World's richest person Bernard Arnault's fortune has increased by more than $33 billion this year

• Bernard Arnault's wealth increased by $33.7 billion this year, Bloomberg's Billionaires Index shows.
• The multi-billionaire tops its rankings of the world's richest people, followed by Elon Musk.

The world's richest person Bernard Arnault's wealth has skyrocketed by over $33 billion this year, according to Bloomberg's Billionaires Index.

Bernard Arnault is the CEO and co-founder of luxury goods conglomerate LVMH Moët Hennessy - Louis Vuitton, more commonly known as LVMH.

The mogul's fortune has swelled by $33.7 billion – more than a fifth of his total wealth – so far this year.

Bloomberg has estimated his current net worth at $196 billion. The 73-year-old French billionaire is currently ranked by Bloomberg as the world's richest person, followed by Elon Musk whose net worth is valued at $175 billion.

Arnault co-founded the group that owns brands such as Marc Jacobs, Givenchy, and Moët & Chandon as well as a 50% stake in Fenty Beauty in 1987. It also operates high-end brands such as Louis Vuitton, Tiffany & Co., and Christian Dior.

The CEO recently appointed his daughter, Delphine Arnault, CEO and chair of Dior. Dior announced in January the younger Arnault would take over as of February 1, after serving as an executive vice president of Louis Vuitton since 2013.

All four of his sons hold top positions at his companies too. Antoine Arnault is CEO of LVMH holding company Christian Dior SE; Alexandre Arnault is an executive vice president at Tiffany & Co.; Frédéric Arnault is the CEO of Tag Heuer; and Jean Arnault is the director of watches development and marketing at Louis Vuitton.

LVMH did not immediately respond to Insider's request for comment made outside of typical working hours.