Forbes recently released its list of the wealthiest people in the world, and a familiar billionaire topped the list for the first time since 2022
Elon Musk was named the richest person in the world, a comeback after being dethroned Bernard Arnault and family for several years.
A record 3,028 people around the globe making Forbes’ annual list for 2025, 247 more than last year. The average fortune globally now stands at $5.3 billion, up $200 million from 2024, among those listed.
The U.S. has 902 billionaires. China, including Hong Kong, had 516, and India has 205.
Mississippi had two billionaires on the list.
Forbes indicated that the United States had a favorable backdrop for wealth creation and increasing visibility of the ultra-rich, starting with the White House, where Donald Trump was sworn in as “America’s billionaire-in-chief.”
Here’s what to know about the richest person in the world and the richest people in Mississippi.
Elon Musk is the world’s richest person.
His operations, which include work in AI (xAI); social media (X); electric vehicles, solar power and batteries (Tesla); and spaceflight (SpaceX), among others, propelled his wealth to $342 billion, according to Forbes.
“This time around, he’s giving the billionaire class more control over the government than ever before,” Forbes said. “(Trump’s) right-hand man is the planet’s richest person.”
Brothers James Duff, 64, and Thomas Duff, 68, are both ranked 1,108 on the list. They each have a net worth of $3.3 billion. Both live in Hattiesburg.
Their father, Ernest Duff, founded Southern Tire Mart in the early ’70s. He sold the business in 1998, and the pair bought it back in 2003. According to Forbes, it’s their biggest company and sells more than 4 million new tires a year and 2.5 million truck tire retreads. They’re working with Flying J truck stops to expand.
The pair co-own Duff Capital Investors, which they launched in 2007. The company’s total revenue exceeds $5 billion from more than 20 companies that include KLLM trucking, Frozen Food Express, TL Wallace Construction, Magnolia Grille, Magnolia Inn& Suites. The business also has investments in several car dealerships and real estate.
Tom Duff has served on the Mississippi Power Company Board of Directors since being elected in 2018. Then-Gov. Phil Bryant appointed him to serve on the Mississippi Institutions of Higher Learning Board of Trustees from May 2015 to May 2024.
The brothers have made the Forbes billionaires list since 2019, when they started with a net worth of $1.2 billion.
Mississippi native Oprah Winfrey also made the list with a net worth of $3 billion this year.
According to Forbes, the Top 10 richest people and their net worth were:
Contributing: Lici Beveridge
Russ Wiles, a business writer and columnist, covers a range of money and economic topics for The Republic and the USA TODAY Network. Write to him at russ.wiles@arizonarepublic.com.
Bonnie Bolden is the Deep South Connect reporter for Mississippi with Gannett/USA Today. Email her at bbolden@gannett.com.