American billionaire and Tesla CEO Elon Musk has maintained his status as the world’s richest man, according to Forbes’ list of the world’s wealthiest people, despite volatile technology stocks reshuffling the names of the top 10 individuals on the list.
Despite the recent sharp decline in U.S. stocks, Musk retained his position at the top of the list with a fortune valued at $226.9 billion.
Jeff Bezos, founder of the giant company Amazon, ranked second with a fortune estimated at about $187.1 billion, and French businessman Bernard Arnault, founder of LVMH, ranked third with a fortune valued at $175.4 billion.
The combined wealth of the world’s ten richest people as of August 1, 2024, amounts to approximately $1.63 trillion, which is about $25 billion less than last month.
Meta CEO Mark Zuckerberg dropped one place to fourth on the list with a fortune valued at $171.2 billion.
Meanwhile, famous American investor Warren Buffett climbed three spots, becoming the biggest gainer on the list, to the seventh position with a fortune of $134.6 billion.
The biggest loser among the world’s wealthy was French luxury goods tycoon Bernard Arnault, who was the world’s richest person from February until late May.
The Forbes World’s Billionaires List employs a comprehensive methodology to rank the wealthiest individuals globally. This list, first published in 1987, calculates net worth by evaluating assets such as stocks, properties, and luxury goods, minus debts. The rankings reflect financial snapshots taken annually, typically a month before publication, ensuring that wealth estimates are up-to-date with market values at that time.
Every year, Forbes deploys a team of over 50 reporters globally who meticulously track and verify the wealth of these individuals. They gather data through direct surveys, interviews, and financial document reviews. This rigorous process includes scrutinizing business deals and assessing asset values. The listed rankings only feature those whose fortunes are robustly documented, excluding wealth derived from positions of power like royalties or dictators, to maintain a focus on self-made or entrepreneurial wealth.
Additionally, Forbes introduced a philanthropy score in 2018 to its richest lists, rating billionaires not only on wealth but also on their generosity. This score is calculated based on the total amount and percentage of their fortune that they’ve donated. The philanthropy score aims to provide a more holistic view of the billionaires’ impact on society beyond their financial achievements.
