Warren Buffett overtakes Jeff Bezos and may soon pass Bill Gates as he rises up rich list

Billionaire Warren Buffett has climbed up the American rich list and surpassed Amazon founder Jeff Bezos thanks to his billionaire fortune.

The 92-year-old businessman and CEO of Berkshire Hathaway is also reportedly hot on the heels of Microsoft entrepreneur Bill Gates, and if he overtakes him, then he will be the second richest American behind Elon Musk.

According to the Metro’s Tech/Science Editor Jeff Parsons, Musk, Bezos and Zuckerberg had lost a combined $297 billion (£245bn) in the past 12 months, citing a number of factors that made 2022 a 'tough year for tech', including 'supply chain issues, dwindling consumer spending and less engagement from people as Covid-19 lockdowns came to an end'.

Musk’s net worth fell by $132bn (£110bn), with the Tesla owner also losing his title as the world’s richest person earlier this month. The Twitter CEO was instead overtaken by Bernard Arnault, the French business magnate and chief executive of luxury brand Louis Vuitton's parent company LVMH, and his family.

In fact, 2022 has been a pretty devastating year for Musk in terms of his finances. According to The Independent, he has suffered the ‘biggest loss of wealth in modern history’ this year.

The news outlet claims Musk's net worth has plunged by more than USD $200 billion (AUD $295b or £165.9b) in 2022. Not just that, but the Bloomberg Billionaires Index also reported that the South African business magnate had lost around $310.8 million (AUD $470.5m or £173.7m) from his net worth every day this year.