It’s been a tumultuous 2022 for the wealthiest people on the planet, with the top 10 richest on the Bloomberg Billionaires Index ending the year with heavy losses totalling a combined $359.15 billion, dragged down by global economic uncertainty.
Globally, the world’s billionaires lost nearly $2 trillion combined in 2022, according to Forbes magazine.
Economic uncertainty — compounded by the Russia-Ukraine war, high inflation and rising interest rates — has increased volatility in global financial markets, which fell into bear territory earlier this year after a 13-year bull run.
The biggest individual loser was Tesla co-founder and new Twitter owner Elon Musk, who shed a whopping $138 billion from his net worth in 2022 — almost equivalent to the gross domestic product of Hungary — and lost his title as the world’s richest person for the first time in 14 months.
Now ranked the world’s second-wealthiest person, Mr Musk, 51, lost the top spot to Bernard Arnault, chairman of French luxury group LVMH, on December 12.
Watch: Who is Bernard Arnault, the man who replaced Elon Musk as the world’s richest person?
Mr Arnault has a net worth of $162 billion despite losing $16.4 billion this year, according to the Bloomberg Billionaires Index.
Mr Musk is now worth $132 billion, down from $273.5 billion a year ago and a far cry from the peak of his wealth, which hit a high of $320 billion in November 2021, Forbes reported.
The majority of Mr Musk’s fortune is tied to Tesla stock, which has lost more than half of its value since January 3, when it was trading at $399.93.
On Wednesday, Tesla shares were worth $109.10, down 69 per cent year to date, as shareholder concerns deepened over Mr Musk’s distraction with Twitter, which he bought in October for $44 billion, and a fall in demand for electric vehicles.
Perhaps the brightest spot in the top 10 world’s richest list was the rapid rise in personal wealth for India’s self-made billionaire Gautam Adani, who added $42.2 billion to his net worth in 2022.
Mr Adani, chairman of the Adani Group, started climbing the ranks of the world’s richest in April this year, when shares in his listed companies skyrocketed.
He is now the world’s third-richest person, with a net worth of $119 billion, according to Bloomberg.
Over the past two decades, the Adani Group has diversified into ports, power generation and distribution, airports, data centres and digital services.
“Today, he is one of the 100 most influential businessmen worldwide, both in the shipping trade and infrastructure industry,” said Celebrity Net Worth, which tracks the wealth and finances of the rich and famous.
In February, Mr Adani was crowned the wealthiest person in Asia, with a net worth of $88.5 billion, and ranked as the 10th-richest person in the world at the time, Bloomberg reported.
Mr Adani, a first-generation entrepreneur who started out as a diamond trader in Mumbai in the 1980s, helped run his brother’s plastics business in his home state of Gujarat before setting up Adani Enterprises — the group’s flagship company — as an agri-commodities trader in 1988.
Microsoft founder Bill Gates — who held the world’s richest title from 1995 to 2017, according to Forbes — is ranked the fourth-richest person with a net worth of $109 billion.
So far this year, Mr Gates has shed $28.6 billion from his personal fortune but last week said that he expected to drop out of the world’s richest list at some time in the near future.
“I turned 67 in October. It's hard to believe I'm that old — in America, most people my age are retired!” Mr Gates said in his end-of-year blog post on December 20.
“But I won’t be slowing down anytime soon. I’m still going full speed on the project I began more than two decades ago, which is to give the vast majority of my resources back to society.
“Although I don’t care where I rank on the list of the world’s richest people, I do know that as I succeed in giving, I will drop down and eventually off the list altogether.”
In July, Mr Gates said he would give most of his fortune to the Bill and Melinda Gates Foundation, which he set up with his ex-wife in 2000.
He also said the foundation would increase its annual endowment payout to $9 billion annually by 2026, up from $6 billion currently.
“To help make this spending increase possible, I am transferring $20 billion to the foundation’s endowment this month,” Mr Gates said at the time. This explains the majority of the decrease in his net worth.
Bill Gates at NYU in Abu Dhabi — in pictures
Meanwhile, renowned investor Warren Buffett, chairman of Berkshire Hathaway, ended 2022 as the world’s fifth-richest person with a net worth of $106 billion, despite giving more than $4 billion to charity this year.
Like Mr Gates, Mr Buffett, 92, has also pledged to give away the majority of his fortune and was a trustee of the Bill and Melinda Gates Foundation until 2021, when he stepped down from the role.
Since 2006, Mr Buffett has contributed more than $36 billion of his personal fortune to the foundation. In June this year, Mr Buffett gave the foundation $3.1 billion in Berkshire Hathaway B shares.
The past year has also been difficult for Amazon and Blue Origin founder Jeff Bezos, who started 2022 as the world’s second-richest person with a net worth of $194.2 billion.
However, Mr Bezos, who was ranked the world’s richest person in 2017 but lost the crown to Mr Musk in September 2021, has dropped back to sixth place after losing $87.6 billion, or 45.5 per cent, of his personal fortune this year, according to the Bloomberg Billionaires Index.
His current net worth is $105 billion, driven down by the value of Amazon stock, which has fallen from $170.40 on January 3 to trade at $83.05 on Wednesday, a drop of 51.27 per cent year to date.
Amazon’s decreased stock value comes amid a slowdown in sales for the world’s biggest e-commerce retailer as high global inflation continues to weigh on consumers.
Watch: Jeff Bezos thanks Amazon staff and customers after trip to space
Larry Ellison, co-founder of computer technology company Oracle, who dropped out of the exclusive $100 billion club earlier this year, is now ranked the world’s seventh-richest person, with a net worth of $90.1 billion.
His fortune is down from $108.1 billion a year ago, when he was the world’s 10th-richest person.
Reliance Industries chairman Mukesh Ambani has edged up one place to become the world's eighth-richest person with a fortune of $86.9 billion. So far this year, he has lost $3.1 billion from his net worth, according to Bloomberg data.
Steve Ballmer, former chief executive of Microsoft and owner of the Los Angeles Clippers basketball team, has also fallen out of the centibillionaires’ club and is now the world’s ninth-wealthiest person, with a fortune of $84.1 billion, down from $120.7 billion a year ago.
Rounding out the top 10 is Google co-founder Larry Page, who has a net worth of $81.2 billion. A year ago, Mr Page was worth $129.5 billion and was the world’s fifth-richest person.
The most notable fall out of the world’s top 10 richest list is Mark Zuckerberg, chief executive of Meta Platforms, formerly known as Facebook.
With a current net worth of $44 billion, Mr Zuckerberg is now the world’s 25th-richest person — down from a high of number three in 2021.
Facebook changed its name to Meta in October 2021 and since the beginning of the year, its share price has plunged 68 per cent, dragged down by a 52 per cent annual drop in third-quarter net profit, which marked the social media company's second consecutive quarterly revenue decline.
However, he’s not the only billionaire to experience a diminishing personal fortune.
After ending 2021 with a net worth of $6.8 billion, Ye — the rapper formerly known as Kanye West — has seen his fortune plummet to about $400 million this year.
Ye dropped out of the billionaires’ club in October, when a number of business partners, including adidas, ended business deals with the singer after he made anti-Semitic remarks earlier this year.
But 2022’s biggest fall from grace would have to be that of Sam Bankman-Fried, the disgraced co-founder and former chief executive of collapsed cryptocurrency trading platform FTX.
Mr Bankman-Fried, 30, lost his $16 billion fortune overnight, in what has been described as the biggest one-day loss on the Bloomberg Billionaires Index, after FTX filed for bankruptcy in November.
He was arrested in the Bahamas on December 12 after federal prosecutors in the US charged him with eight criminal counts, including conspiracy and wire fraud, for allegedly misusing billions of dollars in customer funds before the $9 billion collapse of FTX and Alameda Research, his cryptocurrency trading company.
He is currently under house arrest at his parents’ home in California after a US court granted him bail of $250 million.
If convicted, he faces up to 115 years in prison, legal experts said — and it is unlikely he will ever feature on the world's rich lists again.
The world’s top 10 richest people in 2022
1. Bernard Arnault — $162 billion
2. Elon Musk — $132 billion
3. Gautam Adani — $119 billion
4. Bill Gates — $109 billion
5. Warren Buffett — $106 billion
6. Jeff Bezos — $105 billion
7. Larry Ellison — $90.1 billion
8. Mukesh Ambani — $86.9 billion
9. Steve Ballmer — $84.1 billion
10. Larry Page — $81.2 billion
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
25-MAN SQUAD
Goalkeepers: Francis Uzoho, Ikechukwu Ezenwa, Daniel Akpeyi
Defenders: Olaoluwa Aina, Abdullahi Shehu, Chidozie Awaziem, William Ekong, Leon Balogun, Kenneth Omeruo, Jamilu Collins, Semi Ajayi
Midfielders: John Obi Mikel, Wilfred Ndidi, Oghenekaro Etebo, John Ogu
Forwards: Ahmed Musa, Victor Osimhen, Moses Simon, Henry Onyekuru, Odion Ighalo, Alexander Iwobi, Samuel Kalu, Paul Onuachu, Kelechi Iheanacho, Samuel Chukwueze
On Standby: Theophilus Afelokhai, Bryan Idowu, Ikouwem Utin, Mikel Agu, Junior Ajayi, Valentine Ozornwafor
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
If you go
The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.
LEADERBOARD
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The%20specs
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The%20Roundup
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'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
%E2%80%98White%20Elephant%E2%80%99
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
