Bernard Arnault
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.
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)
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
