Bezos, who has been ranked No. 1 for the last four years, saw his net worth more than double to $177 billion from $64 billion a year ago as Amazon benefitted from pandemic-era demand for online goods and services.
Bezos stepped down as CEO of Amazon in early February.
Musk jumped to the second spot with a net worth of $151 billion - he was ranked No. 31 last year with a net worth of $24.6 billion. In January, Musk briefly passed Bezos to become the richest person in the world before slipping back to the second spot.
LVMH Chairman Bernard Arnault came in third for a second year but doubled his fortune to $150 billion.
Investor and business tycoon Warren Buffett fell out of the top five for the first time in more than two decades as tech executives dominated the rankings at Forbes.
Forbes said the "world’s wealthiest exploded to an unprecedented 2,755 billionaires, 660 more than a year ago." Their combined fortunes were worth $13.1 trillion, up from $8 trillion on the 2020 list, Forbes said.
"The very, very rich got very, very richer," said Forbes' Chief Content Officer Randall Lane in an interview with Reuters Video News.