Billionaires have a disproportionate impact on the global economy, politics, and philanthropy. According to Forbes, the world's billionaires will number 2,668 in 2022. Elon Musk, co-founder and CEO of Tesla, is the most powerful among them and has become the richest man in the world in 2022. 1 Individual on this list are a member of an even more exclusive club and wields even more power. Many of them are the founders of technology behemoths, with a large portion of their fortunes still invested in the companies they founded. 2 However, these billionaires can still borrow against their wealth to avoid selling stock, deferring (or eliminating for their heirs) taxes on unrealized capital gains. 3 Multibillionaires can also benefit from a slew of tax breaks.
KEY TAKEAWAYS
- Elon Musk, the co-founder and CEO of Tesla, is the richest person and the richest man in the world, with a net worth of $203 billion. 6
- Behind Musk is the LVMH chair and CEO, Bernard Arnault.
- Other billionaires with some of the largest net worths include India's Gautam Adani, Amazon founder Jeff Bezos, and Microsoft's Bill Gates.
- Billionaires with the largest increases in their wealth in 2022 included Musk and LVMH Chair and CEO Bernard Arnault.
- Six of the top 10 billionaires made their fortunes in technology, with Arnault, Berkshire Hathaway's Warren Buffett, Adani Group founder Gautam Adani, and Reliance Industries' Mukesh Ambani being the exceptions. 2
- Meta's Mark Zuckerberg dropped off the top 10 list in February 2022.
1. Elon Musk
- Age: 51
- Residence: Texas
- Co-founder and CEO: Tesla
- Net worth: $203 billion
- Tesla Ownership Stake: 15% ($90.6 billion)
- Other Assets: Space Exploration Technologies ($46.9 billion in private assets), The Boring Company ($3.33 billion in private assets), Twitter ($16.2 billion in public assets) 896
Elon Musk is the world's richest person. He was born in South Africa and attended a Canadian university before enrolling at the University of Pennsylvania, where he earned bachelor's degrees in physics and economics. Musk dropped out of Stanford University's graduate physics program two days later to launch Zip2, one of the first online navigation services. He used a portion of the proceeds from this startup to launch X.com, an online payment system that was purchased by eBay (EBAY) and later renamed PayPal Holdings (PYPL). 10 Musk became a significant investor in Tesla Motors (now Tesla) in 2004, which led to his current position as CEO of the electric vehicle company. 11 In addition to its electric vehicle lineup, Tesla
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| Photo of Elon Musk. Image Source: Business Standard |
On Nov. 6, 2021, Musk asked his Twitter (TWTR) followers if he should sell 10% of his Tesla stock, framing the question as a response to criticism of unrealized capital gains as a way to avoid taxes. 14 He then proceeded to sell $16.4 billion in shares over the rest of 2021. 15 U.S. Sen. Elizabeth Warren, a Democrat from Massachusetts, used a media report that Musk paid no income tax in 2018 to argue for the implementation of a wealth tax. "And if you opened your eyes for two seconds, you'd notice I'll pay more taxes this year than any American in history," Musk responded on Twitter. 16 Musk's reported valuation of SpaceX has increased due to a surge in Tesla shares in 2021 and private transactions.
In April 2022, Musk began a campaign to take Twitter private, which resulted in a $44 billion takeover. Musk intended to fund the transaction with $21 billion of his own money. Musk sold 9.6 million Tesla shares worth approximately $8.5 billion in the run-up to the buyout announcement. Musk decided to withdraw from the Twitter acquisition in July 2022. Twitter filed a lawsuit against Musk in order to force the buyout to proceed. Musk sued the company, but then changed his mind and declared that he was willing to buy Twitter after all. The transaction was finalized in October 2022, giving him a nearly 80% stake in the company.
2. Bernard Arnault
- Age: 73
- Residence: Paris
- CEO and Chair: LVMH (LVMUY)
- Net worth: $138 billion
- Christian Dior Ownership Stake: 97.5% ($109 billion total)
- Other Assets: Moelis & Company equity ($20.9 billion in public assets), Hermès equity (an undisclosed stake), and $8.85 billion in cash21.
Bernard Arnault, a French national, is the chair and CEO of LVMH, the world's largest luxury goods company. Louis Vuitton, Hennessy, Marc Jacobs, and Sephora are among the LVMH brands. 22 The majority of Arnault's fortune stems from his massive stake in Christian Dior SE, the holding company that owns 41.2% of LVMH. 23 His stake in Christian Dior SE, as well as a 6.2% stake in LVMH, is held by his family-owned holding company, Groupe Familial Arnault. 21 Arnault, a trained engineer, first demonstrated his business acumen while working for his father's construction firm, Ferret-Savinel, which he took over in 1971. In 1979, he changed the name of Ferret-Savinel to Férinel Inc., a real estate company. 24
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| Bernard Arnault posing for a photo shoot. Image Source: ZEE 5 |
Arnault remained in charge of Férinel for another six years, until he bought and reorganized luxury goods manufacturer Financière Agache in 1984, eventually selling all of its holdings except Christian Dior and Marché 25 He was invited to invest in LVMH in 1987, and two years later he became the company's majority shareholder, chair of the board, and CEO. 26
3. 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 ($72.24 billion)
- Other Assets: 65% of Adani Ports and Special Economic Zone ($12.1 billion in public assets), 61% of Adani Green Energy ($23.8 billion in public assets), and 37% of Adani Total Gas ($17.9 billion in public assets). 27
Gautam Adani, the founder of Adani Group, will overtake Mukesh Ambani as Asia's richest person in March 2022. Adani owns major stakes in six key Indian companies through his Adani Group, including a 75% stake in Adani Enterprises, Adani Power, and Adani Transmissions, as well as a 65% stake in Adani Ports and Special Economic Zone, a 61% stake in Adani Green Energy, and a 37% stake in Adani Total Gas. 27 The combined market capitalization of Adani Group companies is $246.8 billion. Adani Power, a subsidiary of Adani Group, entered the power generation market in 2009. Adani Enterprises was founded in 1988 by Adani to import and export commodities. His company was granted permission to
4. Jeff Bezos
- Age: 58
- Residence: Washington
- Founder and Executive Chair: Amazon (AMZN)
- Net worth: $126 billion
- Amazon Ownership Stake: 10% ($102 billion)
- Other Assets: Blue Origin ($9.15 billion in private assets), The Washington Post ($250 million in private assets), and $14.1 billion in cash
Jeff Bezos founded Amazon.com in a Seattle garage in 1994, shortly after leaving the hedge fund titan D.E. Shaw. 31 He first pitched the idea of an online bookstore to his former boss, David E. Shaw, who was uninterested. 32 Though Amazon began by selling books, it has since evolved into a one-stop shop for everything and is expected to overtake Walmart as the world's largest retailer by 2024. Amazon's pattern of constant diversification is evident in some of its unexpected expansions, such as its 2017 acquisition of Whole Foods and entry into the pharmacy business. 3334 Jeff Bezos owned up to 16% of Amazon in 2019 before transferring 4% to his ex-wife MacKenzie Scott as part of a divorce settlement.
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| Jeff Bezos posing for a photo shoot. Image Source: CNN |
5. Bill Gates
- Age: 67
- Residence: Washington
- Co-founder: Microsoft (MSFT)
- Net worth: $111 billion
- Microsoft Ownership Stake: 1.3% ($23.9 billion)
- Other Assets: Cascade Investment LLC ($51.66 billion in public assets), $54 billion in cash 41
Bill Gates started to work alongside his high school buddy Paul Allen to build new software for the early microcomputers while attending Harvard University in 1975. Following the success of this experiment, Gates dropped out of Harvard during his junior year to co-found Microsoft with Allen. 4243 Microsoft, the world's largest software firm, also manufactures personal computers, offers email services via its Exchange server, and sells video game consoles and associated game devices. It has lately made significant investments in cloud services. 4445 In 2008, Gates stepped down as CEO and became board chair. In 2004, he was appointed to the board of directors of Berkshire Hathaway. 46 On March 13, 2020, he resigned from both boards. 4748 Cascade Investment LLC has a large portion of Bill Gates' total fortune.
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| Bill Gates posing for a photo shoot. Image Source: Gates Notes |
In 2000, the William H. Gates Foundation and the Gates Learning Foundation combined to form the Bill & Melinda Gates Foundation, which is presently co-chaired by Gates and his ex-wife, Melinda French Gates. They have invested billions of dollars through the foundation to combat polio and malaria. 51 In 2014, the organization contributed $50 million to aid in the battle against Ebola. 52 The foundation had invested more than $1.9 billion to tackle the COVID-19 pandemic as of 2021. 53 Bill Gates, together with Warren Buffett, founded the Giving Pledge in 2010, a campaign urging the rich to commit to donating the majority of their fortunes to charitable organizations. 54 On August 2, 2021, Bill and Melinda French Gates divorced. 55 With the divorce, French Gates received approximately $5 billion in equity. 41 Mr. Bill Gates
6. Warren Buffett
- Age: 92
- Residence: Nebraska
- CEO: Berkshire Hathaway (BRK.A)
- Net worth: $103 billion
- Berkshire Hathaway Ownership Stake: 16% ($102 billion).
- Other Assets: $1.05 billion in cash57
Warren Buffett, the most renowned living value investor, filed his first tax return in 1944, at the age of 14, claiming revenues from his boyhood paper route. 58 In 1962, he purchased his first shares in Berkshire Hathaway, a textile firm, and by 1965, he had become the company's dominant shareholder. In 1967, Buffett increased the company's assets to encompass insurance and other ventures. Berkshire Hathaway today has a market capitalization of $657 billion, with a single share of stock (Class A shares) selling for more than $443,841 as of Nov. 1, 2022. 59 Warren Buffett, often known as the Oracle of Omaha, is a buy-and-hold investor who made his wealth by acquiring undervalued firms. 59 Berkshire Hathaway has lately made investments in well-known corporations. 60 Its wholly owned subsidiary portfolio
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| Warren Buffett, the most renowned living value investor. Image Source: Business Insider |
Buffett has given up a large portion of his fortune to charity. Between 2006 and 2020, he donated $41 billion, the majority of which went to the Bill & Melinda Gates Foundation and his children's organizations. 63 In 2010, Buffett and Bill Gates co-launched the Giving Pledge. 54 Buffett is still CEO at the age of 92, but he hinted in 2021 that his successor could be Gregory Abel, head of Berkshire's non-insurance operations.
7. Larry Ellison
- Age: 78
- Residence: Hawaii
- Co-founder, Chair, and CTO: Oracle (ORCL)
- Net worth: $93.7 billion
- Oracle Ownership Stake: 40%+ ($65.6 billion)
- Other Assets: Tesla Equity ($10.2 billion public asset), $17.2 billion in cash, and real estate
Larry Ellison was born to a 19-year-old single mother in New York City. Ellison relocated to California and worked as a computer programmer after dropping out of the University of Chicago in 1966. He joined the electronics firm Ampex in 1973, where he met future colleagues Ed Oates and Bob Miner. Three years later, Ellison joined Precision Instruments as vice president of research and development. 65 Ellison co-founded Software Development Laboratories with Oates and Miner in 1977. 66 Oracle, the first commercial relational database application to use Structured Query Language, was introduced two years later. SDL changed its name to Oracle Systems Corporation in 1982 after the database program became so popular. In 2014, Ellison stepped down as CEO of Oracle.
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| Larry Ellison was born to a 19-year-old single mother in New York City. Image Source: Los Angles Times |
Ellison, who has long been renowned for his excessive spending, has made significant investments in luxury real estate during the previous decade. Perhaps his most notable purchase was the $300 million purchase of practically the whole Hawaiian island of Lanai in 2012, where he has lived since 2020. On the island, Ellison has established a hydroponics farm as well as a luxury spa. 71 Ellison's charitable contributions have primarily benefited medical research. In 2016, he donated $200 million to the University of Southern California for the establishment of a new cancer research center. 72 Ellison provided financial support to the Oracle Team USA sailing team, which won the America's Cup racing series in 2010 and 2013.
8. Larry Page
- Age: 49
- Residence: California
- Co-founder and Board Member: Alphabet (GOOG)
- Net worth: $87.8 billion
- Alphabet Ownership Stake: 6% ($73.7 billion total).
- Other Assets: $14.1 billion in cash73
Larry Page, like many of the other tech billionaires on our list, began his journey to fame and money in a college dorm room. Page and his buddy Sergey Brin came up with the notion of better internet data extraction while attending Stanford University in 1995. The pair created Backrub, a new search engine technology named after its capacity to evaluate connections to a page. Page and Brin went on to co-found Google in 1998, with Page acting as CEO until 2001 and again from 2011 to 2019. 7475 Google is the world's most popular internet search engine, handling more than 92% of all global search requests. The company purchased YouTube, the leading platform for user-submitted videos, in 2006.
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| Larry Page photo. Image Source: Think With Niche |
Page was an early investor in Planetary Resources, a business dedicated to space exploration and asteroid mining. The company was founded in 2009 and was bought by blockchain developer ConsenSys in 2018 due to financial issues. 81 He is also interested in flying car firms, having invested in both Kitty Hawk and Opener. Google's stock rose about 50% in 2021, propelling Page and Brin to the top of the billionaire list. Page's net worth increased from a little under $52 billion in March 2020 to $87.8 billion now.
9. Mukesh Ambani
- Age: 65
- Residence: Mumbai, India
- Owner: Reliance Industries
- Net worth: $87.6 billion
- Reliance Ownership Stake: 42% ($84.2 billion total)
- Other Assets: $410 million in real estate
The chairman and managing director of Reliance Industries, the world's largest oil refinery and one of the most valuable businesses in the world, is Mukesh Ambani. Ambani's father, Dhirubhai Ambani, began the conglomerate in 1966 as a textiles firm, and it is today one of India's key areas of the economy. Oil and gas, petrochemicals, refining, retail, and media are all part of Reliance's businesses.
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| world's largest oil refinery and one of the most valuable businesses in the world, is Mukesh Ambani. Image Source: VOI |
About half of Ambani's wealth is derived from his stake in Reliance, which amounts to 42% of the public company. He owns Antilia, a real estate complex in Mumbai that's worth $410 million. Ambani also owns the Mumbai Indians, a professional cricket team.83
In 2016, Ambani launched a 4G phone network across India, netting more than 420 million subscribers, and is planning to launch 5G services.
10. Sergey Brin
- Age: 49
- Residence: California
- Co-founder and Board Member: Alphabet (GOOG)
- Net worth: $84 billion
- Alphabet Ownership Stake: 6% ($69.9 billion total).
- Other Assets: $14.1 billion in cash
Sergey Brin was born in Moscow, Russia, and immigrated to the United States with his family when he was six years old, in 1979. Brin became Google's VP of Technology after Eric Schmidt took over as CEO in 2001, after co-founding Google with Larry Page in 1998. He held the same position at Alphabet since its inception in 2015, stepping aside in 2019 when Sundar Pichai took over as CEO. 8687 Google also provides a package of online tools and services known as "Google Workspace," which includes Gmail, Google Drive, Google Calendar, Google Meet, Google Chat, Google Docs, Google Sheets, Google Slides, and more. 88 Google also sells technological gadgets such as Pixel smartphones, desktops, and tablets.
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| Sergey Brin was born in Moscow, Russia. Image Source: Forbes |
Brin spent much of 2019 focusing on X, Alphabet’s research laboratory responsible for innovative technologies like Waymo self-driving cars and Google Glass smart glasses.90
He has donated millions of dollars to Parkinson’s disease research, partnering with the Michael J. Fox Foundation. 91
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