The 41st annual Forbes 400 list of Richest Americans was released Tuesday and even the extremely wealthy have been hit by the sagging economy with the group collectively 11% poorer than a year ago.
Elon Musk elbowed his way into the No. 1 spot this year in part on the strength of Tesla stock with a net worth of $251 billion, pushing aside Amazon Chief Executive Officer Jeff Bezos who had held on at the top of the list for four consecutive years.
Still, the ultra-wealthy aren't hurting, with an overall worth of the list standing at $4 trillion, a drop of $500 billion from last year's record of $4.5 trillion but the second-highest amount recorded since 1982 when the list began, according to the magazine.
Rounding out the top five richest folks on the list are Microsoft's Bill Gates at No. 3 with $106 billion; former Oracle chief executive Larry Ellison at No. 4 with $101 billion; and Warren Buffet, chairman of Berkshire Hathaway ranked No. 5 with $97 billion.
Jim Walton of Bentonville, chairman and CEO of Arvest Bank Group and a son of Sam Walton, was the only Walmart heir to make it into the the top 10 this year, ranking 10th with a net worth of $57.9 billion.
Alice Walton of Texas, Sam Walton's only daughter, was dethroned as the richest woman on the list by Julia Koch who along with her three children inherited a 42% stake in Koch Industries. Koch and her children ranked No. 13 with $56 billion. Walton had been the richest woman on the list since 2015.
Meta Platform's Mark Zuckerberg came in at No. 11 this year with a net worth of $57.7 billion -- down from No. 3 last year and his first time outside the top 1o since 2014. According to the magazine, Zuckerberg's net worth declined $75.8 billion over the year.
The top 20 people on the list account for 40% of the Forbes 400's wealth, at $1.6 trillion, according to the magazine.
The smallest fortune needed to make the list this year was $2.7 billion, down $200 millionfrom $2.9 billion last year, the first drop since the 2008 recession. There are 20 newcomers on the list with 22 of those who had fallen off the list rejoining this year. A total of 41 have fallen off the list.
President Donald Trump returned to the list after dropping off last year, ranking No. 343 with a net worth of $3.2 billion.
This is the fifth year Forbes has included a philanthropy ranking. The score ranks list members on a scale of 1 to 5, with 5 being the most philanthropic.
S. Robson "Rob" Walton of Bentonville, the oldest son in the family, ranked No. 12 with his net worth pegged at $56.7 billion. Both Jim and Rob Walton received a philanthropy score of 1.
Alice Walton, Sam Walton's only daughter and the founder of the Crystal Bridges Museum of American Art in Bentonville ranks No. 15, with wealth valued at $55.7 billion. She earned a philanthropy score of 2.
Lukas Walton, son of Christy and the late John Walton, ranked No. 29 with wealth valued at $20.5 billion. Christy Walton, ranked No. 63 with wealth of $10 billion.
Ann Walton-Kroenke, ranked No. 79 with wealth valued at $8.3 billion. She is the daughter of Sam Walton's brother, James "Bud"Walton. Her husband Stan Kroenke, who owns the Los Angeles Rams, ranked No. 48 with $12.9 billion. Nancy Walton Laurie, another daughter of Bud Walton, ranked 93 with $7.7 billion.
Johnelle Hunt, widow of J.B. Hunt Transport Services founder J.B. Hunt, of Fayetteville ranked No. 252 with wealth of $4.2 billion. She earned a philanthropy score of 2. Warren Stephens of Little Rock ranked No. 343 on the list with wealth placed at $3.2 billion.
Barbra Tyson entered the list for the first time ranked No. 359 with a net worth of $3 billion. She is the wife of the late Randal Tyson, son of Tyson Foods, Inc. founder John W. Tyson. She has served on the company board of directors since 1988.
Jerry Jones, owner of the Dallas Cowboys and a member of the 1964 national championship football team for the Arkansas Razorbacks, ranked No. 44 with $16 billion.