Arnault, who is the CEO of LVMH (Louis Vuitton Moët Hennessy), took over Musk as the richest man last year in December.
The repositioning is being attributed to the drop in LVMH’s stock on Wednesday, according to Bloomberg calculations.
LVMH is a French multinational conglomerate specialising in luxury goods, headquartered in Paris. It is home to brands like Louis Vuitton, Dior and Celine.
According to the index, LVMH's shares have dropped by about 10%, causing a significant dent of $11 billion in Arnault's net worth within a single day.
In contrast, Elon Musk's fortune has increased by more than $55.3 billion this year, owing mostly to the success of Tesla, which accounts for 71% of Musk's fortune.
Other billionaires in the list include Jeff Bezos (3), Bill Gates (4), Warren Buffet (7), Mark Zuckerberg (10), Mukesh Ambani (13) and Gautam Adani (19).
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