According to a report, Mr. Arnault’s net worth surpassed that of the Tesla CEO on Friday, reaching $204.7 billion. In contrast, Mr. Musk’s net worth dropped by 13 percent, resulting in a loss of over $18 billion.
Bernard Arnault, the Chairman and CEO of Moet Hennessy Louis Vuitton (LVMH), has overtaken Elon Musk to claim the title of the world’s wealthiest individual. According to Forbes, the net worth of the French billionaire and his family has soared to $207.6 billion, following a remarkable increase of $23.6 billion.
On Friday, Mr. Arnault’s net worth surpassed that of Tesla CEO, reaching $204.7 billion, as Mr. Musk experienced a 13 percent decline in his net worth, losing over $18 billion.
Since 2022, these two billionaires have been engaged in a fierce battle for the top spot, with Mr. Arnault reportedly securing the coveted position towards the end of that year.
The report further disclosed that LVMH, the conglomerate behind renowned luxury brands such as Dior, Bulgari, and Sephora, has achieved a market capitalization of $388.8 billion, in comparison to Tesla’s $586.14 billion.
According to the Forbes real-time billionaires list, the top 10 richest people in the world are:
Bernard Arnault & Family ($207.6 billion)
Elon Musk ($204.7 billion)
Jeff Bezos ($181.3 billion)
Larry Ellison ($142.2 billion)
Mark Zuckerberg (139.1 billion)
Warren Buffett ($127.2 billion)
Larry Page ($127.1 billion)
Bill Gates ($122.9 billion)
Sergey Brin ($121.7 billion)
Steve Ballmer (118.8 billion).
However, according to the Bloomberg Billionaires Index, Mr. Musk remains the wealthiest individual globally, boasting a net worth of $199 billion. Following closely behind is Jeff Bezos, the founder of e-commerce behemoth Amazon, with a wealth of $184 billion. Occupying the third spot on the index is Bernard Arnault, whose net worth amounts to $183 billion. Interestingly, in April of the previous year, Mr. Arnault witnessed his fortune surpass the $200 billion mark as the company’s shares reached an all-time high. This achievement placed him in the esteemed company of Elon Musk and Jeff Bezos, who had previously attained this milestone. At that time, the Bloomberg Billionaires Index reported a $2.4 billion increase in Mr. Arnault’s net worth, bringing it to $201 billion. Thanks to the surging demand for luxury goods, Mr. Arnault’s wealth has further surged by $39 billion in 2023, driven by a 30% rise in LVMH shares.