Elon Musk is the world’s richest individual on the planet once more, overtakes LMVH’s Bernard Arnault

Musk and the 74-year-old Frenchman have been neck-and-neck for the highest spot this 12 months within the Bloomberg Billionaires Index, a list of the world’s 500 richest individuals.

Arnault first surpassed Musk in December because the tech business struggled and luxurious confirmed resilience within the face of inflation. LVMH, which Arnault based, owns manufacturers together with Louis Vuitton, Fendi and Hennessy.

Religion within the luxurious sector’s buoyancy is beginning to fade amid mounting indicators of slowing financial progress, significantly within the crucial market of China. LVMH shares have tumbled about 10% since April, at one level wiping $11 billion from Arnault’s web value in a single day.

Musk, in the meantime, has gained greater than $55.3 billion this 12 months, largely as a consequence of Tesla. The Austin-based automaker “- which contains 71% of his fortune “- has rallied 66% year-to-date. Musk’s fortune is now valued at about $192.3 billion, based on the index, whereas Arnault’s is about $186.6 billion.

Right here is the most recent checklist of the world’s High 10 wealthiest individuals: