Paris: French luxury goods tycoon Bernard Arnault, who heads mega-corporation LVMH Moet Hennessy Louis Vuitton (LVMH), has edged US entrepreneur Elon Musk out of the top of Forbes list of the worlds richest billionaires this year, the magazine reported on Tuesday.
Forbes estimates the 74-year-old to be worth $211 billion, versus the tech investors $180 billion.
Arnault had trailed Musk and Amazon founder Jeff Bezos as the third-richest man for the past three years but was able to add $53 billion to his fortune over the past 12 months, on the back of a 35% rise in LVMHs stock.
The luxury giant owns more than 70 brands, such as Louis Vuitton, Christian Dior, Tiffany, Sephora, Givenchy, and Marc Jacobs. It made $86 billion last year, overtaking Musks Tesla, with a revenue of nearly $81.5 billion.
(With UNI/Sputnik inputs)
