Elon Musk Is No Longer the Richest Man on Earth: Who Is the New No. 1?

Mandatory Credit: Photo by David Fisher/Shutterstock (12921810fm)Elon MuskCostume Institute Benefit celebrating the opening of In America: An Anthology of Fashion, Arrivals, The Metropolitan Museum of Art, New York, USA - 02 May 2022.
David Fisher/Shutterstock / David Fisher/Shutterstock

Elon Musk lost his title of richest man on the planet earlier this week to fellow billionaire Bernard Arnault.

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Arnault, the chairman and CEO of the world’s largest luxury products brand — LVMH Moët Hennessy Louis Vuitton — surpassed the new Twitter owner in both Forbes and Bloomberg rankings earlier this week.

Arnault’s net worth stands at $171 billion, according to the Bloomberg Billionaire Index. To put this figure in context, it represents 0.74% of the GDP (gross domestic product) of the United States, 9.7% of U.S. existing home sales, and can buy 2.12 billion barrels of crude oil, according to Bloomberg.

Musk’s net worth is not far behind with $164 billion, however, his fortune has incurred a $107 billion (or 39.5%) loss year-to-date. His biggest asset is Tesla equity, according to Bloomberg. Shares of the company are down 59.8% year-to-date.

Musk’s net worth is still equivalent to 0.71% of the GDP of the U.S., 2.28% of the total wealth of the 500 richest people in the word, and can buy 2.03 billion barrels of crude oil.

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In third place is Gautam Adani, the founder of Adani Group, the largest port operator in India, with a $125 billion net worth.

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Rounding up the top five richest people on the planet are Amazon founder Jeff Bezos (with a net worth of $116 billion), and Bill Gates, Microsoft co-founder, with a net worth of  $116 billion.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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