Daisy Watts 
Mar 08, 2024
Tesla CEO Elon Musk is no longer the world’s richest man as Moët Hennessy Louis Vuitton (LVVHM) CEO Bernard Arnault has grabbed the spot with a fortune of $197 billion.
Jeff Bezos, who briefly held the title of the world’s richest man just a week ago, is now in second place as Bernard on Thursday surpassed him by a mere $1 billion.
The most-talked-about spot keeps rotating between Bezos, Arnault, and Musk. The Tesla CEO, who held the top spot until last week, has seen his fortune decline to $189 billion due to a dip in Tesla stock because of fewer sales in China.
Arnault has built his fortune since co-founding the company in the 1980s and is currently serving as the CEO and chair of the French luxury conglomerate LVMH.
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The current world’s richest man’s portfolio spans various luxury sectors, including fashion, jewellery, watches, perfume, and alcohol, featuring renowned brands such as Louis Vuitton, Tiffany & Co, and Dom Pérignon. His 97.5% stake in Christian Dior contributes significantly to his wealth.
In a strategic move, Arnault appointed his daughter, Delphine Arnault, as the CEO and chair of Dior in 2023, while all four of his other children are actively involved in LVMH and its brands.
At 75 years old, Arnault, who extended the company's mandatory retirement age to 80 in 2022, retains control over his luxury empire, having an additional five years to determine his successor.
