THE WORLD'S BILLIONAIRES

FALLING STOCKS, wounded unicorns and rising interest rates translated into a tough year for the world's wealthiest. Globally, we counted 2,640 ten-figure fortunes, down from 2,668 last year. Altogether, the planet's billionaires are now worth $12.2 trillion, down from $12.7 trillion in March 2022.

Last year's No. 1, Elon Musk, suffered a largely self-inflicted wound when he bought Twitter in a $44 billion deal last October, a misadventure compounded by plummeting shares in Tesla. Musk is worth some $180 billion today, down from $219 billion last year. His fall makes way for a new richest person in the world: luxury goods titan Bernard Arnault of France, worth $211 billion.

There are 150 newcomers to this year's ranking, including fashion designer Tom Ford and golf great Tiger Woods. Women are still dramatically underrepresented, at just 13% of the list, up from 12% a year ago. The U.S. once again has more billionaires than any other country, with 736, followed by China (including Hong Kong and Macau) with 562. To calculate net worths, we used stock prices and exchange rates from March 10, 2023. For the full list of billionaires and our methodology, please see forbes.com/billionaires.

1. Bernard Arnault & family

Net worth: $211 BIL

Source: LVMH 

Age: 74

Citizenship: FRANCE

The French luxury goods tycoon tops the World's Billionaires list for the first time on the back of a banner year at LVMH, which owns Louis Vuitton, Christian Dior and Tiffany & Co., among others. Revenue, profit and LVMH shares all sit at record highs, helping add $53 billion to Arnault's fortune over the past 12 months, the biggest gain of any billionaire. Wealthier than ever, Arnault is now planning for succession: In July, he proposed a reorganization of his holding company, Agache, which holds the bulk of his LVMH stock, to give equal stakes to his five children.

2. Elon Musk

$180 BIL, TESLA, SPACEX, 51, U.S.