Sunday July 21, 2024

Elon Musk is no longer world's richest person — but who is his replacement?

Elon Musk's $204.7 billion is surpassed by another business owner becoming world's new richest person

By Web Desk
January 30, 2024
Elon Musk gestures during a gathering. — AFP/File
Elon Musk gestures during a gathering. — AFP/File

Bernard Arnault, the head of LVMH (Louis Vuitton Moët Hennessy) has surpassed Tesla's Elon Musk to become the richest person in the world.

The most recent Forbes "Real-Time Billionaires List" shows that Arnault's net worth has increased to an incredible $207.6 billion (€191.5 billion), surpassing Musk's $204.7 billion (€188.74 billion), according to Euro news.

Arnault saw an incredible increase in fortune last week; on Friday, his net worth jumped by an astounding 12.3% to $22.7 billion (€20.9 billion) in a single day. On the other hand, Elon Musk's wealth dropped by $18 billion (€16.6 billion) the day before, representing an 8.1% decline in his net worth.

This turn of events highlights the different routes taken by their corporate empires, which became more clear after their most recent financial reports were made public.

The Arnault-led powerhouse in luxury goods, LVMH, announced a record-breaking year in 2023.

The company had a notable increase in income, reaching an astounding €86.2 billion for the entire year, across its prominent brand portfolio, which includes well-known names like Louis Vuitton, Christian Dior, Fendi, and Tiffany & Co.

This surpasses economists' expectation of €85.74 billion by a large margin, representing a huge 13% rise over 2022 figures.

Within the LVMH group, the selective retailing segment experienced the largest revenue gain, up a whopping 25% over the prior year.

This spike was credited to DFS's expansion and Sephora's exceptional performance, which was helped by the rebound in international tourism.

LVMH's net profit increased to €15.2 billion, an 8% increase from 2022, while its gross profit increased to €59.28 billion, a 9.4% increase.