Billionaires play an outsized role in shaping the global economy, politics, and philanthropic.

The individuals on this list belong to an even more exclusive club and wield still more power. Many are founders of technology giants, with much of their wealth still invested in the companies they started.3

These billionaires can, however, still borrow against that wealth to avoid selling stock, deferring (or eliminating for heirs) taxes on unreal capital gains in the process. Multi-billionaires can also take advantage of a panoply of tax deductions to offset reported income, leaving some on this list paying no income tax in recent years.45W

With so much of their wealth in publicly traded stocks, the net worth of the richest can fluctuate with market valuations. For example, Musk saw his net worth surge in 2021 thanks to the increase in the share price of Tesla. Tesla shares rose nearly 50% in 2021. And like a pendulum, his net worth dropped in 2022 due to falling share prices in Tesla, of which he owns 15%. Musk also had to sell many of his shares in Tesla to fund his acquisition of Twitter. As a result, in December 2022, he became the second-richest person in the world, behind Bernard Arnault.

Similarly, Meta Platforms (META) founder and CEO Mark Zuckerberg fell out of the top 10 in February 2022, when the company's share price plunged after a disappointing earnings report. Zuckerberg's net worth was reported to be $43.7 billion in December 2022.

1. Bernard Arnault

• Age: 73
• Residence: Paris
• CEO and Chair: LVMH (LVMUY)
• Net Worth: $172.9 billion
• Christian Dior Ownership Stake: 97.5% ($132 billion total)
• Other Assets: Moelis & Company equity ($25 billion public asset) and $10.3 billion in cash9

Most of Arnault's wealth comes from his massive stake in Christian Dior SE, the holding company that controls 41.2% of LVMH. His shares in Christian Dior SE, plus an additional 6.2% in LVMH, are held through his family-owned holding company, Groupe Familial Arnault.

An engineer by training, Arnault first showed his business acumen while working for his father’s construction firm, Ferret-Savinel, taking charge of the company in 1971. He converted Ferret-Savinel to a real estate company named Férinel Inc. in 1979.

Arnault remained Férinel's chair for another six years, until he acquired and reorganized luxury goods maker Financière Agache in 1984, eventually selling all its holdings other than Christian Dior and Le Bon Marché. He was invited to invest in LVMH in 1987 and became the majority shareholder, chair of the board, and CEO of the company two years later.

2. Elon Musk

• Age: 51
• Residence: Texas
• Co-founder and CEO: Tesla
• Net Worth: $168.5 billion
• Tesla Ownership Stake: 15% ($63.6 billion)
• Other Assets: Space Exploration Technologies ($46.9 billion private asset), The Boring Company ($3.33 billion private asset), Twitter ($20.2 billion private asset)

In 2004, Musk became a major funder of Tesla Motors (now Tesla), which led to his current position as CEO of the electric vehicle company. In addition to its line of electric automobiles, Tesla produces energy storage devices, automobile accessories, and, through its acqiustiony of SolarCity in 2016, solar power systems. Musk is also CEO and chief engineer of Space Exploration Technologies (SpaceX), a developer of space launch rockets.

In 2020, Tesla shares soared 740% to propel Musk up the wealth rankings. In December 2020, Tesla joined the S&P 500, becoming the largest company added. In January 2021, Musk became the richest person in the world—a title he held till December 2022, when his net worth fell due to a decrease in Tesla's share price over the year.

Musk asked his Twitter audience on Nov. 6, 2021, whether he should sell 10% of his Tesla stock, framing the issue as a response to criticism of unrealized capital gains as a means of avoiding taxes. He proceeded to sell shares worth $16.4 billion over the remainder of 2021.

Thanks to the surge in Tesla shares in 2021 and private transactions boosting the reported valuation of SpaceX, Musk's lead in the global wealth rankings continued to grow. His net worth hit a high of $340 billion in November 2021.

In July 2022, Musk decided to back out of the Twitter buyout. Twitter filed a lawsuit against Musk to force the buyout to go through. Musk countersued the company but then reversed course and declared he was willing to buy Twitter after all. The deal officially closed in October 2022, giving him an almost 80% stake in the company.

3. Gautam Adani

• Age: 60
• Residence: Gurgaon, India
• Founder and Chair: Adani Group
• Net Worth: $125 billion
• Adani Enterprises, Adani Power, and Adani Transmissions Ownership Stakes: 75% each ($72.45 billion)
• Other Assets: 66% of Adani Ports & Special Economic Zone ($12.2 billion public asset), 61% of Adani Green Energy ($22.6 billion public asset), 37% of Adani Total Gas ($18.1 billion public asset) 

Adani entered the power generation market in 2009 with Adani Power. Adani created Adani Enterprises in 1988 to import and export commodites. In 1994, his company was granted approval to develop a harbor facility at Mundra Port, which is now the largest private port in India.

4. Bill Gates

• Age: 67
• Residence: Washington
• Co-founder: Microsoft (MSFT)
• Net Worth: $115 billion
• Microsoft Ownership Stake: 1.3% ($26 billion)
• Other Assets: $55 billion in cash and billions over multiple other companies
  
  

While attending Harvard University in 1975, Bill Gates went to work alongside his childhood friend Paul Allen to develop new software for the original microcomputers. Following this project’s success, Gates dropped out of Harvard during his junior year and founded Microsoft with Allen.

The largest software company in the world, Microsoft, also produces a line of personal computers, provides email services through its exchange server, and sells video game systems and associated game devices. It has recently invested heavily in cloud services.

Bill Gates has much of his net worth in Cascade Investments LLC. Cascade is a privately-held investment vehicle that owns a variety of stocks including Canadian National Railway (CNR), Deere (DE), and Republic Services (RSG), as well as private investments in real estate and energy.

• Age: 58
• Residence: Washington
• Founder and Executive Chair: Amazon (AMNZ)
• Net Worth: $114 billion
• Amazon Ownership Stake: 10% ($89.9 billion)
• Other Assets: Blue Origin ($9.15 billion private asset), The Washington post ($250 million private asset), and $14.5 billion in cash

In 1994, Jeff Bezos founded Amazon.com in a garage in Seattle, shortly after he resigned from the hedge fund giant D.E. Shaw. He had originally pitched the idea of an online bookstore to his former boss David E. Shaw, who wasn’t interested.

Though Amazon originally started out selling books, it has since morphed into a one-stop shop for everything under the sun and is expected to overtake Walmart as the world’s largest retailer by 2024. Amazon's pattern of constant diversification is evident in some of its unexpected expansions, which include acquiring Whole Foods in 2017 and entering the pharmacy business the same year.

Bezos owned as much as 16% of Amazon in 2019 before transferring 4% to his former wife, MacKenzie Scott, as part of their divorce proceedings. In 2020, Amazon’s share price jumped 76% on the heightened demand for online shopping amid the COVID-19 pandemic. On July 5, 2021, Bezos stepped down as CEO of the e-commerce giant, becoming its executive chair.

               Alex Wong / Getty Images

Bezos originally took Amazon public in 1997 and went on to become the first man since Bill Gates in 1999 to achieve a net worth of more than $100 billion. Bezos’ other projects include aerospace company Blue Origin, The Washington Post (which he purchased in 2013), and the 10,000-year clock—also known as the Long Now.

On July 20, 2021, Bezos, his brother Mark, aviation pioneer Wally Funk, and Dutch student Oliver Daemen completed Blue Origin's first successful crewed flight, reaching an altitude of more than 66 miles before landing safely. Bezos' wealth peaked at $211 billion in the same month.

6. Warren Buffett

• Age: 92
• Residence: Nebraska
• CEO: Berkshire Hathaway 
• Net Worth: $108 billion
• Berkshire Hathaway Ownership Stake: 14% ($107 billion)
• Other Assets: $1.10 billion in cash

The most famous living value investor, Warren Buffett filed his first tax return in 1944 at age 14, declaring earnings from his boyhood paper route. He first bought shares in a textile company called Berkshire Hathaway in 1962, becoming the majority shareholder by 1965. Buffett expanded the company's holdings to insurance and other investments in 1967.

Widely known as the Oracle of Omaha, Buffett is a buy-and-hold investor who built his fortune by acquiring underavlued companies. More recently, Berkshire Hathaway has invested in large, well-known companies. Its portfolio of wholly owned subsidiaries includes interests in insurance, energy distribution, and railroads as well as consumer products.

Buffett is a notable Bitcoin skeptic.

Buffett has  much of his wealth to philanthropy. Between 2006 and 2020, he gave away $41 billion—mostly to the Bill & Melinda Gates Foundation and his children’s charities. Buffett launched the Giving Pledge alongside Bill Gates in 2010.

Now 92 years old, Buffett still serves as CEO, but in 2021 he hinted that his successor might be Gregory Abel, head of Berkshire’s non-insurance operations.

7. Larry Ellison

• Age: 78
• Residence: Hawaii
• Co-founder, Chair, and CTO: Oracle 
• Net Worth: $93.7 billion
• Oracle Ownership Stake: 40%+ ($68.3 billion)
• Other Assets: Tesla equity ($7.56 billion public asset), $17.2 billion in cash

Larry Ellison was born in New York City to a 19-year-old single mother. After dropping out of the University of Chicago in 1966, Ellison moved to California and worked as a computer programmer. In 1973, he joined the electronics company Ampex, where he met future partners Ed Oates and Bob Miner. Three years later, Ellison moved to Precision Instruments, serving as the company’s vice president of research and development.

In 1977, Ellison founded Software Development Laboratories alongside Oates and Miner. Two years later, the company released Oracle, the first commercial relational database program to use Structured Query Language. The database program proved so popular that SDL would change its name to Oracle Systems Corporation in 1982. Ellison gave up the CEO role at Oracle in 2014 after 37 years. He joined Tesla's board in December 2018 and stepped down in June 2022.

Oracle is the world's second-largest software company, providing a wide variety of cloud computing programs as well as Java and Linux code and the Oracle Exadata computing platform.

Oracle has acquired numerous large companies, including human resources management systems provider PeopleSoft in 2005, customer relationship management applications provider Siebel in 2006, enterprise infrastructure software provider BEA Systems in 2008, and hardware-and-software developer Sun Microsystems in 2009. In December 2021, Oracle agreed to buy medical records software provider Cerner (CERN) for $28.3 billion in cash.

Long known for extravagant spending, Ellison has invested heavily in luxury real estate over the last decade. Perhaps his single most impressive acquisition was the $300 million purchase of nearly the entire Hawaiian island of Lanai in 2012, where the billionaire has lived since 2020. Ellison has built a hydroponics farm and a luxury spa on the island.

Ellison has focused his philanthropy on medical research. In 2016, he gave $200 million to the University of Southern California for a new cancer research center. Ellison backed the Oracle Team USA sailing team, which won the America's Cup racing series in 2010 and 2013.

8. Mukesh Ambani

• Age: 65
• Residence: Mumbai, India
• Owner: Reliance Industries
• Net Worth: $89.6 billion
• Reliance Ownership Stake: 42% ($90.1 billion total)
• Other Assets: $410 million in real estate

Mukesh Ambani is the chairman and managing director of Reliance Industries, the world's largest oil refiner and one of the world's most valuable companies.

The conglomerate was founded by Ambani's father, Dhirubhai Ambani in 1966 as a textiles company and is now one of the leading segments of India's economy. Reliance's operations include oil and gas, petrochemicals, refining, retail, and media.

About half of Ambani's wealth is derived from his stake in Reliance, which amounts to 42% of the public company. He owns Antilia, a real estate complex in Mumbai that's worth $410 million. Ambani also owns the Mumbai Indians, a professional cricket team.

In 2016, Ambani launched a 4G phone network across India, netting more than 420 million subscribers, and is planning to launch 5G services.

9. Steve Ballmer

• Age: 66
• Residence: Washington
• Owner: Los Angeles Clippers
• Net Worth: $89.3 billion
• Microsoft Ownership Stake: 4% ($80.6 billion total)
• Other Assets: Los Angeles Clippers ($3.16 billion private asset), $5.5 billion in cash

Steve Ballmer joined Microsoft in 1980 after Bill Gates convinced him to drop out of Stanford University's MBA program. He was Microsoft's 30th employee. Ballmer went on to succeed Gates as Microsoft CEO in 2000. He held the position until stepping down in 2014. Ballmer oversaw Microsoft's 2011 purchase of Skype for $8.5 billion.

Ballmer owns an estimated 4% of Microsoft, making him the software giant's largest individual shareholder. In 2014, shortly after stepping down as Microsoft CEO, Ballmer purchased the Los Angeles Clippers basketball team for $2 billion.

Ballmer lived in the same dorm and on the same floor as Bill Gates while the two attended Harvard University. The brotherly relationship between the two became strained when Ballmer started pushing the tech company into hardware, such as the Surface tablet and the Windows mobile phone, during his tenure as CEO.

10. Larry Page

• Age: 49
• Residence: California
• Co-founder and Board Member: Alphabet (GOOG)
• Net Worth: $86.9 billion
• Alphabet Ownership Stake: 6% ($72.8 billion total)
• Other Assets: $14.1 billion in cash

Like several of the tech billionaires on this list, Larry Page embarked on his path to fame and fortune in a college dorm room. While attending Stanford University in 1995, Page and his friend Sergey Brin came up with the idea of improving Internet data extraction. The duo devised a new search engine technology they dubbed Backrub after its ability to assess links to a page.

From there, Page and Brin went on to found Google in 1998, with Page serving as CEO of the company until 2001, and again between 2011 and 2019.

Google is the world's dominant Internet search engine, accou