News Bernard Arnault surpasses Elon Musk and sits on the throne of the richest person in the world

Bernard Arnault, the French billionaire who heads the global group LVMH, which oversees many luxury brands such as Louis Vuitton and Hublot, has risen to become the richest individual in the world, surpassing American Elon Musk.

Bernard Arnault, CEO of LVMH, has seen a notable increase in wealth, rising by $22.4 billion as shares of his luxury goods group rose more than 11%. This boom pushed him to become the richest individual in the world, surpassing Elon Musk. The rise in shares coincided with strong revenue growth for the world's largest luxury group across all business divisions. Except for the drinks division, this achievement occurred despite the “unstable geopolitical and economic environment” and the post-pandemic market slowdown in the luxury goods sector. It is worth noting that LVMH, which includes famous brands such as Louis Vuitton, Tag Heuer and Zenith, saw strong growth in and demonstrated creative activity across all watch and jewelry houses, with the largest share being Tiffany, Bvlgari and Tag Heuer. According to what the company stated in its annual statement.

LVMH recorded revenues of $93.34 billion (AED 343 billion) in 2023, reflecting significant growth of 13% from the previous year, as shown in the company's January 2024 statement.

In the watches and jewelery sector, there has been notable progress, with the group achieving revenue growth of 7% in 2023. Profits also saw an increase of 7%. Bvlgari has experienced strong growth, driven by its Fine Jewelery division, and in particular the success of the Mediterranea collection. Sales of the famous Serpenti women's watch collection have also grown, and have received recognition from the jury of the Geneva Grand Prix Horlogerie. Highlights in the watch industry this year include Tag Heuer achieving record revenues and celebrating the 60th anniversary of the Carrera collection, which witnessed a record rise in sales after Frédéric Arnault took over the leadership of the company. Hublot was also chosen as the official timekeeper of the FIFA Women's World Cup in Australia. The company that controls the time in all European football competitions, most notably the UEFA Champions League.

The group enters 2024 with strong will after major changes in management, and while the group's CEO expects an increase in sales, he is optimistic about the upcoming Olympic Games in Paris 2024 and the strategic partnership established with LVMH. With these noteworthy developments, the company envisions strengthening its market presence, increasing sales, and capitalizing on the unique opportunities offered by the global sporting event.

   Arnault's fortune is now estimated at $208.3 billion, according to Forbes, surpassing Musk's fortune at $205.3 billion.

On Thursday, Tesla shares fell 13%, a day after the company reported wrong estimates for its fourth-quarter earnings. This decline led to a decrease in the net worth of its CEO, Elon Musk, by more than $18 billion, causing him to lose the title of the richest person in the world to Arnault on Friday.

For more information, please visit the official LVMH website.