It’s been a game of musical chairs in the world of billionaires of late, as the planet’s top three wealthiest men – Elon Musk, Jeff Bezos and Bernard Arnault – jostle to retain the top spot on the Bloomberg Billionaires Index.
It started last Wednesday, when Mr Musk, Tesla’s chief executive and the owner of social media platform X, was knocked off his perch as the world’s richest person for the first time in nine months after the electric vehicle maker’s shares tumbled.
In the span of only one day, Mr Musk, 52, lost $17.6 billion from his personal fortune, pushing him out of the $200 billion club and into second place on the index with a net worth of $197.7 billion.
Wednesday’s winner of musical chairs was Mr Bezos, the 60-year-old founder of Amazon, who was catapulted into the top ranking for the first time since 2021 with a net worth of $200.3 billion.
Top 10 richest people in the world – in pictures
While Mr Bezos has struggled to reclaim the richest title over the past four years – at one stage, he trailed Mr Musk by $142 billion – nothing can take away from him being the first person in the world to cross the $200 billion net worth threshold, which he achieved on August 26, 2020.
But back to musical chairs. As the top two spots changed hands, Mr Arnault, 74, the chairman of LVMH Moet Hennessy, remained steadfast in third place with a personal fortune of $197 billion – only $700,000 behind Mr Musk.
Come Thursday, however, there was another change at the top – and Mr Bezos’s reign as the world’s wealthiest person was short-lived.
The winner of this round? It was Mr Arnault – despite his fortune remaining unchanged at $197 billion.
Mr Bezos slipped back to second place with a net worth of $196 billion, as Mr Musk found himself floundering in third spot after his personal fortune dropped to $189 billion.
Which brings us to Friday: Mr Arnault remains the world’s wealthiest person after his net worth surged to $201 billion.
Mr Bezos is snapping at his heels in second place with $198 billion to his name and Mr Musk remains in third with $189 billion.
Mr Musk is no stranger to the roller-coaster ride of a billionaire’s net worth – which is typically tied to the equity of their companies and can live and die on the back of volatile global stock markets.
At the peak of his wealth in November 2021, Mr Musk was worth a staggering $338 billion.
Perhaps the most tumultuous year for Mr Musk's net worth was 2022, when his wealth dropped amid the sell-off of technology stocks and the controversy related to his $44 billion acquisition of Twitter.
This culminated in him breaking the world record for the biggest wealth loss in history, after shedding $182 billion from his net worth between November 2021 and January 2022, according to a report by Guinness World Records.
What happens next remains to be seen – for all we know, Meta Platforms chief executive Mark Zuckerberg could be the world's wealthiest person this week after his rise back into the top five since the beginning of the year.
Mr Zuckerberg is currently the richest he's ever been, with a net worth of $184 billion. But whatever happens, it's a game worth watching.
Sam Altman
One person who is not playing games with his net worth is ChatGPT chief executive Sam Altman.
Mr Altman, 38, is worth at least $2 billion, according to the Bloomberg Billionaires Index, which has valued his fortune for the first time.
That figure does not include any stake in OpenAI, which was recently valued at $86 billion.
Mr Altman has repeatedly said he does not own equity in the company. Rather, much of his traceable wealth is in a web of venture capital funds and start-up investments, and is set to grow with the initial public offering of Reddit, where he is among the largest shareholders.
As OpenAI’s ChatGPT turbocharged a stock market rally, his profile grew – and his recent time in the spotlight has included bouts of intrigue and controversy.
Mr Musk, a co-founder of OpenAI, sued Mr Altman and the start-up last Thursday for violating its founding mission by prioritising profit over benefiting humanity.
Late last year, Mr Altman was suddenly ousted from OpenAI after the board said he had not been “consistently candid in his communications” – but he was reinstated days later.
Watch: What is ChatGPT?
The sources of his wealth are relatively opaque. Mr Altman invests in an array of closely held companies, such as Mr Musk’s Neuralink, that do not disclose his precise stake and are not included in Bloomberg’s wealth calculation.
The bulk of his traceable net worth comes from $1.2 billion invested in a set of VC funds with variations on the name Hydrazine Capital, according to regulatory filings and Bloomberg estimates.
He has an additional $434 million in funds at Apollo Projects, which invests in “moonshots”, according to its website.
Some of those VC funds are among the entities affiliated with Mr Altman that own 8.7 per cent of Reddit, the popular message-board site that recently filed for an initial public offering.
Mr Altman also lavished money on two lesser-known start-ups. He led a $500 million investment round in nuclear fusion company Helion Energy in 2021 and invested $180 million in Retro Biosciences, which is working on lengthening the average human lifespan by 10 years.
“It’s a lot,” Mr Altman told the MIT Technology Review last year. “I basically just took all my liquid net worth and put it into these two companies.”
Marc Benioff
Billionaire Salesforce co-founder and chief executive Marc Benioff has donated $150 million to two Hawaii hospitals, among the billionaire’s biggest charitable gifts.
Hawaii Pacific Health on O'ahu will receive $100 million and Hilo Medical Centre on Big Island will receive $50 million, matching a previous sum from the state.
The donations were made in partnership with The University of California, San Francisco, and together make up the largest gift in the state’s history, a UCSF statement said.
Mr Benioff, 59, has made $300 million in total commitments to UCSF and its health programmes, including its multiple Benioff Children’s Hospitals and the Benioff Centre for Microbiome Medicine.
For his gifts in Hawaii, the facilities will be renamed the Hilo Benioff Medical Centre and the Straub Benioff Medical Centre, according to the statement.
The charitable donation comes as the billionaire has been buying up large tracts of land on the Big Island, raising concerns from Hawaiians about how his growing presence will affect property prices and local culture.
Mr Benioff is worth $10.9 billion, according to the Bloomberg Billionaires Index.
He and his wife, Lynne, have given away almost three quarters of the land they have purchased in Hawaii over the past 25 years and more than 90 per cent of what they have purchased since 2020, a representative for the couple said in a statement.
Mr Benioff is not the only tech founder who has made the Aloha State his home in recent years. Oracle’s Larry Ellison owns 98 per cent of the island of Lanai, while Mr Zuckerberg owns swathes of Kauai and Mr Bezos has property on Maui.
After Maui’s devastating wildfires in August, Mr Bezos promised $100 million to help the island’s recovery but it is unclear where the money spent so far has gone. Mr Zuckerberg and his wife, Priscilla Chan, have also donated millions to Kauai charities over the past five years.
Vijay Shekhar Sharma
Paytm founder Vijay Shekhar Sharma has voiced confidence that his digital payments pioneer will overcome regulatory setbacks in India this year and stage a comeback as a stronger company.
“The biggest thing that I’ve learnt is that many times your teammate and adviser may not be getting it correct,” Mr Sharma said at a financial technology conference in Tokyo last week, his first public appearance since Indian regulators ordered his banking affiliate to halt certain activities.
“And it is important for you, yourself, to be taking care of it versus just letting a teammate or an adviser suggest what should it be.”
Mr Sharma, who has a net worth of $1.2 billion, is fighting to put his digital payments company back on stable footing after regulators placed severe curbs on the banking affiliate, the backbone for much of its financial and payments services.
The biggest thing that I’ve learnt is that many times your teammate and adviser may not be getting it correct
Vijay Shekhar Sharma,
founder of Paytm
Both Paytm and Paytm Payments Bank are part of the billionaire’s FinTech empire but the bank isn’t controlled by the publicly traded mobile wallet pioneer.
Mr Sharma, 45, resigned from the Paytm Payments Bank’s board in February, less than a month after India’s banking regulator prohibited the bank from accepting new deposits in its customer accounts or wallets.
The watchdog imposed the curbs after years of warning the flow of money and data traffic between the tightly regulated bank and the rest of the Paytm universe created accounting and supervisory problems.
Despite the setbacks, Mr Sharma said he valued the role regulators play in creating a healthy environment for start-ups in India.
“Things become very big and systematically important, very fast,” he said. “We have been able to very happily see our regulator engage.”
Shares of Paytm, publicly traded as One97 Communications, have plunged about 45 per cent since the regulators imposed the prohibitions on the bank on January 31.
Still, they’ve recovered from their lows after Paytm struck a deal with Axis Bank, tapping the lender to handle some of the tasks previously handled by Paytm Payments Bank. Paytm is currently working to add more banks as partners.
“Asia has an opportunity to build a financial system for the next generation,” Mr Sharma said. “Make Paytm an Asia leader – in my lifetime, I would like to do that.”
Additional reporting by Bloomberg
Bib%20Gourmand%20restaurants
%3Cp%3EAl%20Khayma%0D%3Cbr%3EBait%20Maryam%0D%3Cbr%3EBrasserie%20Boulud%0D%3Cbr%3EFi'lia%0D%3Cbr%3Efolly%0D%3Cbr%3EGoldfish%0D%3Cbr%3EIbn%20AlBahr%0D%3Cbr%3EIndya%20by%20Vineet%0D%3Cbr%3EKinoya%0D%3Cbr%3ENinive%0D%3Cbr%3EOrfali%20Bros%0D%3Cbr%3EReif%20Japanese%20Kushiyaki%0D%3Cbr%3EShabestan%0D%3Cbr%3ETeible%3C%2Fp%3E%0A
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
More on Quran memorisation:
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
HWJN
%3Cp%3EDirector%3A%20Yasir%20Alyasiri%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Baraa%20Alem%2C%20Nour%20Alkhadra%2C%20Alanoud%20Saud%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE currency: the story behind the money in your pockets
Company%20Profile
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THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
TEAMS
US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
SERIE A FIXTURES
Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)
Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)
Monday Spezia v Sampdoria (11.45pm)
Walls
Louis Tomlinson
3 out of 5 stars
(Syco Music/Arista Records)
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
The%20specs
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Company%20profile
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Picture of Joumblatt and Hariri breaking bread sets Twitter alight
Mr Joumblatt’s pessimism regarding the Lebanese political situation didn’t stop him from enjoying a cheerful dinner on Tuesday with several politicians including Mr Hariri.
Caretaker Culture Minister Ghattas Khoury tweeted a picture of the group sitting around a table at a discrete fish restaurant in Beirut’s upscale Sodeco area.
Mr Joumblatt told The National that the fish served at Kelly’s Fish lounge had been very good.
“They really enjoyed their time”, remembers the restaurant owner. “Mr Hariri was taking selfies with everybody”.
Mr Hariri and Mr Joumblatt often have dinner together to discuss recent political developments.
Mr Joumblatt was a close ally of Mr Hariri’s assassinated father, former prime minister Rafik Hariri. The pair were leading figures in the political grouping against the 15-year Syrian occupation of Lebanon that ended after mass protests in 2005 in the wake of Rafik Hariri’s murder. After the younger Hariri took over his father’s mantle in 2004, the relationship with Mr Joumblatt endured.
However, the pair have not always been so close. In the run-up to the election last year, Messrs Hariri and Joumblatt went months without speaking over an argument regarding the new proportional electoral law to be used for the first time. Mr Joumblatt worried that a proportional system, which Mr Hariri backed, would see the influence of his small sect diminished.
With so much of Lebanese politics agreed in late-night meetings behind closed doors, the media and pundits put significant weight on how regularly, where and with who senior politicians meet.
In the picture, alongside Messrs Khoury and Hariri were Mr Joumbatt and his wife Nora, PSP politician Wael Abou Faour and Egyptian ambassador to Lebanon Nazih el Nagari.
The picture of the dinner led to a flurry of excitement on Twitter that it signified an imminent government formation. “God willing, white smoke will rise soon and Walid Beik [a nickname for Walid Joumblatt] will accept to give up the minister of industry”, one user replied to the tweet. “Blessings to you…We would like you to form a cabinet”, wrote another.
The next few days will be crucial in determining whether these wishes come true.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
Company%C2%A0profile
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Getting%20there%20and%20where%20to%20stay
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