India now ranks the third-highest number of billionaires in the world

With 169 billionaires, India, which ranks third, had a more mixed year. According to the Forbes World’s Billionaires List 2023, the collective wealth of Indian billionaires, who total $675 billion, is $75 billion lower than it was in 2022.

The richest person in India, according to the list, is Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd. (RIL), with a net worth of $63.4 billion. According to the list, Ambani ranks ninth in terms of global wealth.

With 735 people on the list who are worth a total of $4.5 trillion, the United States still has the most billionaires. With 562 billionaires worth $2 trillion, China (including Hong Kong and Macau) remains in second place, followed by India with 169 billionaires worth $675 billion.

According to Forbes World’s Billionaires List 2023, nearly half of all billionaires are poorer now than they were a year ago.

The world’s wealthiest people had a bad year as a result of falling stocks, injured unicorns, and rising interest rates.

The number of ten-figure fortunes on the list decreased from 2,668 last year to 2,640 this year. The total wealth of the world’s billionaires is now $12.2 trillion, a $500 billion decrease from $12.7 trillion in March 2022.

Elon Musk, who drops from No. 1 on the list, is among the half that are worse off than they were a year ago. 1 to No. 2 after his costly acquisition of Twitter contributed to the decline of Tesla shares.

Bernard Arnault, head of extravagance merchandise monster LVMH, has his spot as the world’s most extravagant individual, denoting the initial time a resident of France drives the positioning.

More than 1,000 billionaires are actually wealthier than they were on Forbes’ 2022 list, some by tens of billions of dollars, despite a down year for the markets, rising inflation, and war in Eastern Europe.

Arnault, a tycoon of luxury goods, has had the best run. Since last year, his wealth has increased by more than anyone else’s by $53 billion. On the back of strong demand, shares of his LVMH, which owns brands like Louis Vuitton, Christian Dior, and Tiffany & Co., increased by 18%. Arnault has risen to the top of the World’s Billionaires list, now worth $211 billion. He is the first French national to lead the list, and it is his first time at No. 1.

With a net worth of $84.5 billion, Michael Bloomberg is the seventh richest person on the list.