A new world richest person replaces Elon Musk

According to Forbes, the owner of the French luxury goods company LVMH (Louis Vuitton Moet Hennessy) has more money than Tesla’s Elon Musk, making him the world’s richest man.

Listed as one of the top 100 billionaires in the world, the Forbes publication “Real-Time Billionaires List” shows that Arnault has accumulated a fortune of $207.6 billion ($191.5 billion), exceeding Musk’s $204.7 billion ($188.74 billion), as reported by Euronews.

It was a week that saw Arnault’s fortunes rise enormously; he witnessed a 12.3% increase to $22.7 billion (€20.9 billion) in a single day, which is an incredible increase from the previous week. The day before, Elon Musk’s net worth was eroded by $18 billion (€16.6 billion) due to an 8.1% decline in its value. On the other hand, Elon Musk’s wealth grew by $22.6 billion (€27.1 billion) the day before.

After their most recent financial reports were released into the open, it became evident that their corporate empires had taken different routes, which were highlighted after this turn of events took place.

LVMH, a luxury goods powerhouse under the Arnault family, announced in June 2023 that it will have a record-breaking year.

There was a notable increase in revenue for the company, with revenues reaching an astounding €86.2 billion across its portfolio of well-known brands, including Louis Vuitton, Christian Dior, Fendi, and Tiffany & Co. This represents a remarkable achievement for a company of its size.

According to the report, this amount represents a large increase of 13% in comparison to 2022 figures, which is well above the economists’ predictions of €85.74 billion.

LVMH’s selective retailing segment, which makes up a large part of the LVMH group, saw its revenues increase by a whopping 25% over the prior year, outperforming its competitors by a wide margin.

A significant part of the increase in sales was attributed to DFS’s expansion and Sephora’s exceptional performance, which were aided by an improvement in international tourism during the period.

In 2022, LVMH’s net profit amounted to $15 billion, an increase of 8% over the previous year. Meanwhile the company’s gross profit increased to €59.28 billion, which is an increase of 9.4% compared to 2022.

Timenews provided that news.