Forbes, an American business journal, ranked Bernard Arnault first on its ranking of the world's 25 richest people in 2023, followed by Twitter CEO Elon Musk.
Musk was ranked first on the prior ranking in 2022.
Forbes characterized Musk's fall from first place as "this year's second-biggest loser," adding that "Elon Musk had it worse."
Musk lost his title as the world's wealthiest individual following his costly acquisition of Twitter, which he financed in part by selling Tesla shares, which frightened investors. Musk, who was valued $39 billion less a year ago, is now ranked second.
For Jeff Bezos, fate knocked him out of second place in the globe in 2022 to No. 3 this year as Amazon shares crashed by 38 per cent.
Also, among the top 25, two billionaires — Zhang Yiming, Changpeng Zhao lost their spots and were unable to make it on the list for this year.
Yiming, the founder of Tik Tok-parent Bytedance, dropped one place, from No. 25 to No. 26, as his embattled company has taken a haircut from investors while Zhao, Binance founder, known as CZ, fell from No. 19 last year all the way to No. 167 amid the crypto winter.
Below are the list of Forbes 25 richest people in the world in 2023 with their net worth
1. Bernard Arnault & family
Net worth: $211 Billion
Source of Wealth: LVMH
Age: 74
Citizenship: France
2. Elon Musk
Net worth: $180 Billion
Source of Wealth: Tesla, SpaceX
Age: 51
Citizenship: U.S.
3. Jeff Bezos
Net worth: $114 Billion
Source of Wealth: Amazon
Age: 59
Citizenship: U.S.
4. Larry Ellison
Net worth: $107 Billion
Source of Wealth: Oracle
Age: 78
Citizenship: U.S.
5. Warren Buffett
Net worth: $106 Billion
Source of Wealth: Berkshire Hathaway
Age: 92
Citizenship: U.S.
6. Bill Gates
Net worth: $104 Billion
Source of Wealth: Microsoft
Age: 67
Citizenship: U.S.
7. Michael Bloomberg
Net worth: $94.5 Billion
Source of Wealth: Bloomberg LP
Age: 81
Citizenship: U.S.
8. Carlos Slim Helú & family
Net worth: $93 Billion
Source of Wealth: Telecom
Age: 83
Citizenship: Mexico
9. Mukesh Ambani
Net worth: $83.4 Billion
Source of Wealth: Diversified
Age: 65
Citizenship: India
10. Steve Ballmer
Net worth: $80.7 Billion
Source of Wealth: Microsoft
Age: 67
Citizenship: U.S.
11. Françoise Bettencourt Meyers & family
Net worth: $80.5 Billion
Source of Wealth: L’Oréal
Age: 69
Citizenship: France
12. Larry Page
Net worth: $79.2 Billion
Source of Wealth: Google
Age: 50
Citizenship: U.S.
13. Amancio Ortega
Net worth: $77.3 Billion
Source of Wealth: Zara
Age: 87
Citizenship: Spain
14. Sergey Brin
Net worth: $76 Billion
Source of Wealth: Google
Age: 49
Citizenship: U.S.
15. Zhong Shanshan
Net worth: $68 Billion
Source of Wealth: Beverages, pharmaceuticals
Age: 68
Citizenship: China
16. Mark Zuckerberg
Net worth: $64.4 Billion
Source of Wealth: Facebook
Age: 38
Citizenship: U.S.
17. Charles Koch
Net worth: $59 Billion
Source of Wealth: Koch Industries
Age: 87
Citizenship: U.S.
18. Julia Koch & family
Net worth: $59 Billion
Source of Wealth: Koch Industries
Age: 60
Citizenship: U.S.
19. Jim Walton
Net worth: $58.8 Billion
Source of Wealth: Walmart
Age: 74
Citizenship: U.S.
20. Rob Walton
Net worth: $57.6 Billion
Source of Wealth: Walmart
Age: 78
Citizenship: U.S.
21. Alice Walton
Net worth: $56.7 Billion
Source of Wealth: Walmart
Age: 73
Citizenship: U.S.
22. David Thomson & family
Net worth: $54.4 Billion
Source of Wealth: Media
Age: 65
Citizenship: Canada
23. Michael Dell
Net worth: $50.1 Billion
Source of Wealth: Dell Technologies
Age: 58
Citizenship: U.S.
24. Gautam Adani
Net worth: $47.2 Billion
Source of Wealth: Infrastructure, commodities
Age: 60
Citizenship: India
25. Phil Knight & family
Net worth: $45.1 Billion
Source of Wealth: Nike
Age: 85
Citizenship: U.S.