He replaced  LVMH boss  Bernard Arnault.

His net worth has soared by $55.3bn (£44.44bn) since January to $192bn, after a rise in the value of his electric car company Tesla, reports BBC.

Arnault's fortune has fallen by $24.5bn to $187bn, per Bloomberg's Billionaires Index, reports the British media.

In the third and fourth positions stand Jeff Bezos and Bill Gates.

Arnault, 74, had overtaken Musk, 51, on the the rich list in December when shares in LVMH jumped as demand for luxury goods rebounded, reports BBC.