French Businessman and CEO of LVMH, the world’s largest luxury goods company, Bernard Arnault, has dethroned Tesla CEO Elon Musk as the world’s richest man.
The CEO of LVMH’s net worth surged to $207.8 billion after an increase of $23.6 billion on Friday, exceeding Musk’s $204.5 billion mark, according to Forbes real-time billionaires list.
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1.) Bernard Arnault & Family ($207.6 billion)
2.) Elon Musk ($204.7 billion)
3.) Jeff Bezos ($181.3 billion)
4.) Larry Ellison ($142.2 billion)
5.) Mark Zuckerberg (139.1 billion)
6.) Warren Buffett ($127.2 billion)
7.) Larry Page ($127.1 billion)
8.) Bill Gates ($122.9 billion)
9.) Sergey Brin ($121.7 billion)
10.) Steve Ballmer (118.8 billion)
Bernard Arnault wealth increased this year, after his company LVMH reported a 10% increase in fourth-quarter sales, driven by robust demand, especially from Chinese consumers, for its high-end fashion brands such as Louis Vuitton, Dior, and Tiffany. The luxury group’s sales for the final quarter amounted to nearly 24 billion euros ($26 billion).
The fashion and leather goods division of LVMH, encompassing major labels like Vuitton and Dior, witnessed a 9% sales growth during the quarter, just below the anticipated 10% growth. LVMH also reported sales growth in perfumes, cosmetics, watches, and jewelry, with only the wines and spirits unit experiencing a 4% decline for the full year.
On the other hand, a major cause of Musk’s drop in net worth is coming after Tesla shares on Thursday dropped by over 13 percent after Musk cautioned that the sales growth would go down despite slashing the prices that have already caused a dent in the margins of the world’s most valuable automaker.
Musk had on Wednesday disclosed that growth would be notably lower as Tesla shifts its focus on making cheaper next-generation electric vehicles at its Texas factory in the second half of 2025. He further said that speeding up the production of the new model would pose challenges as it would involve the latest technologies.
Speaking on Tesla revenue TD Cowen analysts said, that Tesla headlines have essentially gone from bad to worse, noting that the fourth-quarter revenue and profit were also below expectations.
It is however interesting to note that both Bernard Arnault and Musk have continued to engage in wealth tug-of-war since 2022, with the LVMH boss recently displacing the Tesla CEO to secure the top spot on the richest men list.
Also, Reliance Industries Limited (RIL) chairman Mukesh Ambani, the richest individual outside of the top 10, is also the wealthiest Asian, with his net worth coming at $104.4 billion. Adani Group chairman Gautam Adani, ranked 16, is the second-richest Asian, with a $75.7 billion fortune.