Bernard Arnault Overtakes Musk and Bezos to Become the World's Richest

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Bernard Arnault, the CEO of LVMH, has ascended to the top of the global wealth rankings, surpassing Elon Musk and Jeff Bezos to become the richest person in the world. According to Forbes' real-time billionaires list, Arnault and his family's net worth reached $207.8 billion as of Friday, January 26, 2024, following an astounding $23.6 billion surge in a single day.

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Elon Musk's net worth declined to $204.5 billion after a 13% drop in Tesla's shares on Thursday, while Jeff Bezos maintains a net worth of $186 billion as of Monday.

LVMH, the conglomerate behind renowned brands such as Louis Vuitton, Sephora, Fendi, and Tiffany & Co., experienced a remarkable surge, witnessing a more than 13% increase in shares on Friday following robust sales performances. The company's market cap reached $388.8 billion, compared to Tesla's $586.14 billion.

LVMH's revenue for the first quarter of 2021 soared to $17 billion, reflecting a significant 32% rise from the same period in 2020. Bernard Arnault's wealth has witnessed a meteoric ascent, soaring from $76 billion in March 2020 to $186.3 billion on Monday, marking an extraordinary increase of over $110 billion in just 14 months.


Arnault's staggering rise mirrors the benefit that several European luxury titans have reaped during the COVID-19 lockdown. Notably, François Pinault of Kering Group, Alain and Gerard Wertheimer of Chanel, and Francoise Bettencourt Meyers of L'Oréal have similarly witnessed their net worth double or nearly double since 2020.

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As the first French citizen to top the Forbes billionaires list, Arnault's ascendancy marks a departure from the dominance of Americans in the rankings over the past two decades. The only other exception was Mexico's Carlos Slim, who briefly held the No. 1 spot in the early 2010s. Arnault had previously entered the top 10 in 2005, with a $13 billion fortune.

It's worth noting that in January 2021, Elon Musk became the richest person in the world with a net worth of $189.7 billion, marking an astounding $165 billion rise from March 2020, when he was worth $24.6 billion.

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