The past year remained subdued: stocks fell, unicorns were hit, interest rates rose, and nearly half of billionaires are poorer than they were last year.
Recently, Forbes released the 2023 World's Billionaires list.
.png)
This year, the world's luxury goods godfather and LVMH head Bernard Arnault has become the world's richest person! His luxury empire can truly be said to drive women—and even men—around the world wild with desire.
In this still surreal new year, what dramatic changes have occurred on the billionaires list?
Global Wealth Continues to Shrink
This year, a total of 2,640 individuals made the list, a further decline from last year; their combined wealth reached $12.2 trillion, down $500 billion from last year's $12.7 trillion.
Nearly half of the billionaires saw their wealth shrink, including Jeff Bezos, the former world's richest who suffered the largest loss as Amazon's stock plunged 38%, and Elon Musk, last year's No. 1, whose fortune contracted after his Twitter acquisition.
Additionally, 254 people completely dropped off the list, including well-known American rapper Kanye West and cryptocurrency entrepreneur Sam Bankman-Fried.
Tech tycoons were hit particularly hard, with 52 individuals seeing their net worth fall below $1 billion over the past year.
China (including Hong Kong) saw the largest decrease, with the number plummeting by another 80 this year.
Newcomers Rise and Make a Splash on the List
For some it's sorrow, for others it's joy. This year, 150 new faces joined the list, spanning fields including finance, fitness equipment, Formula 1, fashion, and more, with a combined value of $344 billion.
Among the rising newcomers are familiar names like American designer Tom Ford, musician Jimmy Buffett, and sports stars Tiger Woods and LeBron James. These two sports icons are the only active athlete-billionaires this year.
.jpg?x-oss-process=style/opt-webp)
The United States added the most billionaires this year, with 51 Americans making the list. China and India tied for second place in new additions, each with 16.
The U.S. Tops the Billionaire Rankings
The U.S. once again has the most billionaires, totaling 735, unchanged from last year. Their combined net worth is $4.5 trillion, down from $4.7 trillion last year.
China ranks second globally with 495 billionaires (excluding citizens of Hong Kong and Macau) and a combined wealth of $1.67 trillion. Overall, it remained a down year.
.jpg?x-oss-process=style/opt-webp)
Forbes Top 10 World's Billionaires
-
Bernard Arnault & family: $211 billion
-
Elon Musk: $180 billion
-
Jeff Bezos: $114 billion
-
Larry Ellison: $107 billion
-
Warren Buffett: $106 billion
-
Bill Gates: $104 billion
-
Michael Bloomberg: $94.5 billion
-
Carlos Slim Helu & family: $93 billion
-
Mukesh Ambani: $83.4 billion
-
Steve Ballmer: $80.7 billion
Looking at this year's Forbes top 10 billionaires, seven are from the United States, one from France, one from India, and one from Mexico. Only four saw their wealth increase over the past year.
The tech magnates who dominated half of the top 10 last year have lost their luster this year, now sharing the list with titans from fashion retail, automotive, financial investment, media and entertainment, telecommunications, and more.
This year, luxury goods magnate and LVMH head Bernard Arnault increased his fortune by $53 billion, more than any other billionaire, successfully securing the top spot.
.jpg?x-oss-process=style/opt-webp)
Next, we will provide detailed introductions of several billionaires and summarize the industries, alma maters, and cities where billionaires are concentrated, hoping to offer more reference for students' future college choices.
Bernard Arnault
Net worth: $211 billion
Source of wealth: LVMH
Residence: Paris, France
Education: École Polytechnique
As the godfather of the world's luxury sector, Arnault oversees LVMH's 75 fashion and cosmetics brands, including Louis Vuitton and Sephora.
In January 2021, LVMH acquired American jeweler Tiffany & Co. for a staggering $15.8 billion, the largest luxury brand acquisition ever.
All five of his children currently work at LVMH. Last year, he proposed restructuring the holding company Agache to give them equal stakes.
Elon Musk
Net worth: $180 billion
Source of wealth: Tesla, SpaceX
Residence: Austin, Texas
Education: University of Pennsylvania
Whether on Earth or in space, Musk is a big shot. With Tesla and SpaceX, Elon Musk rapidly accumulated wealth in recent years and topped the global billionaire list last year.
Twitter's board agreed to sell the company to Musk for $44 billion last April. The deal closed in October last year, and Musk now owns approximately 74% of Twitter.
Jeff Bezos
Net worth: $114 billion
Source of wealth: Amazon
Residence: Medina, Washington
Education: Princeton University
Former world's richest Bezos has had a rough time. Last year, his wealth shrank by $6 billion due to Amazon's stock decline; this year, Amazon's share price plunged another 38%, and Bezos' ranking slipped again.
After stepping down as Amazon CEO in July 2021, Bezos has focused on other ventures, including his aerospace company Blue Origin, which develops rockets, and The Washington Post, among others.
In a CNN interview in November 2022, he said he plans to give away the majority of his wealth during his lifetime, but did not disclose specific details.
Warren Buffett
Net worth: $106 billion
Source of wealth: Berkshire Hathaway
Residence: Omaha, Nebraska
Education: Columbia University, University of Nebraska-Lincoln
"The Oracle of Omaha" Warren Buffett is one of the world's most successful investors. Through a series of deals, Berkshire Hathaway's stock price reached an all-time high last year.
His company, Berkshire Hathaway, owns dozens of businesses, including insurer Geico, battery maker Duracell, and the well-known restaurant chain Dairy Queen, among others.
Buffett has pledged to give away more than 99% of his wealth. To date, he has donated over $49 billion, mostly to the Gates Foundation and his children's foundations.
Bill Gates
Net worth: $104 billion
Source of wealth: Microsoft
Residence: Medina, Washington
Education: Harvard University (dropped out)
In March 2020, Bill Gates stepped down from the Microsoft board to focus on philanthropy and invest in more diverse areas, including zero-carbon energy.
Additionally, he has invested in dozens of companies like Republic Services and Deere & Co., and is one of the largest farmland owners in the U.S.
To date, Gates has donated over $59 billion to the Gates Foundation, including a $20 billion donation announced last July.
Michael Bloomberg
Net worth: $94.5 billion
Source of wealth: Bloomberg LP
Residence: New York City
Education: Harvard Business School, Johns Hopkins University
As the founder of Bloomberg LP, the U.S. multinational mass media company, Bloomberg now owns 88% of the firm, with estimated revenue exceeding $12 billion.
A major philanthropist, Bloomberg has donated over $12.7 billion to gun control, climate change, and other causes.
Bloomberg served as mayor of New York City for 12 years, one of only four people to hold the office for that long.
Which Industries Do Billionaires Cluster In?
The top three industries with the most billionaires globally are: finance & investment, manufacturing, and technology.
-
Finance & investment: 372 billionaires (14%)
-
Manufacturing: 324 billionaires (12%)
-
Technology: 313 billionaires (12%)
Finance and investment remain the most reliable path to wealth. As the industry with the most billionaires, it is where hedge fund and private equity tycoons, bankers, venture capitalists, and fintech founders thrive.
Meanwhile, tech companies experienced a turbulent year, with many carrying out massive layoffs. The number of billionaires in the tech sector fell for the second consecutive year. Despite this, tech industry moguls remain the wealthiest group, with combined assets of $1.9 trillion.
.jpg?x-oss-process=style/opt-webp)
Which Cities Are Home to the World's Billionaires?
This year, New York once again has the most billionaire residents. 101 billionaires live in NYC, with a combined net worth of nearly $616.8 billion, making New York the undisputed billionaire's club.
.jpg?x-oss-process=style/opt-webp)
However, China still has the most cities in the top 10, namely: Hong Kong, Beijing, Shanghai, and Shenzhen.
Of these, Beijing and Shenzhen both fell in the rankings from last year, to 3rd and 8th respectively; Shanghai rose to 4th, and Hong Kong jumped to 2nd after gaining two new billionaires.
.jpg?x-oss-process=style/opt-webp)
The top 10 cities with the most billionaires are as follows:
1. New York
101 billionaires (richest: Michael Bloomberg)
Total net worth: $616.8 billion
2. Hong Kong
70 billionaires (richest: Li Ka-shing)
Total net worth: $286.8 billion
3. Beijing
68 billionaires (richest: Zhang Yiming)
Total net worth: $247.2 billion
4. Shanghai
65 billionaires (richest: Colin Huang)
Total net worth: $181.9 billion
5. London
63 billionaires (richest: Leonard Blavatnik)
Total net worth: $294.9 billion
6. Moscow
61 billionaires (richest: Vladimir Potanin)
Total net worth: $307.1 billion
7. Mumbai
56 billionaires (richest: Mukesh Ambani)
Total net worth: $276.4 billion
8. Shenzhen
54 billionaires (richest: Ma Huateng)
Total net worth: $246 billion
9. Singapore
46 billionaires (richest: Goh Cheng Liang)
Total net worth: $133.3 billion
10. Delhi (tie)
37 billionaires (richest: Shiv Nadar)
Total net worth: $116.4 billion
10. San Francisco (tie)
37 billionaires (richest: Brian Chesky)
Total net worth: $114.2 billion
Looking across the Forbes billionaire list, finance, manufacturing, and technology remain the wealth-building industries. Old money dominates, but new money always breaks through. Whether inheriting a family business or starting from scratch, every billionaire has their own secret to wealth.
The top billionaires still overwhelmingly graduated from elite schools, with at least one degree from Harvard, Yale, Princeton, Stanford, or MIT.
Understanding the industries, alma maters, and cities where billionaires converge still holds some reference value for future college choices.
Becoming an alum of the same schools as billionaires, and later working in the same industry and city, could one day lead to your own success. After all, you've got to have dreams. While staying grounded, don't be afraid to dream big.
