Elon Musk has once again been unseated as the world’s richest man, according to Forbes. The magazine’s freshly released 2023 World Billionaires list, published Tuesday, has French luxury goods magnate Bernard Arnault at the top of the list.

Coming in with a net worth $31 billion above Elon Musk’s, the 74 year old founder of LVMH Group is now valued at $211 billion, according to Forbes’ calculations.

Managing over 70 brands, including Fendi, Christian Dior, Givenchy, and Tiffany, LVMH (Louis Vuitton Moët Hennessy) is the biggest luxury goods conglomerate in the world.

The conglomerate’s revenues, profits, and share price has risen to record highs over the past year, which has increased Arnault’s personal fortune by $53 billion, marking the largest gain of any billionaire according to Forbes’ analysis.

Frist appearing on Forbes’ billionaires list on 1997, when he registered a net worth of $3.6 billion. He had reached into the top twenty richest men by 2005, with a fortune of $17 billion. By 2011, he had reached a net worth of $41 billion, which placed him fourth on the list. Over the last three years he consistently came in at third place, behind Elon Musk, and Amazon’s Jeff Bezos.

Musk meanwhile has set the record for the largest loss of personal fortune in history, over the previous two years. His net worth, once at a peak of $320 billion in 2021, fell to $138 billion by January 6th, 2023. Guinness World Records, using Forbes data, officially certified the record.

The fall in net worth was mostly due to the fall in the share price of Tesla Motors (TSLA), although Musk’s purchase of social media platform Twitter last year also put a dent in his net worth.

Forbes publishes its World’s Billionaires list annually, documenting the net worth of the richest people in the world, and using it to rank them according to wealth.