Bernard Arnault Overtakes Elon Musk As World's Richest With $207.6 Bn Net Worth
French billionaire Bernard Arnault has clinched the title of the world's richest person, surpassing Tesla's CEO Elon Musk, as per reports.
Arnault, currently serving as the Chairman and CEO of LVMH (Moët Hennessy – Louis Vuitton), commands a net worth of USD 207.6 billion, while Musk trails closely behind at USD 204.7 billion. The two have been engaged in this wealth tug-of-war since 2022, with Arnault securing the top spot in late 2022 amidst a struggle for tech stocks amid high inflation.
Arnault's ascent to the summit was fueled by a noteworthy surge of USD 23.6 billion in net worth on Friday, driven by strong performance in LVMH's fourth-quarter results. The luxury goods group reported a 10 per cent increase in sales, reaching nearly 24 billion euros (USD 26 billion) in the final three months of the year. Resilient demand, particularly from Chinese buyers, for high-end fashion from brands like Louis Vuitton, Dior, and Tiffany contributed to this success.
The shift in rankings occurred as Musk faced a setback, losing over USD 18 billion in net worth due to a nearly 13 per cent dip in Tesla's stock on Thursday.
Bernard Arnault, born into an industrial family in Roubaix, France, on 5 March 1949, has played a pivotal role in shaping LVMH into the world's leading luxury products group since becoming its majority shareholder in 1989. For his significant contributions, Arnault has received honors, including Grand Officier de la Légion d'Honneur and Commandeur des Arts et des Lettres. The business magnate expressed satisfaction with LVMH's growth rate and exuded confidence about the company's prospects in 2024.
