Paris, January 29: Chairman and CEO of Moet Hennessy Louis Vuitton (LVMH), Bernard Arnault, has surpassed Elon Musk yet again to become the world's richest man. According to Forbes, the French billionaire and his family's net worth increased by $23.6 billion to reach $207.6 billion. The report also stated that on Friday, January 26, Arnault's net worth surpassed that of the Tesla CEO, whose $204.7 billion fell 13% as a result of Musk losing more than $18 billion.

Since 2022, the two billionaires have allegedly been in a tug-of-war for money, with Arnault apparently taking the lead late in the year. World Richest Man 2022: Bernard Arnault Replaces Elon Musk As World’s Richest Person. 

According to the survey, LVMH, the company that owns luxury brands such as Dior, Bulgari, and Sephora, has a market capitalization of $388.8 billion, while Tesla's is $586.14 billion. With a $199 billion net worth, Musk is still the richest person in the world, according to the Bloomberg Billionaires Index, nevertheless.On the list, Elon Musk is followed by Jeff Bezos, the creator of the massive online retailer Amazon, who is worth $184 billion.

With a net worth of $183 billion, Bernard Arnault is ranked third on the Bloomberg Billionaires Index. Bernard Arnault Pips Twitter CEO Elon Musk To Become World’s Richest Man.

Meanwhile, as the company's shares reached a record high in April of last year, Bernard Arnault's wealth surpassed $200 billion. Elon Musk and Jeff Bezos were the first two people to reach this milestone before Arnault. At the time, Arnault's net worth increased by $2.4 billion to $201 billion, according to the Bloomberg Billionaires Index. Arnault's wealth has grown by $39 billion in 2023 as a result of the 30% increase in LVMH shares, which is a result of the growing demand for luxury products.

(The above story first appeared on LatestLY on Jan 29, 2024 01:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).