Bernard Arnault overtakes Elon Musk as the richest person in the world with $211 billion
Elon Musk is no longer the richest person in the world.
The Tesla founder and CEO of Twitter was dethroned from the top spot on Forbes’ billionaires list in 2023 by French fashion industry executive Bernard Arnault, who has a fortune of $211 billion, a announced the release on Tuesday.
The 74-year-old CEO of LVMH, the parent company of more than 70 high-end brands such as Louis Vuitton, Christian Dior, Givenchy, Tiffany’s, Marc Jacobs, Sephora, Fenty Beauty and more, added 53 billion dollars to his net worth. in the past 12 months – the biggest jump of any billionaire this year, Forbes reported.
Arnault claimed Musk’s top spot in last year’s list with $31 billion more than the 51-year-old SpaceX CEO.
For the past three years, he’s been third on the billionaire list behind Musk and Amazon founder Jeff Bezos.
The Frenchman made his first spot on the Forbes list in 1997 when he was worth $3.1 billion and rose through the ranks in the years that followed until he reached the top five of the most rich in 2011.
He’s been the head of LVMH for about three decades and helped boost the luxury goods company’s revenue from $4 billion in 1989 to $86 billion last year, according to the outlet. Shares of the company have soared 35% over the past year.