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As pretty much every wrestling fan knows, Ric Flair is considered a 16 time world champion by WWE. However, it's less well known that this number has been disputed. If you take a look at his Wikipedia page, there's 19 in total: 9 NWA, 8 WCW, and 2 WWF.
TL;DR: Ric Flair has 19 world championship reigns that were recognized by WCW, NWA, and/or the WWE at one point in time. WWE does not recognize his eighth NWA world title reign, nor do they recognize his first or third WCW world title reign. This is where they get their record of 16.