In a significant shift atop the global wealth rankings, Bernard Arnault, the CEO of luxury conglomerate LVMH, has surpassed Elon Musk to become the world’s wealthiest individual. According to Forbes’ real-time billionaires list, Arnault’s net worth surged to an impressive $207.8 billion, propelled by a remarkable $23.6 billion increase. This remarkable ascent propelled Arnault ahead of Musk, whose net worth stood at $204.5 billion.
The sudden change in rankings was largely driven by contrasting market performances of the companies helmed by Arnault and Musk. While Musk’s electric vehicle empire, Tesla, endured a tumultuous period with a 13% dip in its stock value on Thursday, resulting in an $18 billion erosion in his net worth, LVMH experienced a bullish run. LVMH’s shares skyrocketed by over 13% on Friday, buoyed by optimistic sentiments following robust sales reports.
The disparity in market performances is underscored by the difference in market capitalisations between LVMH and Tesla. LVMH’s market cap surged to $388.8 billion, while Tesla’s stood at $586.14 billion.
Meanwhile, in Asia, Mukesh Ambani, chairman of Reliance Industries Limited (RIL), retained his status as the wealthiest individual outside the top 10, with a net worth of $104.4 billion. Following closely behind is Gautam Adani, chairman of the Adani Group, ranked 16th globally with a fortune of $75.7 billion.
LVMH’s strong financial performance in the fourth quarter further solidified Arnault’s ascent to the top of the wealth pyramid. The conglomerate reported a notable 10% increase in sales, driven by resilient demand, particularly from Chinese consumers, for its luxury fashion offerings. Sales within LVMH’s fashion and leather goods division, which encompasses iconic brands like Louis Vuitton and Dior, experienced a commendable 9% increase, slightly below the anticipated 10% growth projection.
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