Bernard Arnault, the chairman of French luxury goods conglomerate LVMH, has overtaken Elon Musk to become the world’s richest person, according to reports. With a net worth of $211 billion, Arnault’s fortune has surged by more than $50 billion in the past year, allowing him to seize the top spot from Musk, who held the title in 2021 with a net worth of $216 billion.
Arnault’s LVMH owns several renowned brands including Louis Vuitton, Christian Dior, and Tiffany & Co. The company’s record-high profits in 2021 have helped boost Arnault’s net worth and catapulted him to the top of Forbes’ list of billionaires.
On the other hand, Musk’s net worth has slipped to $180 billion, primarily due to his purchase of Twitter for $44 billion, which was funded by Tesla shares. Despite this setback, Musk’s SpaceX valuation has surged from $13 billion to $140 billion in just one year.
According to Forbes, Musk’s drop to second place is largely due to his public persona and online behaviour.
Forbes said in a statement that-
“Musk has mostly tweeted himself out of the top spot on the ranks”.
Arnault first appeared on Forbes’ billionaire list in 1997 with a net worth of $3.6 billion. Over the years, his fortune has grown thanks to the 70 luxury brands under the LVMH umbrella. At 74, Arnault’s banner year in 2021 has put him in the top spot among the world’s billionaires.
