Who is the richest person in the world?
EACH year Forbes magazine releases a list of the wealthiest people in the world.
Towards the end of the calendar year, the publication details the goings-on in the financial world, revealing who has risen to - or dropped from - the coveted top spot.
He overtook last year's winner, luxury brand tycoon Bernard Arnault - who owns 70 brands including Louis Vuitton and Sephora.
In 2022, Musk took the title from Amazon executive chairman Jeff Bezos at the top of the list. Bezos is sitting third this time, with Larry Ellison following him in fourth place.
Mark Zuckerberg, known for co-founding Facebook, beat Bill Gates for fifth place.
Who was at the top of the Forbes list for 2023?
Forbes magazine regularly updates its list of the top richest celebrities.
Here is a look at the top five richest people in the world for 2023:
1. Elon Musk
Elon Musk is one of the most recognisable faces in business who has become famous for his galaxy-wide scope and vast ambition.
With a net worth of $251.3 billion, Elon Musk ranked at the top of Forbes' list of richest people in the world.
Among his many roles, he is the founder and CEO of SpaceX as well as CEO and product architect of Tesla Motors.
In 2022 Musk acquired social media platform Twitter and later changed its name to X.
2. Bernard Arnault
Bernard Arnault is the chairman of world's largest maker of luxury goods, LVMH, and was named the richest man in the world in 2023. His wealth grew to $200.7 billion in 2024.
The Frenchman oversees an empire of around 70 brands including including luggage maker Louis Vuitton, Moet champagne and Hennessy brandy.
Arnault made headlines in 2020 when he committed $22 million to the rebuilding of fire-ravaged Notre Dame Cathedral in Paris.
He controls about half of Paris-based LVMH and also owns a 97% share in Christian Dior.
Bezos is also the founder of Blue Origin, a company working to develop commercial space travel.
Blue Origin sent its first crewed mission into space on July 20, 2021, with Bezos one of the four crew members on the ten-minute trip.
He also owns the Washington Post and his total wealth is estimated at $168.4 billion.
4. Larry Ellison
Larry Ellison is a businessman and entrepreneur who co-founded the software company Oracle Corporation.
His net worth is around $135.3 billion.
He was the CEO of the company from 1977 to 2014 but is now its chief technology officer and executive chairman.
Ellison has been a member of the board of Tesla and owns around 15 million shares in Musk's company.
The billionaire lives on the Hawaiian island Lanai, which he bought nearly all of in 2012 for $300 million. He still maintains his homes in California and Nevada.