Arnault first outperformed Musk in December, as the tech industry struggled and the luxury sector showed resilience against inflation. LVMH, which was founded by Arnault, owns brands like Louis Vuitton, Fendi and Hennessy.
Faith in the dynamism of the luxury sector is beginning to fade amid increasing signs of slowing economic growth, particularly in China, a crucial market.
LVMH shares have fallen 10% since April and at one point wiped out $11 billion of Arnault’s net worth in a single day.
Musk, for his part, has earned more than $55.3 billion this year, thanks in large part to Tesla. The Austin-based automaker, which comprises 71% of its fortune, is up 66% so far this year.
Musk’s fortune is now valued at about $192.3 billion, according to the index, while Arnault’s is around $186.6 billion.