Top Ten Richest Man In The World – Billionaires play a huge role in shaping the world economy, politics and philanthropy. Forbes has put the number of billionaires in the world at 2,640 in 2023. The richest among them is Elon Musk; CEO of Tesla and SpaceX and owner of Twitter.
The people on this list belong to an even more exclusive club and have even more power. Founders of many tech giants, most of their wealth is still invested in the companies they started.
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However, these billionaires can still borrow against that asset to sell the shares, deferring (or eliminating for the heirs) taxes on unrealized capital gains in the process. Billionaires can also take advantage of tax deductions to offset unreported income, which has led some people on this list to pay no income tax in recent years.
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With much of their wealth in publicly traded stocks, the net worth of the richest people fluctuates along with the market valuations of their companies. Below are the 10 richest people on the planet, according to the Bloomberg Billionaires Index. Unless otherwise stated, all figures are current as of July 2, 2023.
Elon Musk is the richest man in the world. He was born in South Africa and 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 physics program, Musk postponed the presentation to launch Zip2, one of the first online browsing services. He reinvested part of the profits from this startup to form X.com, 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), leading to his current position as CEO of the electric car company. In addition to its line of electric cars, Tesla produces energy storage devices, car accessories and, through its acquisition of SolarCity in 2016, solar power systems. Musk is also CEO and chief engineer of Space Exploration Technologies (SpaceX), the developer of the space launch rocket.
In December 2020, Tesla joined the S&P 500, becoming the largest company, and in January 2021, Musk became the richest person in the world, a title that has fluctuated with the value of Tesla.
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In April 2022, Musk launched a campaign to take Twitter private, with a $44 billion buyout. Musk plans to spend $21 billion of his capital on the deal. Prior to the announcement of the purchase, Musk sold 9.6 million shares of Tesla, worth about $8.5 billion.
In July 2022, Musk decided to withdraw the Twitter purchase. Twitter filed a lawsuit against Musk to enforce the purchase. Musk protested the company, but then reversed course and announced that he was finally ready to buy Twitter. The deal officially closes in October 2022, giving him a 79% stake in the company.
Bernard Arnault, a French national, is chairman and CEO of LVMH, the world’s largest luxury goods company. LVMH brands include Louis Vuitton, Hennessy, Marc Jacobs and Sephora.
Most of Arnault’s wealth comes from his large stake in Christian Dior SE, the holding company that controls 41.4% of LVMH. His shares in Christian Dior SE, as well as an additional 6.2% in LVMH, are held through Groupe Familial Arnault, a holding company owned by his family.
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An engineer by training, Arnault first showed his business acumen when he took over the company in 1971 while working for his father’s construction company, Ferret-Savinel. He turned Ferret-Savinel into a real estate company called Ferrenel Inc. in 1979.
Arnault remained Ferinal’s chairman for the next six years, until in 1984 he acquired and restructured the luxury goods manufacturer Financier Agache, eventually selling all of his holdings except for those in Christian Dior and Le Bon Marché. He was invited to invest in LVMH in 1987 and two years later became the company’s majority shareholder, chairman of the board and CEO.
In 1994, Jeff Bezos hired hedge fund veteran D.E. He founded Amazon.com in a garage in Seattle shortly after Shaw’s resignation. He originally pitched the idea of an online bookstore to his former boss, David E. Shaw, who was not interested.
Although Amazon originally started selling books, it has since turned into the world’s one-stop shop for everything and is expected to overtake Walmart as the world’s largest retailer by 2024. Amazon’s pattern of continued diversification is evident in some of its unexpected expansions, including its purchase of Whole Foods in 2017 and its entry into the pharmacy business that same year.
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Bezos owned 16% of Amazon in 2019, before handing over 4% to his ex-wife MacKenzie Scott as part of their divorce proceedings. In 2020, Amazon’s stock price rose 76% due to increased demand for online shopping amid the COVID-19 pandemic. On July 5, 2021, Bezos stepped down as CEO of the e-commerce giant and became its CEO.
Bezos originally took Amazon public in 1997 and became the first person since Bill Gates in 1999 to reach a net worth of more than $100 billion. Other Bezos projects include the aerospace company Blue Origin,
On July 20, 2021, Bezos, his brother Mark, aviation pioneer Wally Funk, and Dutch student Oliver Damon successfully completed Blue Origin’s first manned flight, reaching an altitude of more than 66 miles before landing safely. In the same month, Bezos’ wealth hit a peak of $211 billion.
While attending Harvard University in 1975, Bill Gates went to work with his childhood friend Paul Allen to develop new software for the original microcomputer. After the success of this project, Gates dropped out of Harvard in his junior year and founded Microsoft with Allen.
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The world’s largest software company, Microsoft, also makes a variety of personal computers, provides email services through its Exchange Server, and sells video game systems and related gaming devices. It has recently invested heavily in cloud services.
Gates moved from the position of CEO of the company to the position of chairman of the board in 2008. He joined the Berkshire Hathaway board of directors in 2004. He resigned from both boards on March 13, 2020.
Most of Bill Gates net worth is in Cascade Investment LLC. Cascade is a private investment vehicle with interests in a variety of stocks, including Canadian National Railway ( CNR ), Deere ( DE ) and Republic Services ( RSG ), as well as private investments in real estate and energy.
Larry Ellison was born in New York City to a 19-year-old single mother. After leaving 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 Minor. Three years later, Ellison moved to Precision Instruments and served as the company’s vice president of research and development.
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In 1977, Ellison founded Software Development Laboratories with Oates and Minor. Two years later, the company released Oracle, the first commercial relational database program to use the structured query language. The database program was so popular that SDL changed its name to Oracle Systems Corporation in 1982. Ellison stepped down as CEO at Oracle in 2014 after 37 years. He joined Tesla’s board of directors in December 2018 and retired in June 2022.
Oracle is the second largest software company in the world, and offers a variety of cloud computing programs, such as Java and Linux code and the Oracle Exadata computing platform. Oracle has acquired several large companies in its history such as Sun Microsystems and Cerner.
Ellison focuses his philanthropy on medical research. In 2016, he donated $200 million to the University of Southern California for a new cancer research center. Allison endorsed the Oracle Team USA sailing team, which won the America’s Cup racing series in 2010 and 2013.
Steve Ballmer joined Microsoft in 1980 after Bill Gates convinced him to leave Stanford University’s MBA program. He was Microsoft’s 30th employee. Ballmer succeeded Gates as Microsoft CEO in 2000. He remained in this role until his resignation in 2014. Ballmer oversaw Microsoft’s $8.5 billion purchase of Skype in 2011.
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Ballmer owns about 4% of Microsoft, making him the software giant’s largest shareholder. In 2014, shortly after stepping down as Microsoft CEO, Ballmer bought the Los Angeles Clippers basketball team for $2 billion.
Ballmer lived in the same dorm and on the same floor as Bill Gates while they were both studying at Harvard University. The brotherly relationship between the two was strained as Ballmer, during his tenure as CEO, began pushing the tech company into hardware like the Surface tablet and Windows Mobile Phone.
The most famous lifetime value investor, Warren Buffett, filed his first tax return in 1944 at the age of 14, declaring the earnings of his childhood paper route. He first bought shares in a textile company called Berkshire Hathaway in 1962, becoming the majority shareholder in 1965. Buffett expanded his involvement in the company in 1967 to include insurance and other investments.
Widely known as the Oracle of Omaha, Buffett is a buy-and-hold investor who made his fortune by buying undervalued companies. More recently, Berkshire Hathaway has invested in large, well-known companies. Its portfolio of wholly owned subsidiaries includes interests in insurance, energy distribution and railways, as well as consumer products.
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Buffett has devoted most of his wealth to philanthropy. in between
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