CNN reported that Arnault was able to overthrow Musk in the annual list after his net worth grew more than $50bn to $211bn, as Musk’s net worth slumped to $180bn, $39bn less than it was last year, thanks to the purchase of Twitter which was funded by Tesla shares.

Forbes said: “Musk has mostly tweeted himself out of the top spot on the ranks.”

However, Musk’s SpaceX valuation increased from $13bn to $140bn in just the past year.

Still, that proved to not be enough to compete with Arnault, 74, who had a “banner year” in 2022 due to record-high profits at his companies.

Frenchman Arnault first appeared on Forbes’ billionaires’ list in 1997, when he was worth just $3.6bn, with his wealth subsequently growing due to the 70 luxury brands he owns.

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