Elon Musk, the CEO of Tesla, has become the richest person in the world according to Forbes’ latest billionaires list, surpassing French luxury goods tycoon Bernard Arnault.

Mr Musk takes the top spot in the annual list with a net worth of $342bn (£264.73bn), surpassing Bernard Arnault’s wealth. Mr Musk’s wealth grew by 75% due to skyrocketing valuations of his companies SpaceX and artificial intelligence company xAI, as well as a 12-month rise in Tesla’s stock prices despite its share price plummeting recently.

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This is Forbes’ 39th annual world’s billionaires list, which features a record-breaking 3,028 billionaires, up 247 from last year. Together, their net worth amounts to $16.1trn.

Tech bosses dominate the ranking, with all the top 10 spots being taken by men. An image shows Mark Zuckerberg, Jeff Bezos, Sundar Pichai, and Elon Musk before the 60th Presidential Inauguration.

Coming second to Mr Musk is Facebook founder Mark Zuckerberg with $216bn (£167.4bn) and Amazon founder Jeff Bezos in third place with $215bn (£166.6bn). Elon Musk’s father, Errol Musk, has recently stated that his son is “doing the right thing.”

Larry Ellison, co-founder of Oracle, comes in fourth with $192bn (£148.7bn). Mr Arnault and his family, who run the luxury goods business LVMH, are fifth with $178bn (£137.9bn). Investor Warren Buffett ranks sixth with $154bn (£119.3bn), while Google founders Larry Page and Sergey Brin take seventh and eighth place with $144bn (£111.6bn) and $138bn (£107bn) respectively.

The only non-American in the top 10 is Spain’s Amancio Ortega, founder of the Inditex fashion brand, which owns Zara and Bershka, with a net worth of $124bn (£96bn). Former Microsoft CEO Steve Ballmer comes in tenth with $118bn (£91.4bn).

Newcomers on this year’s billionaires list include Sundar Pichai, CEO of Google parent company Alphabet, whose net worth rose to $1.1bn (£850m) due to an increase in the value of his Google shares. President Donald Trump also features on the billionaires list, with his wealth doubling to an estimated $5.1bn (£3.95bn) as his social media company Truth Social became a publicly listed company and he sold his own cryptocurrency token.