On Monday, French businessman Bernard Arnault dethroned Tesla (ticker: TSLA) CEO Elon Musk as the world’s richest person. According to Forbes, Arnault’s net worth is now $190.9 billion, which is $15 billion more than Musk’s $175.8 billion fortune.
Arnault is the chairman and CEO of LVMH, the world’s largest luxury goods company. He has been at the helm of the company since 1989 and has been credited with transforming it into a global powerhouse. Under his leadership, LVMH has acquired dozens of iconic brands, including Louis Vuitton, Sephora, and Moët & Chandon.
Arnault’s wealth has been boosted by the surge in demand for luxury goods during the pandemic. LVMH’s sales have grown by double digits in 2020, and the company’s stock price has more than doubled since the start of the year.
This isn’t the first time Arnault has topped the list of billionaires. In December 2019, he briefly overtook Jeff Bezos as the world’s richest person. However, he was quickly surpassed by Bezos, who has held the title for the past two years.
The title of world’s richest person is likely to be a closely contested one in the coming years. Bezos, Musk, and Arnault are all tech billionaires with ambitious plans to revolutionize their respective industries. With their wealth and influence, they are sure to continue to battle it out for the top spot.