World Richest Man 2023 April List of Top 10 Billionaires & Net Worth

The Kansas native owns a 42% stake in the firm, as did his brother David, who died in August 2019. In 1983 Charles and David bought their two other brothers’ stakes in Koch Industries, reportedly for nearly $800 million. His son Chase heads the company’s venture capital arm, which has invested in AI-based neurological diagnosis firm NeuraLight and smart supply chain firm Arkestro.

They also showed how people in poor regions are now more likely to be audited than those in affluent areas. That works out to a true tax rate of 0.1%, or less than 10 cents for every $100 he added to his wealth. Even with a decline in markets, Elon Musk’s wealth increased $3.5 billion in the last week, since May 6.

The 5 richest men in the US have a staggering combined wealth of $435.4 billion. That’s more than 2% of America’s GDP.

The total wealth of this group grew $732 billion, or 30 percent, since the start of the pandemic. This tax would raise $422 billion if it were levied based on today’s wealth. Sanders would use the revenue to cover the out-of-pocket medical expenses of all the uninsured and the under-insured Medicare beneficiaries over the next 12 months during the COVID-19 crisis. Roughly $400 billion, or only a little less than half of the total gains, were captured by just the 15 wealthiest on the billionaires list. The top three gainers alone—Jeff Bezos, Mark Zuckerberg and Elon Musk—enjoyed fully 16% of the spoils, or a collective wealth surge of $137 billion.

• Ultra-high-net-worth individuals are people with at least $30 million in investable assets.
• He is a co-founder of Microsoft, along with his late childhood friend Paul Allen.
• Today, just a few years after Republicans passed a massive tax cut that disproportionately benefited the wealthy, the country may be facing another swing of the pendulum, back toward a popular demand to raise taxes on the wealthy.
• According to IPS analysis, U.S. billionaires saw their fortunes decline in the years after the 2008 Great Recession along with everyone else.
• Below are the 10 wealthiest people on the planet, according to the Bloomberg Billionaires Index.

As much as he is an astronomical sum each year, Buffett is also a season donor. He created the Giving Pledge with Bill Gates and Melinda Gates in 2010, calling for billionaires to donate at least half their fortune to charitable groups. Most famously, Buffet has said that he would donate 99 per cent of his fortune and so far he has donated US$51.5 billion in Berkshire Hathaway stock to the Gates Foundation his other organisations founded by his children. The top 1 per cent of the wealthiest people in the world is worth US$42 trillion or twice as much as the bottom 99 per cent of the world.

Bill Gates

So how do megabillionaires pay their megabills while opting for $1 salaries and hanging onto their stock? According to public documents and experts, the answer for some is borrowing money — lots of it. Since then, the concept that income comes only from proceeds — when gains are “realized” — has been the bedrock of the U.S. tax system. But if a taxpayer hasn’t sold anything, there is no income and therefore no tax. In Eisner v. Macomber, the high court ruled that income derived only from proceeds. A person needed to sell an asset — stock, bond or building — and reap some money before it could be taxed.

Jeff Bezos’ wealth increased by $900 million and Eric Yuan saw his wealth increase by $800 million. May 19, 2020 data was taken from Forbes real-time estimates of worth that day. Wealth growth of other select billionaires in the top 30 on the Forbes May 19 list are below. If Jeff and MacKenzie Bezos were still married they would have a combined net worth of $210.4 billion.

What country has the most billionaires?

Steve Ballmer, the dynamic former CEO of Microsoft, is ranked tenth overall with an estimated net worth of $80.7-billion. Michael Bloomberg, with an estimated net worth of $94.5-billion, is ranked seventh. According to Forbes’ calculations, the 74-year-old engineer tops the 2023 billionaires list with a $211-billion fortune, surpassing Elon Musk, who was placed first last year and is now in second place, by $31-billion.

• The almost $4 trillion owned by U.S. billionaires is about 3.5 percent of all privately held wealth in the U.S., estimated at $112 trillion.
• Investors are feeling the effects of new inflation data and hiked interest rates that hit US markets — and the richest people in the world are not immune.
• Elon Musk FRS is a South-African-born, Canadian/American engineer, industrial designer, and tech entrepreneur.
• This, in turn, led to the creation of one of the largest platforms for advertising in the world — to the good fortune of Page.
• Zuckerberg’s net worth was reported to be $77.8 billion in April 2023.

Other chart of accounts example like Berkshire Hathaway and Walmart do pay more, which means that for people like Buffett and the Waltons, corporate tax could add significantly to their burden. If you own a company and take a huge salary, you’ll pay 37% in income tax on the bulk of it. Sell stock and you’ll pay 20% in capital gains tax — and lose some control over your company. But take out a loan, and these days you’ll pay a single-digit interest rate and no tax; since loans must be paid back, the IRS doesn’t consider them income.

Bezos owns The Washington Post and Blue Origin, an aerospace company developing rockets; he briefly flew to space in one in July 2021. Mostly known for his electric car company Tesla, space exploration company SpaceX and his recent acquisition of Twitter, Elon Musk has his eyes set on a new income stream deriving from real estate. There’s a pervasive belief that wealthy people usually inherit their money from a rich uncle or are born with silver spoons in their mouths, but the opposite is actually true. The son of Lebanese immigrants, Slim learned finance from his father, who died in 1953 when Slim was just 13. By that time, Slim had already purchased his first government bond and shares in Mexico’s largest bank.

Françoise Bettencourt Meyers is a French businesswoman, philanthropist, writer, pianist and billionaire heiress, the richest woman in the world. She is the only child, heiress of Liliane Bettencourt and granddaughter of L’Oréal founder Eugène Schueller. Her mother died in September 2017, after which her fortune tripled with her investments through her family holding company, Tethys Invest, and the high valuation of L’Oréal shares on the stock exchange.

The world’s billionaires—only 3,311 individuals—represent almost $11.8 trillion in wealth. The global billionaire population continued to grow in 2023, increasing by 3%. He is the co-founder and chairman emeritus of Nike, Inc., and was previously chairman and CEO of the company.

Two days after enrolling in a graduate physics program at Stanford University, Musk deferred attendance to launch Zip2, one of the earliest online navigation services. He reinvested a portion of the proceeds from this startup to create X.com, the online payment system that was sold to eBay and ultimately became PayPal Holdings . French nationalBernard Arnaultis the chair and CEO of LVMH, the world’s largest luxury goods company.

Charles Koch has been chairman and CEO of Koch Industries, America’s second largest private company by revenue, since 1967. The diversified company has some $125 billion in revenues from businesses including pipelines, chemicals, software, automotive components and Dixie cups. In 2022, Koch put the apartment at 740 Park Avenue on the market; a spokesperson said that she wanted to sell it because she was spending more time at houses in Southampton and Palm Beach. Walton was the first person to chair the Northwest Arkansas Council and played a major role in the development of the Northwest Arkansas Regional Airport, which opened in 1998. At the time, the business and civic leaders of Northwest Arkansas Council found a need for the $109 million regional airport in their corner of the state. The Northwest Arkansas Regional Airport Authority recognized Walton’s contributions to the creation of the airport and named the terminal the Alice L. Walton Terminal Building.

Some own sports teams that offer such lucrative write-offs that owners often end up paying far lower tax rates than their millionaire players. Others own commercial buildings that steadily rise in value but nevertheless can be used to throw off paper losses that offset income. For some of the nation’s wealthiest people, particularly Bezos and Musk, adding corporate taxes to the equation would hardly change anything at all.

Due to one of the code’s biggest loopholes, https://1investing.in/d wealth enjoyed by billionaires and other members of the richest 1 percent—for whom such wealth growth is the primary source of income—can go untaxed forever. The virtual tax-free status of billionaire wealth growth was highlighted recently by areport from ProPublica. Buffett has famously held onto his stock in the company he founded, Berkshire Hathaway, the conglomerate that owns Geico, Duracell and significant stakes in American Express and Coca-Cola. That has allowed Buffett to largely avoid transforming his wealth into income. From 2015 through 2018, he reported annual income ranging from $11.6 million to $25 million.

The French business tycoon, Bernard Arnault, is the chairman and CEO of the French luxury goods conglomerate called LVMH. This is a company that is responsible for producing a wide variety of luxury goods that are sold all over the world, and its value has gone up quickly, meaning that Bernard Arnault’s net worth has gone up as well. Therefore, some people believe that he will become a trillionaire soon, if he is not one already.