Top 5 Richest People In The World

Top 5 Richest People In The World – Billionaires play a huge role in shaping the world’s economy, politics, and philanthropy. Forbes estimates that the number of billionaires in the world will be 2,640 in 2023. The richest of them is Elon Musk; CEO of Tesla and SpaceX, owner of Twitter.

People on this list belong to a more exclusive club and have more power. Many of them are founders of tech giants, and a large portion of their investments continue to be invested in the companies they founded.

Top 5 Richest People In The World

Top 5 Richest People In The World

However, these billionaires can take out loans against that wealth to avoid selling their shares and delaying capital gains taxes (or losing them to their heirs). While many billionaires can take advantage of tax credits to offset underreported income, some on this list have paid no income tax in recent years.

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Because most of their wealth is in publicly traded stocks, the net worth of the richest fluctuates in line with the market capitalization of the companies they own. The Bloomberg Billionaires Index presents the 10 richest people on the planet. Unless otherwise stated, all data is as of July 2, 2023.

Elon Musk is the richest man in the world. Born in South Africa, he attended university in Canada before transferring to the University of Pennsylvania, where he earned a bachelor’s degree in physics and economics. Two days after enrolling in Stanford University’s graduate program in physics, Musk dropped out to start one of the first online navigation services, Zip2. He reinvested some of his earnings from this startup to create, an online payment system that was sold to eBay ( EBAY ) and eventually became PayPal Holdings ( PYPL ).

In 2004, Musk became a major financier of Tesla Motors (now Tesla), which led him to the position of CEO of the electric car company. In addition to electric cars, Tesla also acquired energy storage devices, car accessories, and in 2016, SolarCity and Solar Energy Systems. Musk is also the CEO and chief engineer of SpaceX, which develops rockets to launch into space.

In December 2020, Tesla became the largest company in the S&P 500, and in January 2021, Musk became the world’s richest man, a title that has changed with Tesla’s value.

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In April 2022, Musk launched a campaign to take Twitter private, with a $44 billion acquisition. Musk planned to finance the deal with $21 billion of his personal fortune. Before announcing the acquisition, Musk sold 9.6 million Tesla shares, worth $8.5 billion.

In July 2022, Musk decided to abandon the purchase of Twitter. Twitter filed a lawsuit against Musk and forced a buyout. Musk protested the company, but later backed down and announced that he was ready to buy Twitter. The deal officially closed in October 2022, giving him 79 percent of the company’s shares.

Bernard Arnoutis, a French citizen, is the chairman and CEO of LVMH, the world’s largest luxury goods company. LVMH brands include Louis Vuitton, Hennessy, Marc Jacobs and Sephora.

Top 5 Richest People In The World

Most of Arnaud’s wealth comes from his large holdings in Christian Dior SE, which controls 41.4% of LVMH. His stake in Christian Dior SE, as well as an additional 6.2 percent in LVMH, is owned by his family’s holding company, Groupe Familial Arnault.

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An engineer by profession, Arnaud first showed his business acumen while working for his father’s construction company, Ferret-Savinel, and in 1971 he took over the company. He bought Ferret-Savinel as Fresnel Inc. In 1979. turned into a real estate company named

Arnaud remained chairman of Perinal for another six years until he bought and restructured luxury goods maker Financier Agache in 1984, eventually selling all of his holdings except for Christian Dior and La Bon Marche. He was invited to invest in LVMH in 1987, and two years later became the company’s majority shareholder, chairman and CEO.

In 1994, Jeff Bezos founded in a Seattle garage after investing in a DE hedge fund. Shortly after Shaw resigned, he got the idea to start an online bookstore from his former boss, David A. Showed to Shaw, who was not interested.

Although Amazon first started selling books, it has since become a one-stop shop for everything under the sun, and is expected to overtake Walmart as the world’s largest retailer by 2024. Amazon’s continuing pattern of diversification is evident in some of its unexpected expansions. In 2017, Whole Foods was acquired and entered the pharmacy business.

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Bezos owned 16 percent of Amazon in 2019 and transferred four percent to his ex-wife Mackenzie Scott as part of the divorce proceedings. In 2020, Amazon’s stock price rose 76% due to increased demand for online shopping during the Covid-19 pandemic. On July 5, 2021, Bezos stepped down as CEO of the e-commerce company and became CEO.

Bezos first took Amazon public in 1997 and became the first person since Bill Gates in 1999 to have a net worth of more than $100 billion. Bezos’ other ventures include the airline Blue Origin,

On July 20, 2021, Bezos, his brother Mark, aviation pioneer Wally Funk, and Dutch student Oliver Damon made their first successful flight as part of the Blue Origin crew, reaching an altitude of more than 66 miles before landing safely. In the same month, Bezos’ fortune reached 211 billion dollars.

Top 5 Richest People In The World

While studying at Harvard University in 1975, Bill Gates worked with his childhood friend Paul Allen to develop new software for the first microcomputer. After the success of this project, Gates dropped out of Harvard in his junior year and co-founded Microsoft with Allen.

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Microsoft, the world’s largest software company, also manufactures a variety of personal computers, provides e-mail services through its Exchange server, and sells video game systems and related gaming devices. Recently, there has been significant investment in cloud services.

In 2008, Gates moved from the company’s CEO to chairman of the board. He joined the board of Berkshire Hathaway in 2004. He resigned from two board members on March 13, 2020.

Bill Gates owns most of his wealth in Cascade Investment LLC. Cascade is a private equity vehicle that owns several stocks, including Canadian National Railway ( CNR ), Deere ( DE ) and Republic Services ( RSG ), as well as private real estate and energy investments.

Larry Ellison was born in New York to a 19-year-old single mother. After dropping out of the University of Chicago in 1966, Ellison moved to California and worked as a computer programmer. In 1973, he joined the electronics company Ampex, where he met future partners Ed Oates and Bob Miner. Three years later, Ellison moved to Precision Instruments, where he served as the company’s vice president of research and development.

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In 1977, Ellison co-founded Software Development Laboratories with Oates and Miner. Two years later, the company released Oracle, the first commercial relational database using a structured query language. The database software became so popular that SDL changed its name to Oracle Systems Corporation in 1982. Ellison stepped down as CEO of Oracle in 2014 after 37 years, joining Tesla’s board in December 2018 and stepping down in June 2022.

Oracle is the world’s second largest software company, providing a wide range of cloud computing software, Java and Linux code, and the Oracle Exadata computing platform. Oracle has acquired several large companies in its history, including Sun Microsystems and Cerner.

Alison focuses her philanthropy on medical research. In 2016, he gave $200 million to the University of Southern California for a new cancer research center. Ellison supported the USA Sailing Oracle Team that won the America’s Cup Series in 2010 and 2013.

Top 5 Richest People In The World

Steve Ballmer joined Microsoft in 1980 after Bill Gates convinced him to drop out of Stanford University’s MBA program. He was the 30th employee of Microsoft. Ballmer replaced Gates as CEO of Microsoft in 2000. He held this position until his resignation in 2014. Ballmer oversaw Microsoft’s $8.5 billion acquisition of Skype in 2011.

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Ballmer owns about 4 percent of Microsoft, making him the software giant’s largest private shareholder. Shortly after stepping down as CEO of Microsoft in 2014, Ballmer bought the Los Angeles Clippers basketball team for $2 billion.

While attending Harvard University, both Ballmers shared the same dorm and shared the same floor with Bill Gates. Relations between the two strained as Ballmer began pushing the tech company into hardware like the Surface Tablet and Windows Mobile Phone during his tenure as CEO.

Warren Buffett, the most famous lifelong investor, filed his first tax return in 1944 at the age of 14, declaring the earnings from his childhood paper trail. He first bought shares in a textile company called Berkshire Hathaway in 1962 and became the majority shareholder by 1965. In 1967, Buffett expanded the company’s holdings to include insurance and other investments.

Buffett, known as the Oracle of Omaha, is an investor who made his fortune by buying undervalued companies. Berkshire Hathaway has recently invested in large and well-known companies. Its portfolio of wholly-owned subsidiaries includes consumer products such as insurance, power distribution and railways.

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Buffett donates a large portion of his wealth to charity. between

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