Nearly half of billionaires are poorer than they were a year ago, according to Forbes 2023 World’s Billionaires List
Post Date – 11:45 PM, Tuesday – 4/4/23
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New Delhi: India, which ranks third with 169 billionaires, has had a more mixed year this year. According to Forbes’ 2023 World’s Billionaires List, Indian billionaires as a whole — worth $675 billion — are $75 billion less than in 2022.
According to the list, Mukesh Ambani, chairman and managing director of Reliance Industries Ltd (RIL), is the richest person in India with a net worth of $63.4 billion. According to the list, Ambani ranks 9th on the world rich list.
The United States still has the most billionaires, with 735 members of the list and a combined fortune of $4.5 trillion. China (including Hong Kong and Macau) ranks second with 562 billionaires worth $2 trillion, followed by India with 169 billionaires worth $675 billion.
Nearly half of all billionaires are poorer than they were a year ago, according to Forbes’ 2023 World’s Billionaires List.
Falling stocks, hurting unicorns and rising interest rates led to a down year for the world’s wealthiest people.
Globally, there were 2,640 ten-digit fortunes on the list, down from 2,668 last year. All told, the world’s billionaires are now worth $12.2 trillion, down $500 billion from the $12.7 trillion in March 2022.
Nearly half of the list is worse than it was a year ago, including Elon Musk, who dropped from No. 1 to No. 2 after Tesla’s share price fell as a result of his high-priced acquisition of Twitter.
Bernard Arnault, president of luxury goods giant LVMH, became the world’s richest man, marking the first time a French citizen has topped the rankings.
Despite sluggish markets, rising inflation and wars in Eastern Europe, more than 1,000 billionaires are actually richer than those on Forbes’ 2022 list — some in the tens of billions of dollars.
Luxury goods tycoon Arnault fared best. His net worth has ballooned by $53 billion since last year, more than anyone else on the planet. Shares in his LVMH group, which owns Louis Vuitton, Christian Dior and Tiffany, rose 18 percent on strong demand. Arnault is now worth $211 billion, topping the world’s billionaire list. This is the first time he has topped the list and the first time a French citizen has topped the list.
Michael Bloomberg ranks seventh on the list with a net worth of $84.5 billion.
