Forbes magazine has presented its annual ranking of the world’s richest people. Bernard Arnault, president of the LVMH (Louis Vuitton Moët Hennessy) group, tops the list. The magazine valued the businessman’s fortune at $211 billion. Over the past 12 months, Arnault’s fortune increased by $53 billion. Previously, the leader of the list was the founder of Tesla and SpaceX, Elon Musk. He is now in second place with a fortune of $180 billion.

Bernard Arnault (Photo by Pascal Le Segretain/Getty Images for Dior)

Amazon founder Jeff Bezos is in third place with a fortune of $114 billion. Larry Ellison, Warren Buffett, Bill Gates, Michael Bloomberg, Carlos Slim Elu, Mukesh Ambani and Steve Ballmer are also in the top ten.