Nearly half of all billionaires are poorer than they were a year ago, according to Forbes Magazine’s 2023 World’s Billionaires List released this month.

Forbes attributes the decline in some billionaires’ net worth to falling stocks, wounded unicorns and rising interest rates that resulted in a down year for the world’s wealthiest people. Forbes counted 2,640 ten-figure fortunes in the latest ranking, down from 2,668 last year globally. Altogether, the planet’s billionaires are now worth $12.2 trillion, a drop of $500 billion from $12.7 trillion in March 2022, according to the publication.

Elon Musk, last year’s number one spot holder, fell into the second spot following his $43 billion takeover of Twitter, which help sink Tesla shares. Jeff Bezos, once the world’s richest person for four years in a row, took the third spot on the overall list but the top spot on the list of the world’s richest people in the technology space.

Meanwhile, non-techie Bernard Arnault, head of luxury goods giant LVMH, took the top spot as the world’s richest person, marking the first time a citizen of France has lead the ranking. However, Forbes found that the United States still boasts the most billionaires with 735 list members worth a collective $4.5 trillion.

Forbes’ list of the world’s richest people highlights the estimated net worth, as well as business successes and philanthropic efforts, of the world’s wealthiest. What follows is a list of the top 20 tech billionaires in 2023, according to Forbes.