Nearly half of all the world's billionaires are poorer than a year ago. Yes, we know: We also have such problems!

Falling stocks and rising interest rates translated into a down year for the world's richest people. In total, the planet's billionaires are now worth $12.2 trillion, a drop of $500 billion from $12.7 trillion in March 2022. Bill Gates has dropped out of the Top5 and is ranked sixth.

Here are the 5 richest people in the world.

Bernard Arnault & his family - $211 billion: Runs the LVMH empire of 75 luxury fashion and cosmetics brands, including Louis Vuitton and Sephora.

Elon Musk - $180 billion: He co-founded six companies, including electric car maker Tesla, rocket maker SpaceX and underground tunneller the Boring Company.

Jeff Bezos - $114 billion: Bezos founded e-commerce giant Amazon in 1994.

Larry Ellison - $107 billion: Larry Ellison is the chairman, chief technology officer and co-founder of software giant Oracle, where he owns about 35% of the company's stock.

Warren Buffett - $106 billion: One of the most successful investors of all time. American businessman, finanthropist, Warren is known for investments from the world of media to those of real estate.

Source: Forbes