Bernard Arnault has officially been declared the world’s wealthiest person, surpassing Elon Musk.
This news comes after a tumultuous year of financial ups and downs for both Arnault and Musk. Arnault, the chairman and chief executive of LVMH, has seen his wealth jump by nearly US$40 billion in 2022, solidifying his position as the world’s wealthiest individual.
The French business mogul has had an impressive year, as his company’s luxury goods have seen strong demand from wealthy consumers. This, combined with cost-cutting measures and a rise in share prices, has resulted in Arnault’s net worth reaching $186 billion.
Conversely, Musk’s net worth has decreased by nearly US$20 billion, largely due to Tesla’s share price falling by nearly 20 percent in September. As of December, Musk’s total net worth is estimated to be around $183 billion.
Arnault’s ascension to the top of the list marks the first time in seven years that someone other than Amazon founder Jeff Bezos has held the title of the world’s richest person.