Bernard Arnault has overtaken Elon Musk to become the world's richest man

LVMH Chief Executive Officer (CEO) Bernard Arnold Photo: Reuters

French tycoon Bernard Arnault has overtaken Elon Musk, the head of electric car company Tesla, as the world's richest man. Yesterday Sunday afternoon, he surpassed Elon Musk.

At the time of writing this report on Monday, Bernard Arnault's net worth is 207.2 billion or 20 thousand 720 million dollars. The wealth of Elon Musk in second place is 204.7 billion or 20 thousand 420 million dollars. Jeff Bezos, co-founder of e-commerce company Amazon, in third place; His wealth was 181.3 billion or 18 thousand 130 million dollars. According to Forbes, the Hindustan Times reported this news.

Last Friday, the total wealth of the Arnault family increased by 23.6 billion or 2,360 million dollars. On the same day, the second richest Elon Musk's wealth decreased by 18 billion or 1 thousand 8 billion dollars.

All nine of the top ten on the list are US citizens. Indian billionaire Mukesh Ambani is in the 11th place, that is, he is the richest person in Asia. Mukesh Ambani's total wealth is 110 billion or 11 billion dollars.

Meanwhile, the Bloomberg Billionaires Index says otherwise. Elon Musk is still the world's richest man on this list; His wealth is worth 199 billion 19 thousand 9 billion dollars.

Bernard Arnault is the CEO of the global luxury brand LVMH or Louis Vuitton. He is the top rank in terms of wealth but he is not as well known as other billionaires. Even though he owns a lot of wealth, Arnault prefers to stay hidden. Therefore, the way everyone knows Jeff Bezos, Bill Gates, Gautam Adani, or Elon Musk by name, Bernard Arnault may not be known by many. Despite this, he has topped the list of rich people several times. Earlier in December 2022, he was recognized as the world's richest person in the Bloomberg Billionaires Index.

In 1989, a couple of years after the LVMH group was formed with Louis Vuitton and Mo√ęt Hennessy, Arnault bought a significant share of the company. Since then he has been serving as Chairman and CEO of LVMH.

For more than three decades, Bernard Arnault has built LVMH into a leading brand of luxury goods. LVMH has a wide range of products including champagne, wine, fashionable clothing, leather goods, watches, jewelry, cosmetics, and perfumes. Currently, LVMH has 55000 branches across the world.

The rich list changes frequently. As this list is done based on asset value, share price plays a major role in this regard. If the share price falls, the asset value of the rich decreases, if it increases, the asset value increases. 

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