Following the recent market meltdown, the question of who currently holds the title of world’s richest person has come into focus.
The global stock market sell-off, triggered by fears of a potential US recession and weak economic data, has significantly impacted the fortunes of the world’s wealthiest individuals.
According to Bloomberg, the combined wealth of the 500 richest people decreased by $134 billion in a single day.
Tech giants bore the brunt of these losses, with Amazon founder Jeff Bezos experiencing a staggering $15 billion reduction in his net worth as Amazon shares plummeted 8.8 percent on Friday.
Other tech moguls also saw their fortunes shrink considerably. Elon Musk, CEO of Tesla, lost $6.57 billion, while Mark Zuckerberg of Meta, Larry Ellison of Oracle, and Alphabet co-founders Sergey Brin and Larry Page all experienced multi-billion dollar losses.
Here are the top 10 richest people in the world
| RANK | NAME | NET WORTH (IN $ BILLIONS) | SOURCE OF WEALTH | COUNTRY |
|---|---|---|---|---|
| 01 | Elon Musk | $228 | Tesla, SpaceX | United States |
| 02 | Jeff Bezos | $185 | Amazon | United States |
| 03 | Bernard Arnault & family | $181 | LVMH | France |
| 04 | Mark Zuckerberg | $169 | United States | |
| 05 | Bill Gates | $151 | Oracle | United States |
| 06 | Larry Page | $143 | United States | |
| 07 | Larry Ellinson | $142 | Berkshire Hathaway | United States |
| 08 | Steve Ballmer | $137 | United States | |
| 09 | Sergey Brin | $135 | Microsoft | United States |
| 10 | Warren Buffett | $130 | Microsoft | United States |
The market downturn was precipitated by disappointing US jobs data, with only 114,000 jobs added last month, far below economists’ expectations.
This led to significant drops in major US indices, with the Nasdaq Composite entering correction territory.
The ripple effects were felt globally, with European and Asian markets also experiencing notable declines.
Additionally, oil prices hit seven-month lows, and even gold prices retreated.
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