Elon Musk Is No Longer The Richest Person In The World – Once Again

Bernard Arnault, Chairman and CEO of LVMH, has ascended to the title of the world’s richest individual, overtaking Elon Musk, according to Forbes. Arnault’s and his family’s net worth soared to $207.6 billion following a notable $23.6 billion surge. This leap propelled him ahead of Elon Musk, whose net worth experienced a 13% decline to $204.7 billion, resulting in a loss exceeding $18 billion.

The rivalry between these two billionaires traces back to 2022, with Arnault reportedly clinching the top spot later that year. The surge in Arnault’s fortune can be attributed to LVMH’s staggering market cap of $388.8 billion, boasting brands such as Dior, Bulgari, and Sephora, whereas Tesla’s market cap stands at $586.14 billion.

Forbes’ real-time billionaires list illustrates the current standings: Bernard Arnault & Family ($207.6 billion), Elon Musk ($204.7 billion), Jeff Bezos ($181.3 billion), Larry Ellison ($142.2 billion), Mark Zuckerberg ($139.1 billion), Warren Buffett ($127.2 billion), Bill Gates ($122.9 billion), Sergey Brin ($121.7 billion), and Steve Ballmer ($118.8 billion).

Contrarily, the Bloomberg Billionaires Index contends that Elon Musk retains his status as the wealthiest individual, with a net worth of $199 billion. Following Musk is Jeff Bezos, founder of Amazon, with a wealth of $184 billion. Bernard Arnault ranks third on this index, with a net worth of $183 billion.

In April of the previous year, Bernard Arnault witnessed his fortune surpass $200 billion as LVMH’s shares reached an all-time high. This milestone, previously attained by Elon Musk and Jeff Bezos, marked Arnault as the third person to achieve such financial prowess.

The Bloomberg Billionaires Index reported Arnault’s net worth to have escalated by $2.4 billion, reaching $201 billion. Arnault’s fortune has notably surged by $39 billion in 2023 alone, primarily due to the soaring demand for luxury goods, driving LVMH’s shares up by 30%.

Bernard Arnault’s ascent to the peak of the wealth rankings signifies the dynamic nature of wealth accumulation in the global market, characterized by fluctuations and intense competition among industry titans.

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