Who Are The 10 Richest Man In The United States – Billionaires play an important role in shaping the global economy, politics and philanthropy. Forbes predicts that by 2023, the number of billionaires in the world will reach 2,640. Elon Musk is the richest of them all. CEO of Tesla and SpaceX and owner of Twitter.
The people on this list belong to a more exclusive club and wield more power. Many are founders of tech companies, and most of their wealth is still invested in the companies they started.
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But these billionaires can still borrow against that wealth to avoid selling shares, deferring (or eliminating heirs) taxes on unrealized capital gains in the process. While billionaires can offset underreported income through various tax deductions, some on the list paid no income tax in recent years.
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Since most of their wealth is held in publicly traded stocks, the net worth of the rich fluctuates with the market capitalization of the companies they own. Here are the 10 richest people on earth, according to the Bloomberg Billionaires Index. All figures are current as of July 2, 2023 unless otherwise stated.
Elon Musk is the richest man in the world. Born in South Africa, he went to college in Canada before transferring to the University of Pennsylvania, where he earned a bachelor’s degree in physics and economics. Two days after applying to Stanford’s physics graduate program, Musk delayed admissions to launch Zip2, one of the first online navigation services. He reinvested some of the startup’s proceeds to create X.com, which was sold to eBay (EBAY) and eventually became PayPal Holdings (PYPL).
In 2004, Musk became a major backer of Tesla Motors (now Tesla) and served as CEO of the electric car company. In addition to its line of electric cars, Tesla also makes energy storage devices, auto parts and, through its 2016 acquisition of SolarCity, solar systems. Musk is also the CEO and chief engineer of Space Exploration Technologies (SpaceX), a developer of space launch rockets.
In December 2020, Tesla became the largest company in the S&P 500, and in January 2021, Musk became the richest man in the world — a title that fluctuates with Tesla’s value.
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In April 2022, Musk began a campaign to take Twitter private, spending $44 billion on acquisitions. Musk plans to fund the deal with $21 billion in equity. Before announcing his exit, Musk sold 9.6 million Tesla shares worth $8.5 billion.
In July 2022, Musk decided to withdraw from the Twitter acquisition. Twitter Sues Musk for Forced Acquisition Musk filed a lawsuit against the company, but later changed his position, saying he was open to acquiring Twitter. The deal, which officially closes in October 2022, will see him own 79% of the company.
French national Bernard Arnoldis is chairman and chief executive of LVMH, the world’s largest luxury goods group. LVMH’s brands include Louis Vuitton, Hennessy, Marc Jacobs and Sephora.
Much of Arnold’s wealth comes from his large stake in Christian Dior SE, the holding company that controls 41.4 percent of LVMH. His stake in Christian Dior SE and another 6.2 percent of LVMH are held by his family company Groupe Familial Arnault.
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Trained as an engineer, Arnold first demonstrated his business acumen while working at his father’s construction firm, Ferrét-Chavinal, which he took over in 1971. In 1979, he transitioned to Ferinal Inc., a real estate company. .
Arnault remained chairman of Férinel for the next six years until it bought and restructured luxury goods maker Financière Agache in 1984. In 1987, he was invited to invest in LVMH, and two years later became the company’s majority shareholder, chairman and chief executive officer.
Jeff Bezos founded Amazon.com in a Seattle garage in 1994, shortly after resigning from hedge fund firm T.E. Shaw first pitched the idea of an online bookstore to his impartial former boss, David E. Shaw.
Although Amazon started out selling books, it has grown into a one-stop shop and is expected to overtake Walmart as the world’s largest retailer by 2024. Amazon’s continued pattern of diversification has manifested in some unexpected expansions, including its acquisition of Whole Foods in 2017 and its entry into the pharmaceutical business that same year.
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Bezos took a 16% stake in Amazon in 2019 before transferring it to ex-wife Mackenzie Scott as part of divorce proceedings. In 2020, Amazon shares have risen 76% due to increased demand for online shopping during the COVID-19 pandemic. On July 5, 2021, Bezos resigned as CEO of the e-commerce company and became executive chairman.
Bezos first took Amazon public in 1997, becoming the first person with a net worth of more than $100 billion since Bill Gates in 1999. Bezos’ other projects include Blue Origin Airlines.
On July 20, 2021, Bezos, his brother Mark, aviation pioneer Wally Funk, and Dutch student Oliver Damon completed Blue Origin’s first successful flight, reaching an altitude of more than 66 miles before landing safely. That same month, Bezos’ net worth rose to $211 billion.
In 1975, while studying at Harvard, Bill Gates teamed up with childhood friend Paul Allen to develop new software for the original microcomputer. After the success of the program, Gates dropped out of Harvard in his junior year to co-found Microsoft with Allen.
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Microsoft is the world’s largest software company, making a line of personal computers, providing e-mail services through exchange servers, and selling video game systems and related gaming equipment. It has recently invested heavily in cloud services.
In 2008, Gates moved from the position of CEO of the company to chairman of the board of directors. He joined Berkshire Hathaway in 2004. He left both boards on March 13, 2020.
Bill Gates holds the majority of his net worth in Cascade Investments LLC. Cascade is a private investment vehicle with diverse assets including Canadian National Railway (CNR), Deere (DE) and Republic Services (RSG), as well as private real estate and energy investments.
Laurie 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 to work 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 as vice president of research and development.
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In 1977, Ellison co-founded the Software Development Laboratory with Oates and Miner. Two years later, the company released Oracle, the first commercial relational database program to use Structured Query Language. The database program was so popular that SDL changed its name to Oracle Systems Corporation in 1982. Ellison stepped down in 2014 after 37 years as Oracle’s CEO. He joined Tesla’s board in December 2018 and will resign in June 2022.
Oracle is the world’s second largest software company, offering a broad range of cloud computing programs, Java and Linux code, and the Oracle Exadata computing platform. Throughout its history, Oracle has acquired several large companies such as Sun Microsystems and Cerner.
Ellison focused his philanthropy on medical research. In 2016, he donated $200 million to USC to establish a new cancer research center. Ellison sponsored the Oracle Team USA sailing team that won the America’s Cup in 2010 and 2013.
Steve Palmer joined Microsoft in 1980 after Bill Gates earned an MBA from Stanford University. He is Microsoft’s 30th employee. In 2000, Palmer succeeded Gates as CEO of Microsoft. He held that position until his resignation in 2014. In 2011, Palmer oversaw Microsoft’s $8.5 billion acquisition of Skype.
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Palmer owns a 4% stake in Microsoft, making him the software company’s largest individual shareholder. In 2014, shortly after stepping down as CEO of Microsoft, Palmer bought the Los Angeles Clippers basketball team for $2 billion.
Palmer lived in the same dorm and on the same floor as Bill Gates at Harvard University. The bromance between the two soured when Palmer began pushing the tech company into hardware like the Surface tablet and Windows Phone during his tenure as CEO.
The most famous outright value investor, Warren Buffett, filed his first tax return in 1944 at the age of 14, reporting income on his childhood papers. In 1962, he first purchased a stake in Berkshire Hathaway Textiles and became a majority shareholder in 1965. In 1967, Buffett expanded his company holdings into insurance and other investments.
Buffett, widely known as the “Oracle of Omaha,” is an investor who amassed his wealth by buying undervalued companies. More recently, Berkshire Hathaway has invested in large, well-known companies. The portfolio of its 100% subsidiaries includes interests in the insurance, energy distribution, rail and consumer goods sectors.
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Buffett devotes most of his wealth to philanthropy. between
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