These LI Billionaires Are Among World's Richest: Forbes 2022 List

LONG ISLAND — The billionaires of the world are worth a whopping $12.7 trillion — even though their fortunes fell by more than $400 billion as sanctions target Russian oligarchs following Vladimir Putin's invasion of Ukraine and the pandemic continues to cause economic difficulties, according to the recently released Forbes World's Billionaires List.

More than 1,000 billionaires are richer than they were a year ago. And more than 200 people became billionaires over the past year as ordinary Americans grapple with record gas prices and rising food costs at the grocery store.

The number of billionaires on this year's list slipped to 2,668 — 87 fewer than last year.

A total of 11 billionaires on this year's list hail from Long Island. Jim Simons, the founder of quantitative investment management company Renaissance Technologies, is at the top. He has a net worth of $28.6 billion, an increase of $4 billion from a year ago.

The East Setauket resident is the former chairman of Stony Brook University's Department of Mathematics. In 2011, the Simons Foundation presented Stony Brook with a gift of $150 million, which remains the largest gift ever given to a SUNY school.

Other Long Island billionaires on the list include:

• Ken Langone, investments, $5.8 billion (Sands Point)
• Charles Dolan, cable television, $5.4 billion (Oyster Bay)
• Katherine Rayner, media, automotive, $5.2 billion (East Hampton)
• Margaretta Taylor, media, automotive, $5.2 billion (Southampton)
• Julian Robertson, hedge funds, $4.8 billion (Locust Valley)
• Don Vultaggio, beverages, $3.9 billion (Port Washington)
• Pablo Legorreta, investments, $3.8 billion (Sag Harbor)
• Louis Bacon, hedge funds, $1.6 billion (Oyster Bay)
• Mitchell Jacobson, industrial equipment, $1.3 billion (Locust Valley)
• Axel Stawski, real estate, $1 billion (Sagaponack)

To compile this year's list, Forbes used a snapshot of its real-time billionaires rankings by analyzing stock prices and exchange rates for March 11.

The United States still leads the world with 735 billionaires worth a collective $4.7 trillion. This includes Tesla CEO Elon Musk, who tops the World's Billionaires List for the first time.

Former Amazon CEO Jeff Bezos fell to the second spot on this year's list. Bezos, who founded the e-commerce giant out of his garage in Seattle, Washington, stepped down as CEO in 2021 and is now executive chairman of the company.

Meanwhile, France's Bernard Arnault of LVMH remains at No. 3, followed by Bill Gates of Microsoft at No. 4. Rounding out this year's top five is Warren Buffett of Berkshire Hathaway.

U.S. billionaires could surrender more wealth should Congress pass a "Billionaire Minimum Tax" proposed in President Joe Biden's fiscal year 2023 budget proposal.

Under the proposal, households worth more than $100 million would pay at least 20 percent in taxes on both income and "unrealized gains," or the increase in an unsold investment's value. Many wealthy people hold onto these investments for decades, meaning they're never taxed, the administration said.

However, the bill's prospects seem grim after Democrat Sen. Joe Manchin spoke out against it.

"You can't tax something that's not earned. Earned income is what we're based on," Manchin told The Hill. "There's other ways to do it. Everybody has to pay their fair share."

See the full 2022 Forbes Billionaires List.