With the cost of just about everything hitting record highs, many are feeling the pinch in their wallets when it comes to some expenses. For a select few, though, those unaffordable expenses seem like pocket change. So what does it take to become the richest in Michigan? Billions according to Forbes.

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The business magazine, owned by Integrated Whale Media Investments and the Forbes family, has released its annual Forbes' 2023 "World's Billionaire List. We had to chuckle and lacked some empathy, when the article stated, "Nearly half of all billionaires are poorer than they were a year ago", yet still were billionaires. Tough spot to be in, but we'd love to try.

This year's richest person in the world is Bernard Arnault, head of luxury goods giant LVMH. LVMH is an empire of 75 fashion and cosmetics brands, including Louis Vuitton and Sephora, giving Arnault the crowing net worth of a whopping $211 billion allowing him to edge out Elon Musk with just $180 billion.

Who is the Richest Person in Michigan?

Once again Dan Gilbert still reigns supreme as the richest person in Michigan

With a net worth of $18 billion, Gilbert ranked No. 92 on Forbes' 2023 "World's Billionaire List," released Tuesday. The chairman of Detroit-based Rocket Companies clocked in at the #92 spot on the Forbes list, which isn't too shabby considering it's worldwide. According to Craine's Detroit Business, that's a drop from the 71st spot he held last year.

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The 61-year-old Gilbert is in good company rounding out the 10 Richest People in Michigan with the following;

  1. Dan Gilbert: Rocket Companies- Net Worth $18 billion
  2. Ronda Stryker: Stryker Corp- Net Worth $16.9 billion
  3. Mat Ishbia: Wholesale Mortgage Chairman and CEO- Net Worth $5.4 billion
  4. Doug Meijer: Meijer- Net Worth $4.6 billion
  5. Mark Meijer: Meijer-Net Worth $4.6 billion
  6. Hank Meijer: Meijer- Net Worth $4.6 billion
  7. Marian Ilitch: Little Caesars Pizza- Net Worth $4.3 billion
  8. Jon Stryker: Stryker Corp- Net Worth $4.3 billion
  9. Pat Stryker: Stryker Corp- Net Worth $3.2 billion
  10. Roger Penske: Chairman & CEO Penske Automotive Group- Net Worth $3.2 billion.

As you can see, it's a bit of a family affair when it comes to Michigan's billionaire club.

You can view the complete Forbes' 2023 "World's Billionaire List" here. 

25 richest families in America

To find out which clans hold the most wealth, Stacker compiled a list of the 25 richest families in America using 2020 data from Forbes.

LOOK: Here is the richest town in each state

Just saying the names of these towns immediately conjures up images of grand mansions, luxury cars, and ritzy restaurants. Read on to see which town in your home state took the title of the richest location and which place had the highest median income in the country. Who knows—your hometown might even be on this list.