Falling stocks, and rising interest rates translated into a down year for the world’s wealthiest people.
Globally, Forbes counted 2640 ten-figure fortunes, down from 2668 last year.
Altogether, the planet’s billionaires are now worth US$12.2 trillion (FJ$26.91tr), a drop of US$500 billion (FJ$1103.05bn) from US$12.7 trillion (FJ$28.02tr) in March 2022.
Nearly half the list is poorer than a year ago, including Elon Musk, who falls from No. 1 to No. 2 after his pricey acquisition of Twitter helped sink Tesla shares.
Bernard Arnault, head of luxury goods giant LVMH, takes his place as the world’s richest person, marking the first time a citizen of France leads the ranking.
The United States still boasts the most billionaires, with 735 list members worth a collective $4.5 trillion. China (including Hong Kong and Macau) remains second, with 562 billionaires worth US$2 trillion (FJ$4.41tr), followed by India, with 169 billionaires worth US$675 billion (FJ$1489.12bn).
To calculate net worths, we used stock prices and exchange rates from March 10, 2023.
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