Hit by a sluggish stock market and economic slowdown, some Washington billionaires have gotten a little less wealthy and fallen to lower ranks on Forbes' annual list of billionaires.
The global list of 2023 includes 13 billionaires, with a total wealth of $350 billion, who call Washington home. In total, Forbes listed 2,640 people worth $12.2 trillion. Their combined wealth dropped $500 billion from last year.
Of the Washingtonian group, just philanthropist Melinda French Gates, one of only two women from Washington, and property developer Martin Selig are wealthier now compared with a year ago.
Former Amazon CEO Jeff Bezos became the third-richest person in the world, down from second in 2022. Over the year, his wealth decreased from $171 billion to $114 billion.
Microsoft co-founder Bill Gates, listed in 2022 as the fourth-richest person in the world, dropped to sixth as his wealth decreased from $129 billion to $104 billion.
Bezos and Gates remain the two richest people in Washington despite faltering tech stocks. In the year leading to the list date, Amazon and Microsoft stocks decreased 38% and 12%, respectively.
The richest person in the world is Bernard Arnault, CEO of French luxury conglomerate LVMH, which owns brands such as Dior and Sephora. Arnault was previously listed as the third richest in 2022, but rose to the top by growing his fortune from $158 billion last year to $211 billion in 2023. Elon Musk, the richest person in the world in 2022, became the second richest this year as his wealth decreased from $219 billion last year to $180 billion in 2023.
Forbes describes its methodology as "a snapshot of wealth using stock prices and exchange rates from March 10, 2023." It is possible that some people may have gained or lost wealth since the list was published.
Former Microsoft CEO Steve Ballmer is the third richest in Washington and 10th globally, amassing a fortune of $80.7 billion, according to Forbes. Ballmer was the ninth-richest person in the world last year. His wealth decreased by more than $10 billion from 2022. Similarly, philanthropist MacKenzie Scott's fortune decreased by nearly half from $43.6 billion in 2022 to $24.4 billion in 2023. Scott has declared she wants to donate more than half her wealth.
French Gates' wealth increased slightly from $6.2 billion last year to $6.5 billion in 2023, according to Forbes. She first joined the list last year, ranking at No. 411. Her position on the list rose to No. 390 in 2023. French Gates is the co-chair of the Seattle-based Bill & Melinda Gates Foundation.
Gabe Newell, the CEO of Bellevue-based video game company Valve, kept his wealth the same at $3.9 billion.
Former Starbucks CEO Howard Schultz saw his wealth drop from $4 billion in 2022 to $3.7 billion this year. Schultz last month left the Seattle-based coffee giant as CEO but remains on the board of directors.
Other Washington residents on the list include Microsoft executive Charles Simonyi, Oakley founder James Jannard, telecom entrepreneur Craig McCaw, Selig and cybersecurity firm founders Orion and David Hindawi.
Here are the Washington billionaires who made the global list:
