Louis Vuitton's Bernard Arnault overtakes Jeff Bezos as world's richest person, Elon Musk in third place

Bernard Arnault, Chairman of Louis Vuitton Moet Hennessy (LVMH), has become the richest person in the world after surpassing Amazon founder Jeff Bezos.

The French businessman's net worth is estimated at $198.9 billion, as per the Forbes Real-Time Billionaires List.

Arnault had earlier become the world's richest person in December 2019, January 2020 and May 2021.

As per the latest rankings, Bezos's net worth stood at $194.9 billion while Elon Musk is placed third. Tesla and SpaceX chief Musk's net worth is estimated at $185.5 billion.

Arnault overtook Elon Musk when the company reported first-quarter revenue of 14 euros billion in 2021, which surged by 32 per cent as compared to the first quarter of 2020.

LVHM comprises 70 brands, including Louis Vuitton, Sephora, Tiffany & Co, Stella McCartney, Gucci, Christian Dior and Givenchy, which are independently managed and operated under the LVMH umbrella.