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Louis Vuitton and Dior owner Bernard Arnault has been named the richest man in the world by Forbes. The businessman topped the magazine's annual rankings, displacing Tesla, SpaceX and Twitter CEO Elon Musk to second place. For the first time, a French citizen leads the ranking.

Forbes has estimated Bernard Arnault's fortune at $211 billion, while Elon Musk has $180 billion.

In third place is Amazon founder Jeff Bezos, fourth is co-founder and former Oracle CEO Larry Ellison, and fifth is Berkshire Hathaway CEO Warren Buffett.

The richest woman according to Forbes was the owner of the French cosmetics company L'Oréal Francoise Bentacour with her family (11th place) - her fortune is estimated at $ 80.5 billion.

The United States still boasts the largest number of billionaires, with 735 in the country. China remains second with 562 billionaires. It is followed by India with 169 billionaires.

See real-time billionaire rankings

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Photo: forbes.com