Louis Vuitton's Bernard Arnault beats Elon Musk, becomes world's richest person. His net worth is...

Elon Musk and Bernard Arnault in Paris. (File photo)

Bernard Arnault has beat Elon Musk to become the richest person in the world, according to Forbes. The net worth of the chairman and CEO of global luxury goods company LVMH, which includes brands like Louis Vuitton, and his family's net worth soared to $207.8 billion after a $23.6 billion increase on Friday.

Meanwhile, the Tesla CEO's net worth stood at $204.5 billion, the publication stated.

The two wealthiest people in the world often go head to head for the top position. The 74-year-old Bernard Arnault first surpassed Musk in December 2022 as the tech industry struggled and luxury showed resilience in the face of inflation.

Earlier last year, the French billionaire's net worth had once again surpassed Elon Musk's, but in June 2023, the Tesla and Twitter boss retook the title of the world’s wealthiest person. This happened after Arnault experienced a significant decrease of $11.2 billion in his fortune in just one day, raising concerns about a potential slowdown in the US economy and its impact on the demand for luxury goods, Bloomberg reported.

Around the same time, Elon Musk and Bernard Arnault made headlines after they met for a power lunch in Paris.

With a combined net worth of about $426 billion at the time, it was little surprise that Musk, 51, and Arnault chose an ultra-luxurious venue for their lunch in Paris. According to Bloomberg, the two met at Cheval Blanc, a luxury hotel chain owned by Arnault’s LVMH.

NEWS: Elon Musk and Maye Musk had lunch today in France with Bernard Arnault, founder and CEO of @LVMH. pic.twitter.com/GSWUZTS1aM

— Sawyer Merritt (@SawyerMerritt) June 16, 2023

Elon Musk brought his mother, Maye Musk, to lunch in Paris, while Arnault was accompanied by two of his three sons -- Antoine and Alexandre.

On the French news program Quotidien, Arnault said he was meeting Musk because “I know him (and) I think he is an exceptional entrepreneur.”

Read more: How the world's richest person Bernard Arnault lost over $11 billion in a day