The latest findings from Forbes magazine reveal that the world's billionaires are richer than ever before. The recently published 39th annual list of the world's wealthiest individuals includes an unprecedented total of 3,028 billionaires, marking the highest number ever recorded by Forbes. According to senior editor Chase Peterson-Withorn, the cumulative wealth of these billionaires has surged by an astonishing $2 trillion within just a year, bringing the total estimated wealth to $16.1 trillion.
So, how does Forbes compile this comprehensive list? Peterson-Withorn explains that a dedicated team of over 100 reporters across the globe works tirelessly to gather and verify information. Their methods include assessing shares in publicly traded companies, valuing private enterprises, and scrutinizing the cash and investments of billionaires. Also factored into the equation are the extravagant expenditures of billionaires on items such as art, yachts, car collections, and even dinosaur bone collections.
The valuation process involves calculating the total value of their assets while deducting any existing debts. While some billionaires willingly share their financial details with Forbes, others remain more secretive. In these cases, reporters must rely on government registries, legal documents, offshore records, information leaks, and interviews with billionaires, their aides, and even competitors to piece together an accurate financial picture.
This year, the list of billionaires is headlined by notable figures in the business world. The United States boasts the highest number of billionaires, totaling 902, followed by China and Hong Kong with 516 billionaires, and India with 205. Here are the top ten billionaires ranked by their wealth:
Elon Musk - $342 billion (Co-founder of Tesla and SpaceX) Mark Zuckerberg - $216 billion (Co-founder of Facebook and CEO of Meta) Jeff Bezos - $215 billion (Founder of Amazon) Larry Ellison - $192 billion (Co-founder of Oracle) Bernard Arnault and family - $178 billion (Founder and CEO of LVMH) Warren Buffet - $154 billion (CEO of Berkshire Hathaway) Larry Page - $144 billion (Co-founder of Google) Sergey Brin - $138 billion (Co-founder of Google) Amancio Ortega - $124 billion (Founder of Inditex, owner of Zara) Steve Ballmer - $118 billion (Former CEO of Microsoft)As billionaires amass unprecedented wealth, public sentiment towards them appears to be shifting. Peterson-Withorn notes that attitudes have evolved since the Occupy Wall Street movement of 2011, which arose in the aftermath of the 2008 Great Recession. The rise of right-wing populism, which played a significant role in the election of billionaire President Donald Trump, has also influenced public opinion.
While some view the increasing presence of billionaires in government as a concerning trend, others argue it reflects their growing influence. Peterson-Withorn points out that several billionaires, including Musk, have been appointed to key positions in Trump's administration. Musk's involvement with the special Department of Government Efficiency, aimed at reducing government spending, has sparked controversy and protests against Tesla dealerships in recent weeks.
Despite facing public backlash, billionaires remain remarkably powerful in today's society. Peterson-Withorn highlights that while many billionaires might not have favorable reputations, their influence and wealth continue to grow, shaping both the economy and political landscape.
