Forbes Releases World’s Billionaires List for 2023: Mukesh Ambani Tops India’s Richest and Elon Musk Falls to No. 2

Forbes has released its World’s Billionaires list for 2023, and India’s richest person Mukesh Ambani topped the list with a net worth of $83.4 billion as of March 10, 2023. Ambani, the chairman of Reliance Industries and the owner of the Mumbai Indians franchise in the Indian Premier League, was also named the world’s richest sports owner. The L’Oréal heiress, Françoise Bettencourt Meyers, retained her title as the world’s richest woman for the third year in a row, with a net worth of $80.5 billion.[0] Tesla and SpaceX CEO Elon Musk, who held the top spot last year, has slipped to No. 2 on the list with a net worth of $180 billion, which is $39 billion less than a year ago.[1]

The number of billionaires worldwide has fallen from 2,668 in 2022 to 2,640 this year, and their combined wealth has also fallen from $12.7 trillion to $12.2 trillion.[2] However, more than 1,000 billionaires are actually richer than they were on Forbes’ 2022 list, with some gaining tens of billions of dollars.[3] The US still boasts the most billionaires, with 735 list members worth a collective $4.5 trillion, followed by China with 562 billionaires worth $2 trillion, India with 169 billionaires worth $675 billion, Germany with 126 billionaires, and Russia with 105 billionaires.[4]

Luxury goods tycoon Bernard Arnault topped the World’s Billionaires ranking with a net worth of $211 billion, a surge of $53 billion since last year, thanks to his LVMH group’s brands like Louis Vuitton, Christian Dior, and Tiffany & Co.[1] Shares of LVMH rose by 18% on the back of strong demand.[3] Arnault’s rise to the top made him the first French citizen to lead the list.[5]

Billionaires from the financial services sector and the consumer goods industry made up a significant portion of the list. Warren Buffet, with a net worth of $106 billion, was the richest billionaire in the investments category, while Bloomberg founder Michael Bloomberg, worth $94 billion, was the wealthiest billionaire in the financial services industry.[6]

While many billionaires have lost wealth due to falling stocks, wounded unicorns, and rising interest rates, some have managed to maintain or even increase their fortunes. The pandemic has also created new opportunities for some, such as those in the technology sector.

0. “The World’s Wealthiest Women Billionaires (April 4, 2023)” CEOWORLD magazine, 4 Apr. 2023,

1. “Jeff Bezos was the biggest net-worth loser in the last year, with his fortune dropping $57 billion, according” Business Insider India, 4 Apr. 2023,

2. “Las Vegas Sands’ Dr Miriam Adelson, Galaxy’s Lui Che Woo climb higher on Forbes 2023 list of global billionaires” Inside Asian Gaming, 4 Apr. 2023,

3. “India now has third highest number of billionaires in the world” True Scoop, 4 Apr. 2023,

4. “India now has third highest number of billionaires in the world” India New England, 4 Apr. 2023,

5. “Top 10 Billionaires Rack Up $185 Billion More in 3 Months”, 4 Apr. 2023,

6. “The 10 Industries Which Produce The Most Billionaires” OfficeChai, 2 Apr. 2023,