Bernard Arnault knocks off Elon Musk from No. 1 spot of world's richest

Elon Musk

The top position for the world’s wealthiest person has witnessed another change, with Elon Musk knocked off the spot.

Chairman of French luxury goods brand, LVMH Bernard Arnault, saw his net worth increase by $3.1 billion to $211 billion as of March 10, 2023, according to Forbes Magazine.

This would be the first time the shares of the luxury good brands hit a record high.

Bernard Arnault becomes the only third person to attain the feat after Elon Musk’s Tesla and and Jeff Bezoz’s Amazon also reached the milestone.

Elon Musk was the previous holder of the top position until his net worth dropped following a dip in share prices after he took over Twitter, and troubles at his Tesla company.

The recent development in Bernard Arnault’s net worth, according to a Bloomberg index, showed that his wealth increase has so far increased by $39 billion, as shares in LVMH have risen 30 percent – due to a surge in demand across the world among rich patrons.

Bernard Arnault

In addition to his LVMH brand, Bernard Arnault’s company also owns champagne brand, Moët & Chandon, Christian Dior, and Louis Vuitton, where he serves as Chairman and Chief Executive Officer.

In 2022, the luxury goods brand recorded sales amounting €79.2 billion. The company also commenced a €1.5 billion share buyback programme, which has helped increase its share price.

The French billionaire, first co-founded the luxury goods group [LVMH] some 35 years ago and maintains majority shareholding in the company.

He has since appointed his children to serve in key position within the business venture, which is widely patronized across the world.

In January 2023, Bernard Arnault appointed his eldest child to serve as Head of Christian Dior, while the other children have also been given key roles spanning across different brands.

In 2022, LVMH recorded €79.2 billion in sales, while its revenue surpassed €20 billion. The company also recently named US musician, Pharrell Williams, as its new menswear designer for Louis Vuitton following the demise of Virgil Abloh.