In a significant shift, French billionaire Bernard Arnault, the chairman and CEO of Louis Vuitton, has dethroned Elon Musk, the CEO of Tesla, as the world's wealthiest individual. Data from Forbes' Real-Time Billionaires list reveals that Arnault and his family's net worth surged to $207 billion, marking an increase of $23.6 billion on Friday, January 26, 2023. At the time of reporting, Elon Musk's net worth stood at $204 billion.

This development is attributed to the remarkable rise in the shares of LVMH (Louis Vuitton Moët Hennessy) at the close of business on January 26, 2024, experiencing a growth of over 12% following robust sales by the company. Bernard Arnault, at 74 years old, oversees the LVMH empire, comprising 75 renowned fashion and cosmetics brands, including Louis Vuitton and Sephora.

Notably, Arnault made headlines in 2021 when he acquired the luxury brand for a staggering $16 billion, marking it as one of the most significant purchases ever. Additionally, he nominated two of his children to the company's board.

Despite this change, Elon Musk retains the title of the richest man on the Bloomberg Billionaire Index, with Amazon founder Jeff Bezos trailing behind. However, Musk has encountered a loss of over $30 billion since the beginning of 2024, narrowing the gap between him and Bezos.

In contrast, Aliko Dangote, Nigeria's and Africa's wealthiest individual has witnessed a noteworthy increase in his net worth. Dangote's wealth has risen to $22 billion, experiencing the fastest surge in years. Data from the Bloomberg Billionaire Index indicates that he earned over $1 billion on January 23, 2024, and an additional $282 million on January 24, 2024, primarily attributed to the bullish run of Dangote Cement on the Nigeria Exchange Limited.

This financial rebound comes after Aliko Dangote briefly lost the title of Africa's richest person to South Africa's Johann Rupert at the beginning of January 2024.

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