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The two billionaires have been engaged in wealth tug-of-war since 2022.

Bernard Arnault, Chairman and CEO of Moet Hennessy Louis Vuitton (LVMH) has surpassed Elon Musk to become the richest man in the world. As per Forbes, the net worth of the French billionaire and his family grew to $207.6 billion after a $23.6 billion increase.

On Friday, Mr. Arnault’s net worth passed the Tesla CEO’s $204.7 billion net worth, which dropped 13 per cent with Mr Musk losing more than $18 billion, the report added.

The two billionaires have been engaged in wealth tug-of-war since 2022, with Mr Arnault reportedly securing the top spot late in that year.

The report revealed that the market cap of LVMH—the entity behind luxury goods brands like Dior, Bulgari, and Sephora—reached $388.8 billion, compared to Tesla’s $586.14 billion.

According to the Forbes real-time billionaires list, the top 10 richest people in the world are:

Bernard Arnault & Family ($207.6 billion)

Elon Musk ($204.7 billion)

Jeff Bezos ($181.3 billion)

Larry Ellison ($142.2 billion)

Mark Zuckerberg (139.1 billion)

Warren Buffett ($127.2 billion)

Larry Page ($127.1 billion)

Bill Gates ($122.9 billion)

Sergey Brin ($121.7 billion)

Steve Ballmer (118.8 billion).

However, the Bloomberg Billionaires Index, on the other hand, claims that Mr Musk is still the richest man in the world, with a net worth of $199 billion wealth.

Elon Musk is followed by the founder of e-commerce giant Amazon Jeff Bezos with $184 billion of wealth, on the list.

On the Bloomberg Billionaires Index, Bernard Arnault has occupied third place with a $183 billion net worth.

Meanwhile, last year in April, Bernard Arnault saw his fortune exceed $200 billion as shares of the company hit a record high. Mr Arnault became the third person to achieve this milestone, which was earlier achieved by Elon Musk and Jeff Bezos.

The Bloomberg Billionaires Index reported back then Mr Arnault’s net worth rose by $2.4 billion to $201 billion.

Due to the soaring demand for luxury goods, Mr Arnault’s fortune has increased by $39 billion in 2023 after LVMH shares have increased 30 per cent.