Bernard Arnault, Chairman and CEO of Moet Hennessy Louis Vuitton (LVMH) has surpassed Elon Musk to become the richest man in the world. As per Forbes, the net worth of the French billionaire and his family grew to $207.6 billion after a $23.6 billion increase.

On Friday, Mr. Arnault’s net worth passed the Tesla CEO’s $204.7 billion net worth, which dropped 13 per cent with Mr Musk losing more than $18 billion, the report added.

The two billionaires have been engaged in wealth tug-of-war since 2022, with Mr Arnault reportedly securing the top spot late in that year.

The report revealed that the market cap of LVMH—the entity behind luxury goods brands like Dior, Bulgari, and Sephora—reached $388.8 billion, compared to Tesla’s $586.14 billion.

However, the Bloomberg Billionaires Index, on the other hand, claims that Mr Musk is still the richest man in the world, with a net worth of $199 billion wealth.

Elon Musk is followed by the founder of e-commerce giant Amazon Jeff Bezos with $184 billion of wealth, on the list.

On the Bloomberg Billionaires Index, Bernard Arnault has occupied third place with a $183 billion net worth.