Lost Fortune: 254 individuals, including Kanye West and Sam Bankman-Fried, lose billionaire status

Elon Musk, who held the top spot last year, has slipped to No. 2 on the list of the world's richest people

Nassim Nicholas Taleb, the esteemed author of The Black Swan, was astutely correct when he famously remarked that rising interest rates can melt asset prices like Russian-made butter under the scorching August Abu Dhabi sun.

The world of billionaires continues to grapple with a harsh reality as money becomes more expensive, and geopolitical tensions, coupled with the bursting of the crypto bubble, unleash havoc on both public and private markets.

Decline in the number of billionaires worldwide

Forbes' World's Billionaires 2023 list, released on April 5, reveals a decline in the number of billionaires worldwide, dropping from 2,668 in 2022 to 2,640 this year. Moreover, the total wealth of billionaires has taken a substantial hit, plummeting by a staggering $500 billion to $12.2 trillion.

Notably, a significant number of individuals, including well-known figures such as musician Kanye West and crypto prodigy-turned-fraud defendant Sam Bankman-Fried, have lost their billionaire status altogether, amounting to 254 in total.

According to the report, at least 19 founders of billion-dollar "unicorn" companies, including Alex Atallah and Devin Finzer of NFT marketplace OpenSea, as well as Henrique Dubugras and Pedro Franceschi of credit card fintech Brex, have lost their billionaire status.

Yvon Chouinard, the founder of outdoor clothing and gear maker Patagonia, voluntarily withdrew from the billionaires club. Chouinard donated his wealth to a trust and a nonprofit organization dedicated to combating environmental crises in September 2022.

Also read: Billionaire Nithin Kamath shares the 'most important financial investment' for family

1,000 billionaires have grown richer

But, amid the gloom, there are glimmers of hope in the billionaire ecosystem. More than 1,000 billionaires have actually grown richer compared to Forbes' 2022 list. Luxury goods tycoon Bernard Arnault, with an estimated worth of $211 billion, added a whopping $53 billion to his fortune over the past year, fueled by an 18 percent surge in LVMH stock.

Indonesian coal magnate Low Tuck Kwong saw his net worth soar by $21.8 billion, now estimated at $25.5 billion. He was followed by Spanish retail magnate Amancio Ortega, who added $17.7 billion, and Chinese e-commerce mogul Colin Zheng Huang, who added $18.9 billion.c

Tesla and SpaceX boss Elon Musk, who held the top spot last year, has slipped to No. 2 on the list of the world's richest people. His current net worth is $180 billion, which is $39 billion less than a year ago.

Amazon founder Jeff Bezos, the world's third-richest person, is now worth $114 billion, a decline of $57 billion compared to 2022, due to a 38% drop in the stock value of the e-commerce giant.

Larry Ellison, co-founder of software giant Oracle, takes the No. 4 spot with a net worth of $107 billion, while investing legend Warren Buffett comes in at No. 5 worldwide with $106 billion.

Indians on the list

The only Indian billionaire among the top ten is Mukesh Ambani, the chairman of Reliance Industries, with a net worth of $83.4 billion. Last year, Reliance Industries became the first Indian company to surpass $100 billion in revenue.

Gautam Adani, chairman of the Adani Group, is ranked at the 24th spot on the list of billionaires, with a net worth of $47.2 billion.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries (RIL) is the sole beneficiary.