TOP 3 RICHEST PEOPLE IN THE WORLD

Billionaires have a significant impact on how the world economy, politics, and philanthropy are shaped. According to Forbes, there will be 2,668 billionaires in the globe by 2022. The wealthiest of them are members of the more elite and influential clubs. A large portion of the fortune of several of these billionaires, who founded industry titans in technology, is still vested in their businesses.

They can still borrow against that wealth, delaying (or eliminating for heirs) taxes on unrealized capital gains in the process, if they choose not to sell their shares. Due to the huge tax deductions that multi-billionaires can use to balance their reported income, numerous people on this list have recently avoided paying income taxes.

The richest people's net worth might change with market valuations because so much of their money is invested in publicly traded stocks. For instance, Elon Musk, the founder and CEO of Tesla Inc. (TSLA) and the richest person in the world, saw an increase in his net worth in 2021 as a result of a rise in the price of Tesla's stock, in which he currently owns 16 percent of the business. In 2021, Tesla's stock increased by almost 50 percent.

In contrast, Mark Zuckerberg, the founder and CEO of Meta Platforms Inc. (META), dropped out of the top 10 in February 2022 as a result of a sharp decline in the stock price of Meta following a weak earnings report. By 2022, Zuckerberg's net worth has decreased by $54 billion.

The three richest persons on earth as of the same day are listed below, based on the Bloomberg Billionaires Index.

3. Bernard Arnault

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Age: 73

Residence: Paris, France

CEO and Chair: LVMH

Net Worth: $136 billion

Christian Dior Ownership Stake: 97.5% ($110 billion total)

Other Assets: Moelis & Company equity ($20.2 billion public asset), Hermès equity (undisclosed stake), and $11.1 billion in cash

Bernard Arnault, a French national, is the chairman and CEO of LVMH, the biggest manufacturer of luxury goods in the world. Louis Vuitton, Hennessey, Marc Jacobs, and Sephora are just a few of the companies owned by LVMH.

The holding firm that owns 41.3 percent of LVMH, Christian Dior SE, is where Arnault derives the majority of his money. His family-owned holding business, Groupe Familial Arnault, owns 6.2 percent of LVMH and an additional 6.2 percent of Christian Dior SE.

Engineer by training, Arnault initially showed his commercial savvy while working at Ferret-Savinel, the construction company he took over from his father in 1971. In 1979, he transformed Ferret-Savinel into Férinel Inc., a real estate business.

For another six years, Arnault served as Férinel's chairman until he bought and rebuilt the manufacturer of luxury goods Financière Agache in 1984. He then sold all of his interests, with the exception of Christian Dior and Le Bon Marché. He was given the opportunity to invest in LVMH in 1987, and two years later he was named the company's main shareholder, board chairman, and CEO.

2. Jeff Bezos

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Age: 58
 
Residence: Washington
 
Founder and Executive Chair: Amazon
 
Net Worth: $144 billion
 
Amazon Ownership Stake: 10% ($120 billion)
 
Other Assets: Blue Origin ($9.15 billion private asset), The Washington Post ($250 million private asset), and $14.9 billion in cash

In a Seattle garage, Jeff Bezos launched Amazon.com in 1994, not long after leaving the massive hedge firm D.E. Sya. When he first suggested opening an online bookstore, his former employer David E. Shaw was uninterested.

Although Amazon.com originally only sold books, it has since evolved into a one-stop shop for all things related to the sun and is perhaps the biggest retailer in the world. Several unexpected growths by Amazon, such as the company's acquisition of Whole Foods in 2017 and its entry into the pharmaceutical industry the same year, show the company's consistent tendency of diversification.

Before giving 4 percent to his ex-wife MacKenzie Scott as part of the divorce proceedings, Bezos controlled as much as 16 percent of Amazon in 2019. Amazon's stock price surged by 76% in 2020 as a result of the COVID-19 pandemic's increased desire for online purchasing. Bezos left his position as the company's chief executive officer and was named executive chairman on July 5, 2021.

Bezos introduced Amazon to the general public for the first time in 1997, and in 1999, he overtook Bill Gates as the first individual to have a net worth of $100 billion. The aerospace firm Blue Origin, The Washington Post (which he acquired in 2013), and the 10,000-year clock, also known as Long Now, are among Bezos' other endeavours.

Blue Origin's first successful crewed flight was carried out on July 20, 2021, by Bezos, his brother Mark, aviation pioneer Wally Funk, and Dutch student Oliver Daemen. They reached a height of almost 66 miles before making a safe landing. The same month saw the $211 billion wealth peak for Bezos.

1. Elon Musk

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Age: 50

Residence: Texas

Co-founder and CEO: Tesla

Net Worth: $224 billion

Tesla Ownership Stake: 16% ($107 billion)

Other Assets: Space Exploration Technologies ($40.3 billion private asset), The Boring Company ($3.4 billion private asset), Twitter ($2.9 billion public asset), $11.3 billion in cash

Elon Musk was raised in South Africa, went to college in Canada, and then transferred to the University of Pennsylvania, where he received a bachelor's degree in both economics and physics. Musk delayed his enrollment in the graduate physics programme at Stanford University two days after enrolling in order to create Zip2, one of the first internet navigation services. He used some of the money from this firm as investment to build X.com, an online payment platform that was later purchased by eBay Inc. (EBAY) and changed its name to PayPal Holdings Inc. (PYPL).

Musk's role as Tesla Motors' (now Tesla) primary funder in 2004 propelled him to his current position as the electric vehicle manufacturer's CEO. In addition to its range of electric vehicles, Tesla also produces energy storage systems, automotive accessories, and solar power systems thanks to its 2016 acquisition of SolarCity. Musk is also the founder and CEO of Space Exploration Technologies (SpaceX), a company that creates rockets for space launches.

Tesla stock increased by 740 percent in 2020, helping Musk climb the riches ladder. Tesla became the largest firm added to the S&P 500 in December 2020. Musk rose to the position of world's richest person in January 2021. (a title he has held since).

Musk asked his Twitter followers on November 6, 2021, if he should sell 10% of his Tesla stock, framing the question in reaction to criticism of unrealized capital gains as a means of tax evasion. For the remainder of 2021, he continued to sell stock worth $16.4 billion.

Massachusetts Democrat and US Senator Elizabeth Warren has argued in favour of enacting the wealth tax, citing media claims that Musk did not pay income taxes for 2018. Musk responded on Twitter, "And if you open your eyes for 2 seconds, you'll understand I'm going to pay more taxes than any American in history this year.

Musk's advantage in the ranks of the world's richest people is expanding as a result of a surge in Tesla shares in 2021 and unpublicized transactions that increased SpaceX's stated valuation. In November 2021, his net worth hits $340 billion.

Musk launched a campaign to take Twitter private in April 2022, and it resulted in a $44 billion acquisition. Musk intends to invest $21 billion of his own money in the transaction. Musk sold 9.6 million shares of Tesla, valued at an estimated $8.5 billion, before the announcement of the acquisition.