Rich Man in World Top 10
Rich Man in World Top 10 1. Elon Musk, 2. Jeff Bezos, 3. Bernard Arnault, 4. Gautam Adani, 5. Bill Gates, 6. Warren Buffett, 7. Larry Page, 8. Sergey Brin, 9. Steve Ballmer, 10. Mukesh Ambani.
Elon Musk
- Age: 51
- Residence: Texas
- Co-founder and CEO: Tesla
- Net Worth: $228 billion
- Tesla Ownership Stake: 15% ($99.3 billion)
- Other Assets: Space Exploration Technologies ($46.9 billion private asset), The Boring Company ($3.33 billion private asset), Twitter ($3.8 billion public asset), $17.8 billion in cash
Elon Musk is at the top of the list with a net worth of $273.5 billion. India’s Gautam Adani attained second position in the list with a net worth of $155.5 billion on Forbes’ Real-Time billionaire rankings, but immediately came down to the third spot with a fall in the share prices.
Elon Musk was born in South Africa and attended a university in Canada before transferring to the University of Pennsylvania, where he earned bachelor’s degrees in physics and economics. Two days after enrolling in a graduate physics program at Stanford University, Musk deferred attendance to launch Zip2, one of the earliest online navigation services. He reinvested a portion of the proceeds from this startup to create X.com, the online payment system that was sold to eBay (EBAY) and ultimately became PayPal Holdings (PYPL).
In 2004, Musk became a major funder of Tesla Motors (now Tesla), which led to his current position as CEO of the electric vehicle company. In addition to its line of electric automobiles, Tesla also produces energy storage devices, automobile accessories, and, through its acquisition of SolarCity in 2016, solar power systems. Musk is also CEO and chief engineer of Space Exploration Technologies (SpaceX), a developer of space launch rockets.
In 2020, Tesla shares soared 740% to propel Musk up the wealth rankings. In December 2020, Tesla joined the S&P 500, becoming the largest company added. In January 2021, Musk became the richest person in the world—a title he’s held since.
In a Nov. 6, 2021 tweet, Musk asked his Twitter (TWTR) audience whether he should sell 10% of his Tesla stock, framing the issue as a response to criticism of unrealized capital gains as a means of avoiding taxes.15 He proceeded to sell shares worth $16.4 billion over the remainder of 2021. U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, cited a media report that Musk paid no income tax for 2018 to argue for the adoption of a wealth tax. “And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year,” Musk responded on Twitter.
Thanks to the surge in Tesla shares in 2021 and private transactions boosting the reported valuation of SpaceX, Musk’s lead in the global wealth rankings has continued to grow. His net worth hit a high of $340 billion in November 2021. In April 2022, Musk began a campaign to take Twitter private, which culminated in a $44 billion buyout. Musk planned to fund the deal with $21 billion of his own capital. In the run-up to the buyout announcement, Musk sold 9.6 million shares of Tesla, valued at roughly $8.5 billion.1819
In July 2022, Musk decided to back out of the Twitter buyout. As a result, Twitter filed a lawsuit against Musk to force the buyout to go through—then Musk countersued the company.
Jeff Bezos
- Age: 58
- Residence: Washington
- Founder and Executive Chair: Amazon (AMZN)
- Net Worth: $144 billion
- Amazon Ownership Stake: 10% ($121 billion)
- Other Assets: Blue Origin ($9.15 billion private asset), The Washington Post ($250 million private asset), and $14.1 billion in cash
In 1994, Jeff Bezos founded Amazon.com in a garage in Seattle, shortly after he resigned from the hedge fund giant D.E. Shaw. He had originally pitched the idea of an online bookstore to his former boss David E. Shaw, who wasn’t interested.
Though Amazon originally started out selling books, it has since morphed into a one-stop shop for everything under the sun and is arguably the world’s largest retailer. Amazon’s pattern of constant diversification is evident in some of its unexpected expansions, which include acquiring Whole Foods in 2017 and entering the pharmacy business the same year.2324
Bezos owned as much as 16% of Amazon in 2019 before transferring 4% to former wife MacKenzie Scott as part of the divorce proceedings. In 2020, Amazon’s share price jumped 76% on the heightened demand for online shopping amid the COVID-19 pandemic. On July 5, 2021, Bezos stepped down as CEO of the e-commerce giant, becoming its executive chair. Jeff Bezos
Bernard Arnault
- Age: 73
- Residence: Paris
- CEO and Chair: LVMH (LVMUY)
- Net Worth: $141 billion
- Christian Dior Ownership Stake: 97.5% ($111 billion total)
- Other Assets: Moelis & Company equity ($21.3 billion public asset), Hermès equity (undisclosed stake), and $8.9 billion in cash
French national Bernard Arnault is the chair and CEO of LVMH, the world’s largest luxury goods company. LVMH owns brands including Louis Vuitton, Hennessey, Marc Jacobs, and Sephora.
Most of Arnault’s wealth comes from his massive stake in Christian Dior SE, the holding company that controls 41.2% of LVMH. His shares in Christian Dior SE, plus an additional 6.2% in LVMH, are held through his family-owned holding company, Groupe Familial Arnault.
An engineer by training, Arnault first showed his business acumen while working for his father’s construction firm, Ferret-Savinel, taking charge of the company in 1971. He converted Ferret-Savinel to a real estate company named Férinel Inc. in 1979.
Gautam Adani
- Age: 60
- Residence: Gurgaon, India
- Founder and Chair: Adani Group
- Net Worth: $125 billion
- Adani Enterprises, Power. and Transmissions Ownership Stakes: 75% each ($72.4 billion)
- Other Assets: 65% of Adani Ports & Special Economic Zone ($12.2 billion public asset), 61% of Adani Green
- Energy ($24.5 billion public asset), 37% of Adani Total Gas ($16.2 billion public asset)
Gautam Adani, the founder of Adani Group, surpassed Mukesh Ambani in March 2022 as the richest person in Asia. Adani, via his ownership of Adani Group, owns major stakes in six key Indian companies, including a 75% stake in Adani Enterprises, Adani Power, and Adani Transmissions, as well as a 65% stake in Adani Ports & Special Economic Zone, 61% stake in Adani Green Energy, and 37% stake in Adani Total Gas.
The combined market capitalization of companies owned by the Adani Group is $238.4 billion (as of Sept. 6, 2022). Adani entered the power generation market in 2009 with Adani Power. Adani created Adani Enterprises in 1988 to import and export commodities. In 1994, his company was granted approval to develop a harbor facility at Mundra Port, which is now the largest private port in India.
Bill Gates
- Age: 66
- Residence: Washington
- Co-founder: Microsoft (MSFT)
- Net Worth: $111 billion
- Microsoft Ownership Stake: 1.3% ($25.6 billion)
- Other Assets: Cascade Investment LLC ($51.8 billion public assets), $52.4 billion in cash
While attending Harvard University in 1975, Bill Gates went to work alongside his childhood friend Paul Allen to develop new software for the original microcomputers. Following this project’s success, Gates dropped out of Harvard during his junior year and went on to found Microsoft with Allen.
The largest software company in the world, Microsoft also produces its line of personal computers, publishes books through Microsoft Press, provides email services through its Exchange server, and sells video game systems and associated peripheral devices. Originally Microsoft’s chief software architect, Gates shifted to the role of board chair in 2008. He had joined Berkshire Hathaway’s board in 2004. He stepped down from both boards on March 13, 2020.
Bill Gates has much of his net worth in Cascade Investment LLC. Cascade is a privately-held investment vehicle that owns 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.
Warren Buffett
- Age: 92
- Residence: Nebraska
- CEO: Berkshire Hathaway (BRK.A)
- Net Worth: $98.2 billion
- Berkshire Hathaway Ownership Stake: 16% ($97.1 billion)
Other Assets: $1.03 billion in cash
The most famous living value investor, Warren Buffett filed his first tax return in 1944 at age 14, declaring earnings from his boyhood paper route. He first bought shares in a textile company called Berkshire Hathaway in 1962, becoming the majority shareholder by 1965. He expanded the company to insurance and other investments in 1967. Now Berkshire Hathaway is a $705 billion-dollar market cap company, with a single share of stock (Class A shares) trading at more than $439,000 as of Aug. 5, 2022.
Widely known as the Oracle of Omaha, Buffett is a buy-and-hold investor who built his fortune by acquiring 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 railroads as well as consumer products. Buffett is a noted Bitcoin skeptic. Warren Buffett
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