The head of luxury goods giant LVMH, Bernard Arnault, has been dethroned from the top spot by Elon Musk, who has reclaimed his title as the world's richest person.
Due to an increase in the value of his electric car company Tesla, his net worth has increased by $55.3bn (£44.44bn) since January, reaching $192bn.
Bloomberg's Billionaires Index shows that Mr. Arnault's wealth has decreased by $24.5 billion to $187 billion.
In third and fourth place, respectively, are Bill Gates and Jeff Bezos after him.
As the market for luxury goods recovered in December, Mr. Arnault, 74, surpassed Mr. Musk, 51, on the list of the wealthiest people.
Shares of Tesla, the business from which Mr. Musk derives the majority of his wealth, fell precipitously at the same time amid worries that his leadership was being harmed by his acquisition of Twitter.
While investor jitters have subsided and Mr. Musk's replacement as Twitter CEO has been announced, Tesla shares have recovered by nearly 92 percent since the year's beginning. .
While the car company is profiting from the rise in interest in artificial intelligence, his visit to China this week to discuss Tesla has also sparked excitement.
LVMH, which owns companies like Christian Dior and Louis Vuitton, has reversed course.
Its shares have dropped significantly since the year's beginning, down 16 percent, after reaching a record high in April.
The company, which is the most valuable company in Europe, was co-founded in 1987 by Mr. Arnault, who also owns a majority stake in it.
As part of a restructuring at LVMH, the Frenchman appointed his daughter Delphine Arnault, 47, as CEO of his fashion house Dior in January.
At brands in the group, all five of Mr. Arnault's children hold executive positions.
With a net worth of $146 billion, Amazon founder Jeff Bezos is ranked third in the world, according to Bloomberg. Microsoft co-founder Bill Gates has a $126 billion net worth.
