The combined net worth of the world’s richest people slipped 3 per cent to $12.7 trillion over the past year, from a record $13.1tn in 2021, driven by the Russia-Ukraine crisis, Covid-19 pandemic and volatile stock markets, with Elon Musk, the founder and chief executive of Tesla topping the Forbes’ 2022 World Billionaires List.
There are 2,668 billionaires in the world, down from an all-time high of 2,755 last year, it said in the annual report, which used stock prices and exchange rates from March 11 to calculate the net worth of the world’s richest people.
“In all, 329 people fell off the billionaires list this year – the most since the 2009 financial crisis,” Forbes said on Tuesday.
Mr Musk, who was recently appointed to Twitter's board after emerging as the biggest single shareholder in the microblogging platform on Monday, topped the Forbes list for the first time with a net worth of $219 billion.
The billionaire, who owns more than 73.4 million shares in the social media platform valued at about $3bn, will “serve as a Class II director with a term expiring at the company’s 2024 annual meeting of stockholders”, Twitter said in a US Securities and Exchange Commission filing on Tuesday.
In contrast to the Forbes' list, the Bloomberg Billionaires Index named Mr Musk the world’s richest person at the end of 2021 with a personal fortune of $273.5bn.
Mr Musk added $68bn to his net worth over the past year after a 33 per cent jump in the share price of his electric vehicle maker, Tesla, Forbes said.
Amazon founder Jeff Bezos fell to number two for the first time in four years “due to a 3 per cent drop in Amazon stock and increased charitable giving, which wiped $6bn from his net worth”, it said.
French luxury goods tycoon Bernard Arnault, who added $8bn to his fortune over the past year, remains the world’s third-richest person. Rounding out the top five are Bill Gates and Warren Buffett with personal fortunes of $129bn and $118bn, respectively.
There were 236 newcomers added to the billionaire ranks this year, including pop star Rihanna, Lord of the Rings director Peter Jackson and venture capitalist Josh Kushner.
The US is home to the most billionaires on the planet with 735, 11 more than in 2021, Forbes said. China is second with 607 billionaires, followed by India (166), Germany (134) and Russia (83). India's Mukesh Ambani remains Asia’s wealthiest person and the 10th richest in the world with a fortune of $90.7bn.
Barbados, Bulgaria, Estonia and Uruguay each gained their first billionaires. Despite the volatile year, 1,050 billionaires are wealthier than they were a year ago, according to Forbes.
Russia's military offensive in Ukraine and the sanctions that followed led the Moscow Exchange and the rouble to plummet, resulting in 34 fewer Russian billionaires on the list, Forbes said.
Meanwhile, 86 people under the age of 40 made the Forbes Billionaires List this year, including Australia's Melanie Perkins, 34, co-founder and chief executive of graphic design platform Canva, with a fortune of $6.5bn.
Even more impressive are the 12 billionaires under the age of 30, Forbes said.
“This includes the world’s youngest billionaire, German drugstore chain heir Kevin David Lehmann, 19, and newcomer Gary Wang, 28, the Bahamas-based American co-founder of cryptocurrency exchange FTX – one of 19 billionaires to get rich from crypto and blockchain technology,” it said.
Francoise Bettencourt Meyers, the granddaughter of the founder of L'Oreal, is the world's richest woman with a net worth of $72.8bn.
Top 10 richest people and their net worth
- Elon Musk: $219bn
- Jeff Bezos: $171bn
- Bernard Arnault: $158bn
- Bill Gates: $129bn
- Warren Buffett: $118bn
- Larry Page: $111bn
- Sergey Brin: $107bn
- Larry Ellison: $106bn
- Steve Ballmer: $91.4bn
- Mukesh Ambani: $90.7bn
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Jebel Ali Dragons 26 Bahrain 23
Dragons
Tries: Hayes, Richards, Cooper
Cons: Love
Pens: Love 3
Bahrain
Tries: Kenny, Crombie, Tantoh
Cons: Phillips
Pens: Phillips 2
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
ASSASSIN'S%20CREED%20MIRAGE
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
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Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
