Bernard Arnault Becomes World's Richest Person With A Net Worth Of 210 Billion Dollars

Bernard Arnault is the world's richest person with networth of 210 Billion USD. He has taken a lead over Elon Musk to take the top spot and pushing Tesla's founder to second, according to the Bloomberg Billionaires Index as per the NTDV news report.

Bernard's family owns 48% of LVMH's share capital, his fortune soar by 12 billion USD on Thursday to almost 210 billion USD, a record high and his second-biggest single-day rise ever, according to the Bloomberg Billionaires Index. Meanwhile Elon's worth stood at 180 billion USD after gaining 3.8 billion USD.

Bernard, joined Elon and Amazon.com Inc.'s Jeff Bezos earlier this month as the only individuals whose wealth has exceeded 200 billion USD. He's the first person outside the US to accomplish the feat.

The spike in 74-year-old Bernard's net worth was seen after investors cheered at quarterly sales published by the producer of Louis Vuitton handbags, Moet & Chandon Champagne and Christian Dior gowns. LVMH shares surged by 5.7% to a record in Paris trading, moving it into the world's top 10 companies with a market capitalization of 444 billion euros (491 billion USD).

LVMH's performance was driven by Chinese shoppers splurging on pricey goods after emerging from pandemic lockdowns. The company registered growth in all regions even with a "bit of a slowdown" in the US.

Meanwhile Elon's wealth declined since its peaking at 340 billion USD for he had to cut his electric car, Tesla's prices across US to boost demand. Also, Twitter and SpaceX, the other two companies he runs could become cash-flow positive as soon as this quarter, Musk said this week in a rambling interview.