Overtaking Elon Musk to become the richest man in the world, Bernard Arnault, the billionaire CEO and chairman of LVMH, a multinational luxury goods firm that owns brands including Louis Vuitton, is taking over front pages. Forbes magazine reported that Arnault and his family's wealth increased by $23.6 billion last Friday, bringing their total net worth to $207.8 billion
Bernard Arnault surpasses Elon Musk as the richest person in the world, with a net worth of $207.6 billion. Arnault s rise to the top came as tech stocks struggled due to high inflation. The French billionaire s surge in net worth, driven by positive LVHM results, led him to overtake Musk. Arnault, Chairman and CEO of LVHM, saw a $23.6 billion increase, while Musk s net worth dipped by $18 billion after a 13% drop in Tesla s stock. Luxury goods group LVMH, which owns brands like Louis Vuitton and Dior, posted a 10% rise in Q4 sales, contributing to Arnault s success.
Arnault is founder and chief executive officer of LVMH, the French luxury powerhouse that includes brands such as Louis Vuitton and Moet & Chandon. His wealth has fallen by $6.8 billion since Wednesday, when the company reported softer sales growth. Arnault is now worth $155.1 billion, just below Bezoss $156.3 billion, according to the Bloomberg Billionaires Index.
Mukesh Ambani’s mega-mall already has a list of luxury tenants, including the luxury store of world’s richest billionaire who runs an apparel brand worth Rs 6.9 lakh crore.
The tech billionaire retakes his place despite Twitter's value decline. While everyone else is trying their best to be "first place" in their own endeavors, the 1% are working hard to be top dogs in terms of wealth.