Forbes reports that Bernard Arnault, the chairman and CEO of global luxury goods company LVMH, has surpassed Elon Musk to become the world’s richest person. The net worth of the 74-year-old, along with his family, reached $207.8 billion after a substantial $23.6 billion increase on Friday.
Elon Musk, the CEO of Tesla, currently holds a net worth of $204.5 billion, according to the publication. The ongoing rivalry between these two titans for the top position in the list of the world’s wealthiest individuals has been closely watched.
Bernard Arnault initially overtook Musk in December 2022, marking a shift as the tech industry faced challenges, while the luxury sector displayed resilience amid inflation concerns. Last year, the French billionaire briefly surpassed Musk’s net worth, but in June 2023, Musk reclaimed the title of the world’s wealthiest person. This occurred following a significant $11.2 billion decrease in Arnault’s fortune in a single day, sparking concerns about a potential economic slowdown in the US and its potential impact on luxury goods demand, as reported by Bloomberg.
During a period when their combined net worth reached approximately $426 billion, Musk, aged 51, and Arnault chose an opulent venue for their meeting in Paris. Bloomberg notes that the two billionaires convened at Cheval Blanc, a luxurious hotel chain owned by Arnault’s LVMH.