Bernard Arnault, the CEO of luxury conglomerate LVMH, which includes brands like Louis Vuitton, has surpassed Elon Musk to become the world’s richest person, with a net worth of $207.8 billion, according to Forbes.
Arnault’s wealth surged by $23.6 billion on Friday, while Musk’s net worth stood at $204.5 billion, as per Forbes’ real-time billionaires list.
LVMH’s market cap reached $388.8 billion, compared to Tesla’s $586.14 billion.
According to Forbes, the top 10 richest individuals globally are:
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).
LVMH reported a 10% increase in fourth-quarter sales, driven by strong demand from Chinese consumers, especially for brands like Louis Vuitton, Dior, and Tiffany, totaling nearly 24 billion euros ($26 billion).
The fashion and leather goods division, including Vuitton and Dior, saw a 9% sales growth, slightly below expectations. LVMH also reported growth in perfumes, cosmetics, watches, and jewelry, with wines and spirits experiencing a 4% decline for the full year.
During the annual general meeting, Arnault announced that his sons, Alexandre (31) and Frederic (29), would be proposed to shareholders for inclusion on the board.
great man