Elon Musk is no longer the world’s richest person, after being replaced by French luxury goods tycoon Bernard Arnault.
This is the first time Arnault has topped the list, with a net worth of $211 billion, according to Forbes.
Arnault heads LVMH, which owns Louis Vuitton, Christian Dior and Tiffany $ Co, among others and, despite a cost-of-living crisis plaguing the rest of the world, Arnault added $53 billion to his fortune over the past 12 months.
Coming in second on the list, with $180 billion, is Elon Musk. Forbes said Musk essentially “tweeted himself out of the top spot”, with stock in his other company Tesla plummeting nearly 50 per cent since he took over the social media platform last year.
In third position is Jeff Bezos, with $114 billion to his name. The former Amazon CEO has been dedicating his time to space travel with his company Blue Origin. Forbes reported Bezos had lost around $57 billion over the past year - the biggest decline for any billionaire - due to a 38 per cent decline in Amazon stock.
Fourth on the list is Larry Ellison, with a net worth of $107 billion. Ellison is the chairman and former CEO of computer technology company Oracle.
In fifth place is 92-year old Warren Buffet, with a net worth of $106 billion. Following closely behind with $104 billion was Bill Gates, and Michael Bloomberg with $94.5 billion.
No Australian made it onto the list. The richest Aussie is mining magnate Gina Rinehart, with $30.6 billion to her name.
Here are the top 25 billionaires in the world:
Bernard Arnault and family - $211 billion
Elon Musk - $180 billion
Jeff Bezos - $114 billion
Larry Ellison - $107 billion
Warren Buffett - $106 billion
Bill Gates - $104 billion
Michael Bloomberg - $94.5 billion
Carlos Slim Helú and family - $93 billion
Mukesh Ambani - $83.4 billion
Steve Ballmer - 80.7 billion
Françoise Bettencourt Meyers and family - $80.5 billion
Larry Page - $79.2 billion
Amancio Ortega - $77.3 billion
Sergey Brin - $76 billion
Zhong Shanshan - $68 billion
Mark Zuckerberg - $64.4 billion
Charles Koch - $59 billion
Julia Koch and family - $59 billion
Jim Walton - 58.8 billion
Rob Walton - $57.6 billion
Alice Walton - $56.7 billion
David Thomson and family - $54.4 billion
Michael Dell - $50.1 billion
Gautam Adani - $47.2 billion
Phil Knight and family - $45.1 billion