Since 1937, Forbes has annually unveiled the richest people, spanning diverse sectors like technology, media, finance, automotive, fashion, exemplifying how success and wealth can be achieved through contributions to many areas. This article delves into Forbes, its past richest individuals and the current leader of the year.
Established in 1917 by Scottish-born financial journalist Bertie Charles Forbes in New York City, Forbes is an American global media company focusing on business, leadership, investing, technology, lifestyle, and entrepreneurship. Following B.C. Forbes' passing, his son Malcolm Forbes assumed leadership, transforming the company into one of today’s biggest digital media sources, providing various valuable insights in discussions.
The former top-ranked people were Elon Musk, Jeff Bezos and Bill Gates. Bezos was the wealthiest for three years, whereas Gates maintained the pinnacle for four successive ones, and both continue to feature in the top 10, their ongoing succes achieved in various industries. Let us engage in comprehensive overviews of these individuals.
Bill Gates, co-founder of Microsoft, being a perennial figure in this list, not only shaped technology but also inspired numerous entrepreneurs through perseverance after a failed venture and philanthropic efforts via founding Microsoft alongside The Bill & Melinda Gates Foundation. Bill Gates is known for his charitable works as well, showcased by the bespoken foundation he created with his wife that funds global health programs and projects.
Jeff Bezos, an important player in the expansion of e-commerce, assumes a substantial role as the founder and Chief Executive Officer of Amazon.com. This online retail behemoth encompasses a broad range of products, positioning Bezos prominently in the industry. Having graduated from Princeton University with degrees in engineering and computer science, he embarked on a career at the New York Investment Bank, exploring investment opportunities related to the Internet. These studies sparked his imagination and ignited his entrepreneurial spirit. Initiating his journey by establishing Amazon in his Seattle garage, Bezos underwent an outstanding evolution from humble beginnings to monumental corporate success. The site’s user-friendly interface and extensive product offerings made Amazon.com become dominant in e-commerce over the years. Understandably, his story that begins in his garage in Seattle to huge company buildings aspires many.
Elon Musk, renowned for co-founding PayPal, founder of SpaceX, early investor of Tesla, owner of X, stands unmatched in the business milieu. Armed with degrees in physics and economics from the University of Pennsylvania, Musk briefly pursued a graduate program in physics at Stanford University before quitting it after only two days, believing in the transformative power of the internet that led him to abandon this science. His initial two ventures have been acquired by eBay and Compaq. An immense fascination with the prospect of humanity becoming a multi-planet species motivated Musk while his ascendancy improved alongside SpaceX. Supported by the fastidious design of rockets, his contributions to scientific research, especially in space, declare him a forward-thinking visionary, guaranteeing his wealth.
The richest person of 2024 is Bernard Arnault, the first French person atop Forbes’ list, is notable for his role as the Chairman and the CEO of Louis Vuitton Moët Hennessey (LVMH), a worldwide front-runner of luxury products. Post completing his studies with an engineering degree from École Polytechnique in Paris he took control of his father's construction firm. Partnering with Antoine Bernheim, they purchased Boussac Saint-Frères, a bankrupt textile company that owned the fashion house of Christian Dior. In the following years, his strategic investments with Guinness PLC ousted Racamier, led to the acquisition of several high-end brands under LVMH. These brands include Givenchy, Kenzo, Loewe, Céline, the beauty retailer Sephora; Fendi, Bulgari and Tiffany & Co.
Bernard Arnault revitalized French couture in 1995, by appointing John Galliano to Christian Dior and Alexander McQueen to Givenchy, as a result of which he was named the “Pope of Fashion.” Further displaying his fashion foresight, Arnault hired Marc Jacobs as the creative director at Louis Vuitton, coinciding with LVMH’s major stake in Jacobs’ eponymous brand. All these designers evolved into one of the most successful in today’s world showed everyone his fashion anticipation, reinforcing his success once again.
Forbes has ranked the wealthiest people in the world across a wide range of industries for the last 87 years. Previous summit achievers Musk, Bezos, Gates, and the most recent, Bernard Arnault, Chairman of LVMH, demonstrate success and influence in the contemporary world.
Works Cited
Cosgrave, Bronwyn. “Bernard Arnault | French Businessman.” Encyclopedia Britannica. Accessed 31 Jan. 2024.
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LVMH. “Bernard Arnault, Chairman and Chief Executive Officer of LVMH.” LVMH, 26 Nov. 2019. Accessed 31 Jan. 2024.
Britannica. “Bill Gates | American Computer Programmer, Businessman, and Philanthropist.” Encyclopædia Britannica, 5 Dec. 2018. Accessed 31 Jan. 2024.
Forbes. “Billionaires 2023.” Forbes, 2023. Accessed 31 Jan. 2024.
The Editors of Encyclopaedia Britannica. “Jeff Bezos | Biography & Facts.”
Encyclopædia Britannica, 6 Mar. 2019. Accessed 31 Jan. 2024.