LVMH boss tops Elon Musk to become Forbes' richest man of 2023

Paris: French luxury goods tycoon Bernard Arnault, who heads mega-corporation LVMH Moet Hennessy Louis Vuitton (LVMH), has edged US entrepreneur Elon Musk out of the top of Forbes' list of the world's richest billionaires this year, the magazine reported on Tuesday.

IBNS • 4 Apr 2023, 07:30 pm

Forbes estimates the 74-year-old to be worth $211 billion, versus the tech investor's $180 billion.

Arnault had trailed Musk and Amazon founder Jeff Bezos as the third-richest man for the past three years but was able to add $53 billion to his fortune over the past 12 months, on the back of a 35% rise in LVMH’s stock.

The luxury giant owns more than 70 brands, such as Louis Vuitton, Christian Dior, Tiffany, Sephora, Givenchy, and Marc Jacobs. It made $86 billion last year, overtaking Musk's Tesla, with a revenue of nearly $81.5 billion.

(With UNI/Sputnik inputs)