In a major shakeup of the global billionaire rankings, French luxury tycoon Bernard Arnault and his family have soared to the top, leaving behind industry giants Jeff Bezos and Elon Musk. According to the Bloomberg Billionaires Index, Arnault's fortune is valued at a staggering $230 billion as of Monday.

Arnault, the patriarch of the family overseeing the Louis Vuitton Moët Hennessy (LVMH) empire, controls an impressive portfolio of brands including Sephora, Tiffany & Co., Christian Dior, and Stella McCartney. His wealth has experienced remarkable growth this year, with an increase of nearly $23 billion since the start of the year.

Being the only non-American among the top 10 wealthiest business leaders, Arnault and his family hold around half of LVMH, which generated a whopping $93.2 billion in revenue last year, solidifying its position as the world's largest luxury maker.

Whilst Arnault reigns supreme, Jeff Bezos, the founder of e-commerce behemoth Amazon, takes second place on the billionaire list with a net worth of $204 billion. His wealth derives from his significant stake in Amazon, approximately 12% of the company's outstanding stock, equivalent to approximately 880 million shares.

Bezos has witnessed a boost in his wealth not only from his Amazon holdings but also from the stock performance of the company. Despite facing competition from overseas-based upstarts Shein and Temu, Amazon's share price has risen by over 20% since January 1st.

Falling behind Bezos is Elon Musk, whose electric car company Tesla has encountered significant setbacks this year. With a net worth of $189 billion, Musk's fortune has dropped by over $40 billion since the beginning of the year. Tesla's stock has nosedived by more than 32%, primarily due to sagging demand and fierce competition from Chinese-based rival BYD.

The news of Tesla's struggle was further accentuated when the company reported its first annual drop in sales since 2020, producing 433,000 cars but only delivering 387,000 vehicles to customers. Still, Musk continues to lead other ventures, including the social media platform X, SpaceX, the Boring Company, and the brain chip startup Neuralink.

Other notable figures in the top 10 billionaire list include Meta CEO Mark Zuckerberg, who experienced a significant increase of $46.5 billion in his fortune thanks to Meta's robust third-quarter earnings report. Microsoft co-founders Bill Gates and Steve Ballmer, Google co-founders Larry Page and Sergey Brin, investor Warren Buffett, and software mogul Larry Ellison complete the esteemed group.

As the wealth distribution among the world's richest continues to evolve, Bernard Arnault's rise to the top marks a significant milestone, highlighting the dominance of the luxury industry in shaping global fortunes.