However, Musk continues to hold the world’s richest person tag with a narrow margin of $1 billion, as per the Bloomberg Billionaires List. His wealth is estimated at $168 billion while that of Arnault is $167 billion, according to this list.

Bernard Arnault, whose family owns leading French luxury group LVMH Moët Hennessy Louis Vuitton, recently replaced Tesla owner Elon Musk as the world’s richest man, taking the top rank in Forbes’ Billionaire List. He reportedly has a wealth of $188.6 billion. Musk has slipped to the second position with a total net worth of $178.6 billion.

The two billionaires have been swapping position at the top spot since last week.

LVMH owns brands like Louis Vuitton, Givenchy and Kenzo.

Fibre2Fashion News Desk (DS)