Elon Musk is no longer the richest man in the world even as French luxury goods company LVMH chairman Bernard Arnault has overtaken him. According to Forbes’ annual ‘World’s Billionaire’s List 2023′ released on Tuesday, the Tesla chairman’s net worth slipped by about $39 billion in the past year to $180 billion, whereas Arnault’s net worth increased by $50 billion to $211 billion.
Elon Musk and Arnault often switch places on the Forbes’ ‘Real-Time Billionaires’ list.
According to Forbes, no one had a better year than Bernard Arnault, who is No. 1 on the World’s Billionaires list for the first time. Record sales and profits have driven shares of his luxury goods leviathan LVMH — which owns brands such Louis Vuitton, Christian Dior and Tiffany — to new heights.
“Arnault, who is worth an estimated $211 billion, added $53 billion to his fortune over the past year on the back of an 18 per cent jump in LVMH stock, giving him a bigger gain than any other billionaire on the planet. This is the first time a French citizen has led the World’s Billionaires ranking, which began in 1987,” it said.
It said Elon Musk, who held the top spot last year, has slipped to No. 2. Shares of his electric carmaker Tesla fell by nearly 50 per cent following the April 2022 announcement of his $44 billion takeover of Twitter, partly due to investor fears about Musk adding yet another CEO job to his workload and concerns about the $23 billion of Tesla stock he sold to help finance the deal. Even with his private spaceflight firm SpaceX soaring to new valuation heights, Musk is still worth $39 billion less than a year ago.
“Musk’s loss in wealth is second only to that of Amazon founder Jeff Bezos, who’s the world’s third-richest person, worth $114 billion. He’s $57 billion poorer than in 2022 thanks to a 38 per cent decline in the e-commerce giant’s stock. Larry Ellison (net worth: $107 billion), co-founder of software giant Oracle, takes the No 4. spot. Investing legend Warren Buffett ($106 billion) comes in at No. 5 worldwide,” Forbes said.
More members of the Forbes list are Americans than citizens of any other country or territory. The US (735 billionaires) is followed by China (495), India (169) and Germany (126).
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