Who is the richest person in the world?

EACH year Forbes magazine releases a list of the wealthiest people in the world.

Towards the end of the calendar year the publication details the goings-on in the financial world, revealing who has risen to – or dropped from – the coveted top spot.

Bernard Arnault is the Chairman and Chief Executive Officer of luxury goods brand LVMH (Credit: REUTERS/Gonzalo Fuentes)

Who is the richest man in the world?

In October 2023 it was confirmed that luxury brand tycoon Bernard Arnault – who owns 70 brands including Louis Vuitton and Sephora – is the richest man in the world.

He overtook last year’s winner, Tesla founder Elon Musk.

In 2022 Musk, who owns X, formerly known as Twitter, took the title from Amazon executive chairman Jeff Bezos.

Musk is now second on the list with a fortune of $180billion, while Bezos is sitting at third with $114billion.

Who was top of the Forbes rich list for 2023?

Forbes magazine regularly updates its list of the top richest celebrities.

Here is a look at the top five richest people in the world for 2023:

1. Bernard Arnault

Bernard Arnault was named the richest person in the world in 2023AFP or licensors

Bernard Arnault is the chairman of world’s largest maker of luxury goods, LVMH, and was named the richest man in the world in 2023.

The Frenchman oversees an empire of around 70 brands including including luggage maker Louis Vuitton, Moet champagne and Hennessy brandy.

Arnault made headlines in 2020 when he committed $22 million to the rebuilding of fire-ravaged Notre Dame Cathedral in Paris.

He controls about half of Paris-based LVMH and also owns a 97 per cent share in Christian Dior.

2.Elon Musk

Elon Musk was the richest person in the world in 2022 according to ForbesAP:Associated Press

Elon Musk one of the most recognisable faces in business who has become famous for his galaxy-wide scope and vast ambition.

Among his many roles, the visionary thinker is the founder and CEO of SpaceX as well as co-founder CEO and product architect of Tesla Motors.

In 2022 Musk acquired social media platform Twitter and later changed its name to X.

3. Jeff Bezos

Amazon President, Chairman and CEO Jeff Bezos has topped the rich list in the pastGetty Images - Getty

Bezos founded Amazon from a garage in 1994 and five years later he was named Time magazine’s person of the year.

He has gone on to create one of the most lucrative businesses in the world with his e-commerce and digital streaming site.

Bezos is also the founder of Blue Origin, a company working to develop commercial space travel.

Blue Origin sent its first crewed mission into space on July 20, 2021, with Bezos one of the four crew members on the ten-minute trip.

He also owns the Washington Post and is a volunteer firefighter.

4. Larry Ellison

Larry Ellison has sat on the board for Tesla (Credit: Phillip Faraone/Getty Images)

Larry Ellison is a businessman and entrepreneur who co-founded software company Oracle Corporation.

His net worth around $107billion.

He was the CEO of the company from 1977 to 2014 but now its chief technology officer and executive chairman.

Ellison has been a member of the board for Tesla and owns around 15 million shares in Musk’s company.

The billionaire lives on the Hawaiian island Lanai, which he bought nearly all of in 2012 for $300 million.

5. Warren Buffett

Buffet’s company is based in Omaha, Nebraska