Bernard Arnault of Louis Vuitton overtakes Elon Musk as the richest man in the world
Bernard Arnault, chairman and CEO of luxury brand LVMH Moet Hennessy Louis Vuitton SE, has surpassed Tesla CEO Elon Musk to become the richest person in the world, according to Forbes’ real-time billionaires list.
Currently, Arnault has a net worth of $207.6 billion, more than Musk’s $204.7 billion. According to the list, Jeff Bezos, the founder and chairman of Amazon, is the third richest person in the world, with a net worth of $181.3 billion.
Arnault and Musk have been competing for first place for more than two years now. At the end of 2022, Arnault took the top spot after technology stocks witnessed a sell-off due to weak global macroeconomic indicators.
The recent increase in Arnault’s net worth, up from $23.6 billion on January 26 alone, can be attributed to the company’s healthy quarterly results. The company recorded a 10 percent increase in quarterly revenue. The company’s shares rose after its results were announced on January 25.
On the other hand, Musk’s net worth dropped by $18 billion.
At 11th place, Reliance Industries Chairman and CEO Mukesh Ambani remained the richest Indian on the list with a net worth of $104.4 billion.
Gautam Adani, founder and chairman of the Adani Group, was ranked 16th on the list with a net worth of $75.7 billion. Adani Group’s shares have been in the spotlight since they came under regulatory scrutiny after US-based short seller Hindenburg Research accused the company of fund misappropriation and stock manipulation last year.
Shiv Nadar, ranked 42nd globally, was the third richest Indian with a net worth of $34.8 billion.
Other people featured in the top 10 included Oracle founder Larry Ellison, Meta co-founder Mark Zuckerberg, Berkshire Hathaway CEO Warren Buffet, Alphabet co-founder Larry Page and Bill & Melinda Gates Foundation co-chairman Bill Gates.
First print: January 29, 2024 | 9:34 am IST