Thirty years of change, thirty years of transformation. Looking back at the world’s richest list from 1987 to 2026, you will see what is called the passage of time.

In 1987, Japanese real estate tycoon Yoshiaki Tsutsumi topped the global wealth rankings with a net worth of $20 billion. At that time, Japan’s economic bubble was at its peak, and real estate was the main way to accumulate wealth. Tsutsumi secured his position through the Seibu Railway and related real estate empire.

In the following two years, his wealth fluctuated slightly—$18.9 billion in 1988, dropping to $15 billion in 1989. But he did not lose his position as the richest person. By 1990, his wealth rebounded to $16 billion.

Then the tides turned. In 1991, another Japanese magnate, Taikichiro Mori, took over as the world’s richest with a net worth of $15 billion. In 1992, Mori’s wealth decreased to $13 billion, but he still remained the world’s richest.

What does this reflect? It reflects Japan’s economic heyday and the absolute dominance of Asian wealth at that time. And if you look further ahead, you will see that the identity of the richest person has been constantly changing—from Japanese real estate tycoon, to American tech giants, to today’s globalized business landscape. Each shift marks the end of an era and the beginning of a new one.