Ranking of the super rich
Elon Musk again the richest person in the world
06/01/2023, 4:00 p.m
For months, Elon Musk and Bernard Arnault have been in a head-to-head race for the title of “richest man in the world”. Thanks to the sharp rise in Tesla shares, the tech billionaire can claim the title again. But the flagging luxury goods business is also playing into his hands.
Elon Musk has reclaimed his position as the richest person in the world. That goes from the “Billionaire’s Index” by the financial information service Bloomberg. The Tesla CEO’s net worth is estimated at around $192 billion. The tech billionaire has been in a head-to-head race for the top spot with LVMH boss Bernard Arnault for months. Arnault’s fortune fell to $187 billion this week, according to Bloomberg calculations.
The comeback of the tech billionaire is partly due to the strong rise in Tesla shares, which have risen by 66 percent so far this year. On the other hand, Musk is also benefiting from the flagging luxury goods business. LVMH shares fell 2.6 percent on Wednesday evening. One of the largest conglomerates in the world, LVMH owns brands such as Louis Vuitton, Dior and Celine.
Bloomberg analysts justify the weak price performance with the dwindling hope that the luxury sector will recover. There were increasing signs of a slowdown in economic growth, particularly in the important Chinese market. LVMH shares are down about 10 percent since April, taking Arnault’s net worth by $11 billion in a single day.
Musk has enjoyed a meteoric rise up the lists of the world’s richest in recent years, as his fortune is directly linked to that of electric car maker Tesla. His biggest asset is the company’s stock, of which he owns about 13 percent, according to Bloomberg.
Musk and Arnault are followed in the Bloomberg ranking by Amazon boss Jeff Bezos with a fortune of $144 billion, Microsoft founder Bill Gates with $125 billion and the founder of the software group Oracle, Larry Ellison, with $118 billion.