Forbes names Elon Musk world's richest person

In its 39th annual ranking of the world’s wealthiest individuals, Forbes has recognised Elon Musk, the head of the US Department of Government Efficiency (DOGE), as the wealthiest person globally.

Musk's fortune is valued at a staggering $342 billion, according to the magazine’s latest figures, Caliber.Az reports, citing Forbes.

Mark Zuckerberg, CEO of Meta (which has been labelled an extremist organisation in Russia), claimed the second spot with an estimated wealth of $216 billion. Amazon founder Jeff Bezos secured third place with $215 billion, while Oracle co-founder Larry Ellison followed closely with $192 billion.

Last year’s number one, Bernard Arnault, the billionaire behind LVMH (Louis Vuitton Moët Hennessy), dropped to fifth position, with his fortune now at $178 billion. Forbes also reported that a record-breaking 3,000+ individuals, collectively worth an impressive $16.1 trillion, made the cut for the 2025 list. Notably, this year marks the first time that three individuals boast fortunes exceeding $200 billion.

In a surprising update, former US President Donald Trump saw his wealth increase dramatically from $2.3 billion in 2024 to $5.1 billion in 2025. Forbes credits Trump’s fortune boost to a highly profitable cryptocurrency investment prior to his return to the White House. His wealth remains largely tied to his extensive real estate holdings, including golf clubs, luxury estates, vineyards, and his iconic Boeing 757-200, dubbed Trump Force One.

Moreover, Forbes also revealed that the number of Russian billionaires in the rankings reached an all-time high, with 146 individuals representing the country – a significant jump from 125 in 2024. The combined wealth of Russian billionaires reached a new historical peak of $625.5 billion.

At the top of the Russian list is Vagit Alekperov, the founder of Lukoil, whose fortune increased to $28.7 billion over the past year.

By Aghakazim Guliyev