Elon Musk has once again taken the title of the world’s richest man, with his profits totaling over $55.3 billion this year, largely thanks to Tesla. He has surpassed Bernard Arnault, a luxury tycoon whose LVMH fell by 2.6% in Paris trading. Arnault and Musk are both in a tight race for the top spot on the Bloomberg Billionaires Index, which ranks the world’s 500 richest individuals. LVMH, which owns luxury brands like Louis Vuitton, Fendi, and Hennessy, has struggled due to a booming luxury sector amid signs of slowing economic growth in China.
LVMH shares have fallen by 10% since April, wiping out Arnault’s $11 billion net worth in a single day. In contrast, Tesla, based in Austin, has accounted for 71% of Musk’s wealth, and the automaker is up 66% year-to-date. Currently, Musk’s fortune is valued at around $192.3 billion, while Arnault’s fortune is around $186.6 billion.
This news shows the divergence between the tech industry and the luxury goods sector. The tech industry has seen ups and downs, while luxury goods have remained resilient in the face of inflation. However, as economic growth slows and trust begins to fade, it remains to be seen how the two sectors will fare in the future.