Who is the richest person in the world?

During the week Bernard Arnault, chairman and CEO of global luxury goods company LVMH (the entity behind dozens of luxury goods brands like Louis Vuitton and Sephora), displaced Elon Musk as the world’s richest person.

Arnault and his family’s net worth rose by $23.6 billion on Friday, taking it to $207.8 billion, more than Musk’s $204.5 billion, according to Forbes’ real-time billionaires list.

This change has happened after the Tesla company fell by 13%, with which Musk’s net worth has fallen by more than $18 billion in just one day. While LVMH shares were up 13% at 11 a.m. on Friday following news of the massive selloff, that didn’t happen.

LVMH’s market capitalization reached $388.8 billion on Friday, while Musk’s parent company Tesla had a market capitalization of $586.14 billion. However, these two people have kept this exchange dynamic in every quarter of the last year.

In 2021, LVMH acquired Tiffany & Co. for approximately $16 billion, considered the largest acquisition of a luxury brand in history. Arnault’s holding company, Agache, backs a venture capital firm called Agle Ventures, which Forbes says invests in companies like TikTok’s parent company Netflix and ByteDance.