Forbes Magazine launched the publication of the world’s wealthiest individuals back in 1987. Meanwhile, Madison Trust, conducting its independent research, compiled a historical list dating back to 1900. Combining these, we have a list of the richest people from 1900 to 2023. Let’s explore this list.

The Countries: Out of the twelve prominent figures spanning over a century, nine—three-quarters—trace their origins to the United States, highlighting its renowned reputation as the land of opportunity. The remaining three hailed from diverse nations: one from Japan, one from Mexico, and one from France.

Pioneering sectors: This list reads like a who’s who of business titans throughout the periods: Carnegie, Rockefeller, Ford, Walton, Buffet, Bill Gates, Jeff Bezos, Elon Musk—these names are synonymous with their respective industries. Each represents a sector that stood at the forefront of the business world during distinct eras. Steel dominated in 1900, followed by oil, motor vehicles, real estate, and retail. Then came the era of computers in the Information Age, where software took precedence over hardware. This shift in wealth creation was steered by Bill Gates, the pioneer in the personal computer’s operating system. Gates held the top position from 1997 to 2017, with only two interruptions: Warren Buffet (2008), the esteemed investor, and Carlos Slim (2010–13), the versatile Mexican tycoon, briefly claiming the spot.

In 2018, Jeff Bezos took the helm, renowned for his groundbreaking e-commerce platform, Amazon. However, a significant portion of his earnings stemmed from Amazon Web Services (AWS), a pioneering force in cloud computing. The evolution continued from software dominance to providing the infrastructure to support it. Soon after, the innovative entrepreneur Elon Musk (2022) emerged, founder of Tesla, SpaceX, The Boring Company, and xAI—ventures deeply rooted in the future.

Surprisingly, by the end of 2023, a new person from Paris, France, emerged at the top: Bernard Arnault, propelled by his substantial stake in LVMH, Louis Vuitton Moët Hennessy. LVMH oversees 75 prestigious luxury brands, including Tiffany & Co., Christian Dior, Fendi, Marc Jacobs, Sephora, Bulgari, and Princess Yachts.

The emergence of luxury goods post-pandemic: The surge in sales of perfumes, cosmetics, watches, and jewelry in 2023 was partly due to consumers spending excess savings amassed during the pandemic. This resulted in post-pandemic “revenge spending.” Additionally, the reopening of China played a significant role, as Chinese consumers are a driving force behind luxury spending. In India, over a dozen luxury brands entered the market in anticipation of the festive season in 2023, capitalizing on the rising affluence of Indians with higher incomes. This led to increased discretionary spending, even in smaller towns, driven by exposure to global trends, younger consumers’ interest in luxury goods, and a post-pandemic economic surge. The fascination with luxury goods may be a fleeting phenomenon, likely to ebb and flow.

Moving forward, new sectors will emerge, alongside fresh names rising to the top of the world’s wealthiest individuals.

Slippery top: The list compiled by Forbes is based on published and public documents. The majority of wealth lies in those listed and quoted on stock exchanges, so rankings will vary based on fluctuations in these exchanges. Stock market variations are influenced by collective investor expectations, reflecting predictions on individual companies and sectors within an industry. Hence, hype or dips in stock prices can result in shifts in the ranking of individuals on the list.

The unlisted: The ranking by Forbes is not an inclusive one. Many individuals have amassed and enjoy wealth, undisclosed by public documents, thus excluded from this list. On the other side of the spectrum, there might be individuals or families, like the Tatas*, managing and controlling businesses, without owning a significant portion of the business, but setting aside for philanthropic causes. They also do not find a place in the list of the wealthiest.

While the names listed in the wealthiest are noteworthy, the unlisted individuals, for a noble cause, may hold enduring and invaluable significance.

——————-

To read why the Tatas are not included in the ranking of the richest, click here