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01 March 2024

Bernard Arnault widens lead over Elon Musk as he reaches a staggering net worth of $210 billion, becoming the world's wealthiest person

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Luxury stocks soar as LVMH and Hermès report impressive Q1 results, boosting Bernard Arnault's net worth to $210 billion, making him the world's richest person, while Elon Musk trails behind at $180 billion. LVMH's record EUR883 closing share price on Thursday,following better-than-expected Q1 sales and a strong rebound in international travel, contributed to Arnault's wealth gain of $11.6 billion, marking the second-largest single-day gain for him.

Meanwhile, Hermès saw a 23% YoY increase in Q1 sales, driven by higher tourism and new stores. The luxury sector has rebounded impressively in 2023, with LVMH, Hermès, Christian Dior SE, and Kering SA's shares up by 30%, 36%, 26%, and 21%, respectively.