It has been another turbulent year for the wealthiest people on the planet, as a combination of global stock market volatility, rising interest rates and “wounded unicorns” dragged down their combined net worth for the second year running, according to the Forbes 2023 World Billionaires List.
The combined net worth of the world’s billionaires dropped to $12.2 trillion over the past year, down from $12.7 trillion in March 2022, Forbes said in its annual report, which used stock prices and exchange rates from March 10 to calculate the net worth of the world’s wealthiest.
Watch: Who is Bernard Arnault, the man who replaced Elon Musk as world’s richest?
“Globally, we counted 2,640 10-figure fortunes, down from 2,668 last year,” Forbes said on Wednesday.
“Nearly half the list is poorer than a year ago, including Elon Musk, who falls from No 1 to No 2 after his pricey acquisition of Twitter helped sink Tesla shares.”
Bernard Arnault, chairman of French luxury group LVMH, is the world’s richest person with a net worth of $211 billion, Forbes said. He is the first French citizen to lead the rankings.
In contrast to the Forbes list, the Bloomberg Billionaires Index named Mr Arnault the world’s richest person on December 12. Mr Arnault's current net worth is $201 billion, according to Bloomberg.
Meanwhile, the US continues to have the most billionaires in the world, with 735 Americans on the list collectively worth $4.5 trillion, Forbes said.
China, including Hong Kong and Macau, remains second, with 562 billionaires worth $2 trillion, followed by India, with 169 billionaires worth $675 billion, it added.
Mr Musk, co-founder of Tesla and the owner of Twitter, is ranked second on the Forbes list with a net worth of $180 billion.
Amazon founder Jeff Bezos remains in third place with a personal fortune of $114 billion, followed by Larry Ellison, co-founder of computer technology company Oracle, in fourth place with $107 billion.
Forbes ranked renowned investor Warren Buffett as the fifth-richest person in the world with a net worth of $106 billion, while Microsoft founder Bill Gates fell one spot to sixth place with $104 billion.
In December, Mr Gates said 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.”
Billionaire businessman Michael Bloomberg, founder of information and media company Bloomberg and the former mayor of New York City, is a new entrant on the Forbes top 10 list, coming in at seventh with a personal fortune of $94.5 billion.
Mexico's Carlos Slim, once the world’s richest person, is ranked eighth with a net worth of $93 billion.
World's top 10 richest people in 2023 - in pictures
Reliance Industries chairman Mukesh Ambani has moved up a rank to be the world’s ninth-richest person with a fortune of $83.4 billion.
Rounding out the top 10 is Steve Ballmer, former chief executive of Microsoft and owner of the Los Angeles Clippers basketball team, with $80.7 billion.
Francoise Bettencourt Meyers, the granddaughter of the founder of L'Oreal, remains the world's richest woman with a net worth of $80.5 billion. Ms Bettencourt Meyers is also the world’s 11th-richest person, according to Forbes.
However, the world’s wealthiest people are still “overwhelmingly male”, with only 337 women — or 13 per cent — included on the list, Forbes said.
World's top 10 richest people in 2023
- Bernard Arnault — $211 billion
- Elon Musk — $180 billion
- Jeff Bezos — $114 billion
- Larry Ellison — $107 billion
- Warren Buffett — $106 billion
- Bill Gates — $104 billion
- Michael Bloomberg — $94.5 billion
- Carlos Slim — $93 billion
- Mukesh Ambani — $83.4 billion
- Steve Ballmer — $80.7 billion
Source: Forbes
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
PLAY-OFF%20DRAW
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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
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The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
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Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
The Good Liar
Starring: Helen Mirren, Ian McKellen
Directed by: Bill Condon
Three out of five stars
The specs
Price: From Dh529,000
Engine: 5-litre V8
Transmission: Eight-speed auto
Power: 520hp
Torque: 625Nm
Fuel economy, combined: 12.8L/100km
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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