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India, which has the third-most billionaires, with 169, had a more mixed year. Indian billionaires as a group – worth $675 billion – are $75 billion poorer than in 2022, as per the Forbes World’s Billionaires List 2023.
As per the list, Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd (RIL) is the richest Indian with a net worth of $63.4 billion. Ambani is the 9th richest in the world as per the list.
The US 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 $2 trillion, followed by India, with 169 billionaires worth $675 billion.
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Nearly half of all billionaires are poorer than they were a year ago, as per the Forbes World’s Billionaires List 2023.
Falling stocks, wounded unicorns, and rising interest rates translated into a down year for the world’s wealthiest people.
Globally, the list counted 2,640 ten-figure fortunes, down from 2,668 last year. Altogether, the planet’s are now worth $12.2 trillion, a drop of $500 billion from $12.7 trillion 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.
Despite a down year in the markets, rising inflation and war in Eastern Europe, more than 1,000 billionaires are actually richer than they were on Forbes’ 2022 list – some by tens of billions of dollars.
