Bernard Arnault, the richest man in the world according to Forbes

Frenchman Bernard Arnault, president and CEO of the global luxury goods company LVMH (Louis Vuitton Moet Hennessy) is the richest man in the world, after taking over the top spot from American entrepreneur Elon Musk, according to the Forbes magazine website.

According to Forbes, Arno’s fortune grew by $23.6 billion and is currently valued at $207.8 billion.

Elon Musk dropped to second place with his companies Tesla and SpaceX helping him achieve a net worth of $204.5 billion.