla, Inc., an astute owner and CEO of Twitter, co-founder of Neuralink and OpenAI, and president of the Musk Foundation and the founder of the Boring Company. With enormous success in his career, Elon Musk is currently one of the richest people in the world, with an estimated net worth of around $192 billion as of March 27, 2023.
He has always been a leading force in the business world, and in January 2021, he surpassed Amazon founder Jeff Bezos’ net worth of $185 billion to become the world’s richest man. However, in a short period, Jeff Bezos reclaimed the top spot as Elon Musk’s net worth dropped.
Things turned around for Elon Musk on September 27, 2021, when Forbes announced that he surpassed $200 billion in net worth, once again making him the richest person in the world. Elon Musk’s wealth skyrocketed, and by November 2021, he was the first person ever worth over $300 billion.
Unfortunately, things took a turn for the worst for Elon Musk when declining stock values caused him to lose $200 billion from his net worth. It became historical news as Elon Musk became the first person ever to lose such a massive sum of money. According to Forbes’ estimates in November 2021, Elon Musk experienced the “largest loss of personal fortune in history,” estimated at $182 billion, a record recognized by Guinness World Records in January 2023.
Despite Elon Musk’s significant losses, he remains an influential figure in the business world and a world-renowned innovator. He has disrupted various industries, including space exploration and communication, the electric vehicle industry, and more. His work in philanthropy through the Musk Foundation is also noteworthy. Elon Musk’s journey is not over, and the world anticipates what he will accomplish next. He is one of the top 5 richest people in the world in 2023.
3. Jeff Bezos Net worth: $125 Billion
Jeff Bezos is a prominent American entrepreneur, investor, and media proprietor who was born on January 12, 1964. He is widely recognized as the founder, former President, and CEO, current Executive Chairman of Amazon, a global e-commerce and cloud computing behemoth. According to Forbes and Bloomberg Billionaires Index, Bezos is the third-richest person in the world and has a net worth of $125 billion as of April 2023.
In 2014, when rumors about Amazon’s smartphone began circulating, Bezos’s net worth skyrocketed to $30.5 billion. The following year, he made it into the top ten on the wealth list with a net worth of $50.3 billion. Bezos was able to climb up the ranks rapidly- just hours before the market’s close, he gained a staggering $7 billion, which ultimately pushed him to become the 5th richest person globally.
As per Forbes’ calculations in March 2016, Bezos’s net worth was $45.2 billion. However, by October 2016, it surged by $16.2 billion to a whopping $66.5 billion, placing him unofficially as the third richest person globally only behind Warren Buffet. In July 2017, due to sporadic jumps in Amazon’s share price, Bezos briefly surpassed Microsoft co-founder Bill Gates to become the wealthiest individual in the world.
Overall, Bezos has played a crucial role in Amazon’s success, continuously expanding and innovating the company, making it the leading e-commerce platform globally. His tenacity, vision, and business acumen have been key factors in this success, allowing him to build an enormous conglomerate, which has brought him immense wealth over the years. He is one of the top 5 richest people in the world in 2023.
4. Larry Ellison Net worth: $120 Billion
Larry Ellison, the American business magnate and investor who co-founded, served as CEO, and currently holds the position of executive chairman and chief technology officer (CTO) of Oracle Corporation, a leading American computer technology company. According to Bloomberg Billionaires Index data from February 2023, Ellison’s worth an estimated $120 billion, making him the sixth-wealthiest person globally.
Moreover, Ellison is noted for having a 98% ownership stake in Lanai, the sixth-largest island of the Hawaiian Archipelago. In 2013, The Wall Street Journal stated that he earned $94.6 million. Ellison appointed Mark Hurd to Oracle’s CEO position from his former position as president on September 18, 2014, while Safra Catz was made CEO from her former role as CFO. As of 2022, Ellison owns an impressive 42.9 percent of Oracle Corporation shares and 1.5 percent of Tesla shares.
Further, Ellison owned 35% of NetSuite when Oracle bought the company for $9.3 billion in November 2016, earning himself a cool $3.5 billion personally. In December 2018, he acquired three million shares of Tesla Inc. and became a director on their board. However, he reportedly left the Tesla Board in August 2022. Currently, he is regarded as the seventh wealthiest person globally, with a net worth of $66.8 billion. He is one of the top 5 richest people in the world in 2023.
5. Warren Buffett Net worth: $114.7 Billion
Warren Edward Buffett is a highly successful American business magnate, investor, and philanthropist. Born on August 30, 1930, he is currently the CEO and Chairman of Berkshire Hathaway, a company he has led to remarkable success. Thanks to his exceptional investment acumen, he is widely regarded as one of the most famous fundamental investors, with a net worth of $114.7 billion as of March 2023 – which makes him the fifth richest person in the world.
Buffett’s commitment to giving back to society is evident through his support of his family’s various foundations. These include the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation, all of which have received contributions from Buffett. He also backed his sister Doris Buffett’s Letters Foundation and Learning By Giving Foundation.
In November 2022, Warren Buffett generously donated $750 million in Berkshire Hathaway shares to four charitable foundations run by his children. Notably, he transferred 1.5 million Class B shares of his conglomerate to the Susan Thompson Buffett Foundation, named after his first wife. He also made an equal transfer of 300,000 Class B shares each to the Sherwood Foundation, Howard G. Buffett Foundation, and the NoVo Foundation, which are managed by his children.
With his remarkable success in business and unwavering commitment to philanthropy, Warren Buffett is an inspiration to many around the world. He is one of the top 5 richest people in the world in 2023.
The accumulation of wealth among the top 5 richest people in the world is not solely due to their expertise in technology but also their business acumen in managing their wealth. As the global economy becomes more intertwined with technology, an understanding of the industry is critical for continued growth and development. While the future is uncertain, it is fair to say that innovation and entrepreneurship will continue to fuel the increase in wealth for the top 5 richest people in the world.