LVMH CEO Bernard Arnault, the man behind some of the world’s top luxury labels, has been officially named France’s richest man.

Arnault’s fortune is estimated at 22.7 billion euros, ($28.6 billion) following a 55% increase in his net worth weekly magazine Challenges reported.

Arnault took over the top slot from Gerard Mulliez and family, the owners of the Auchan supermarket chain. Mulliez was still in second place with a fortune estimated at 19 billion euros.

L’Oreal SA heiress Liliane Bettencourt came in third and enjoyed a 40% rise in net worth in the past year to $18 billion.

Challenges does the survey, which includes non-residents who hold French nationality, every year.

The wealth estimates exclude personal property holdings, works of art, cars, boats and planes.

Source: Bloomberg