Elon Musk sits on top of the world.
But his reign could end in the coming weeks.
Blame it on a French billionaire. Bernard Arnault, CEO of luxury group LVMH (LVMHF) eyeing the tech mogul’s throne dangerously.
The throne in question is that of the richest person in the world. Currently, Musk wears the crown. His fortune is estimated at $189 billion as of November 13, according to the Bloomberg Billionaires Index.
The fortune of the serial entrepreneur, however, fell sharply. Since January, Musk has lost nearly $82 billion in nearly eleven months. He, who was one of the few to be part of the very select club of 200 billion dollars, is now threatened by Arnault.
The French businessman has overtaken Jeff Bezos, the founder of Amazon (AMZN) – Get a free report. He is currently the second richest man in the world, with a fortune valued at $160 billion. It has fallen by $18.3 billion since January. But for a few days, Arnault is the it billionaire.
High net worth clients make the difference
His fortune is growing faster than that of his peers. He is currently less than $30 billion from the top spot, but if his fortune continues to grow at the pace of recent days, he could snatch the throne from Musk very soon.
LVMH reported stronger-than-expected third-quarter sales last month as wealthy customers flocked to its fashion brands and Americans took advantage of the strong dollar to visit its stores in Europe.
Demand for luxury goods remains resilient to inflation, as affluent consumers have been less affected by the rising cost of living, leading the average consumer to cut back on discretionary spending.
The Louis Vuitton and Dior owner’s third-quarter revenue was 19.76 billion euros, representing organic growth of 19% year-on-year, the company said.
Sales in Europe, the United States and Japan have grown strongly since the beginning of the year, thanks to good demand from local customers and the resumption of international travel.
However, the world’s largest luxury group, which has also benefited from an improvement in its business in China thanks to the easing of restrictions linked to COVID-19, warned that sales of the jeweler Tiffany’s products were slowing in the States. -United.
Musk is suffering from worries surrounding the health of the economy. Investors believe that technology products and services will be the first that consumers will sacrifice in the face of an economic downturn.
Bezos out of the Top 3
Musk, whose fortune rests largely on his Tesla (TSLA) – Get a free report shares, is also impacted by uncertainties surrounding the production of the electric vehicle manufacturer in China and the possible impact on Tesla of the acquisition of the social network Twitter.
Indian businessman Gautam Adani is the world’s third-richest person, with a net worth of $138 billion, up $61.4 billion since January. Bezos is 4th. He is worth $124 billion, down from $68.4 billion since the start of the year. Microsoft (MSFT) – Get a free report Co-founder Bill Gates is the 5th richest person in the world with an estimated fortune of $114 billion. His wealth has shrunk by $24.6 billion since January.
The rest of the top 10 is made up of three tech moguls. Larry Ellison, co-founder of Oracle (ORCL) – Get a free report, has a fortune of $92.2 billion, down from $15 billion. He is ranked 7th. Larry Page, co-founder of Alphabet (GOOGL) – Get a free reportis 9th with a fortune of $89.4 billion, down from $39 billion, while Steve Ballmer, former CEO of Microsoft, is 10th with a fortune of $88 billion, down from $17.7 billion. dollars.
Legendary investor Warren Buffett is the 6th richest person in the world. He is worth $109 billion, down from $166 billion. Indian billionaire Mukesh Ambani is 8th. His fortune is estimated at $92.2 billion, up $2.2 billion since January.