The richest of the rich live in Washington, D.C., where it takes a salary of $719,000 to land in the top 5% of earners. That’s according to a recent analysis from GoBankingRates, which looks at the average household income of the top 5% of earners in each state, based on the latest data available from the 2022 American Community Survey. Elon Musk, founder of Tesla and SpaceX, last year topped Forbes’ annual list of the 25 Richest People in the World, but saw his fortune decline by $39 billion, from $219 billion last year to $180 billion. As chairman and managing director of conglomerate Reliance Industries Limited, Indian mogul Mukesh Ambani has interests in textiles, oil and gas, retail, electronics, and more.

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Investors have bemoaned the $23 billion of Tesla shares he sold to finance the acquisition. SpaceX, meanwhile, keeps soaring, with the company valued at nearly $140 billion in a tender offer that closed in early 2023—up from the $127 billion at which investors valued it last May. The movement popularized the term “the 1%,” making it a catchall term for the world’s richest people. The ranks of billionaires dwindled over the past year, with their total worth dropping by $400 billion, says the latest list of the world’s richest people from Forbes magazine. Musk planned to fund the deal with $21 billion of his own capital. In the run-up to the buyout announcement, Musk sold 9.6 million shares of Tesla, valued at roughly $8.5 billion.

Forbes billionaires 2022: Elon Musk tops list as number of billionaires worldwide dips

In addition to owning about 1 percent of Microsoft, Bill Gates and his wife, Melinda, run the Bill & Melinda Gates Foundation. Assets from that and other investments combine for a net worth of $124 billion. As the head of French luxury goods conglomerate LVMH, Bernard Arnault oversees Givenchy, Louis Vuitton, Fendi, Dior, Marc Jacobs, Rihanna’s Fenty Beauty, Tiffany & Co., Bulgari, Sephora, and dozens of other brands. Navigating Financial Growth: Leveraging Bookkeeping and Accounting Services for Startups The founder of Point72 Asset Management is all in on New York dynasties — old and new. Cohen, 67, owns the News York Mets and is attempting to revitalize the baseball franchise after years of lackluster performance. He’s also partnering with Hard Rock International in an attempt to secure one of the state’s limited new casino licenses, giving beleaguered Mets fans the chance to gamble their sorrows away.

• Alaska, Delaware, and West Virginia are the only states that still don’t have a single billionaire resident, according to a new report by Forbes.
• The CEO of luxury goods conglomerate LVMH, which owns brands such as Louis Vuitton, Christian Dior and Givenchy, added $61 billion to his net worth in 2021.
• Next time you Google anything, remember Page, who is one of its co-founders.
• Bernard Arnault, head of luxury goods giant LVMH, is up $53 billion–more than any billionaire, and enough to vault him into No. 1 spot for the first time.
• Gates shifted from the company’s CEO to the role of board chair in 2008.
• Its portfolio of wholly owned subsidiaries includes interests in insurance, energy distribution, and railroads as well as consumer products.

Jorge Paulo Lemann & family

Unlike many big tech founders, Zuckerberg remains at the CEO helm. It hasn’t been easy, especially amid AI competition and tech layoffs, including 21,000 job cuts at his Meta Platforms since November. Meanwhile, the charitable Chan Zuckerberg Initiative, which aims to create tools to help cure or manage all diseases, announced a new Chicago Biohub in March. According to Forbes, Francoise’s fortune lies in her ownership stake in cosmetics giant L’Oreal, which she inherited from her late mother.

• In 2006, the company purchased YouTube, the top platform for user-submitted videos.
• The Toronto based company, which Thomson chairs, has been supplementing its core news and information business with AI investments like SurePrep, an automated tax software company it acquired in January for $500 million.
• Musk, Arnault, Bezos, Ellison and Buffett were not among the signatories — although Buffett has famously criticized the wealthy’s lower tax rates and previously advocated for policy change in the same vein.
• To measure this jump, Oxfam pulled net worths from Forbes’ real-time billionaires list as of March 2020 and the end of November 2023.
• 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.
• The report also predicted that by 2027, the number of millionaires would increase 44%, while the number of ultra-high-net-worth individuals, defined as households with over $50 million in assets, was projected to increase 53%.

In addition to being at the helm of Tesla, Musk is CEO of rocket ship company SpaceX. In 2022, he also purchased Twitter, which is now called X, for $44 billion. While he no longer serves as CEO of the social media platform, his still holds broad influence — and has faced ample pushback from issues ranging from content moderation and hate speech to alienating advertisers. The CEO of Berkshire Hathaway earlier this year revealed https://marylanddigest.com/navigating-financial-growth-leveraging-bookkeeping-and-accounting-services-for-startups/ that he is „halfway” toward his stated goal of giving away the vast majority of his fortune, but the performance of his company’s stock isn’t helping. This year, 91-year-old Oracle of Omaha added $21 billion to a fortune he has described as „an almost incomprehensible sum.” The former Microsoft CEO and owner of the NBA’s Los Angeles Clippers is $41 billion richer at the end of 2021 than he was at the start of the year.

#191 Melker Schorling & family

• Buffett expanded the company’s holdings to insurance and other investments in 1967.
• His family office, however, has grown into a large investment and advisory firm.
• Ballmer and his wife Connie are among the 25 most generous philanthropists in America.
• Part of the reason is a drop in LVMH stock in the past month, which has pushed the European’s fortune down by $17 billion.

Every year, Forbes attempts to quantify and rank the world’s richest people with its annual billionaires list. Here’s a countdown of the 20 richest people on the planet by net worth as of spring 2022, as well as a look at who was bounced from Forbes’ 2021 list. Extreme wealth can be extremely volatile; just look at the huge shifts reflected in the latest definitive list of the world’s richest people. But a large number of moguls also saw their wealth soar, even as income inequality grew more dramatic and a pandemic ravaged the world. Elon Musk, once the richest person in the world, is No. 2 on the list, with a net worth of $195 billion. Musk, the founder of Tesla and SpaceX, also bought Twitter for $44 million in 2022, renaming it X.

#85 Yang Huiyan & family