Neither Bezos nor Musk, this fashion tycoon is now the world's richest
1 min read 24 May 2021, 06:55 PM ISTThe LVMH Chairman's net worth is now $186.3 billion compared to Amazon's Jeff Bezos, whose net worth is $186 billion, currently
PremiumFrench fashion tycoon Bernard Arnault on Monday became the world’s richest person with an estimated net worth of $186.3 billion, according to Forbes Real-Time Billionaires List. The LVMH Chairman Bernard is now $300 million above Amazon's Jeff Bezos with $186 billion and Tesla CEO Elon Musk on $147.3 billion.
As per the report, 72-year-old Arnault’s net worth has jumped from $76 billion in March 2020 to $186.3 billion today, a massive rise of over $110 billion in the past 14 months, thanks to a pandemic defying performance by his luxury group LVMH (Louis Vuitton Moët Hennessy).
LVMH, which also includes other major fashion brands under it like Fendi, Christian Dior and Givenchy, rose 0.4% during the first hours of trading on Monday, putting its market cap at $320 billion and pushing Arnault’s personal stake up more than $600 million.
LVMH reported first-quarter sales growth last month that beat analysts’ estimates, fueled by China and other Asian nations. Shares in the Paris-based owner of Christian Dior have surged more than 20% this year, helping Arnault, 72, to briefly overtake Elon Musk as the world’s second-richest person.
Forbes' Real-Time Billionaires rankings tracks the daily ups and downs of the world’s richest people. The wealth-tracking platform provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire. The value of individuals’ public holdings are updated every 5 minutes when respective stock markets are open (there will be a 15-minute delay for stock prices).
Meanwhile, Bloomberg earlier today reported that Arnault has spent about 440 million euros ($538 million) in recent months acquiring shares of the world’s largest luxury-goods maker, a sign of confidence that demand for $39,000 Louis Vuitton handbags and Dom Perignon champagne will thrive after the pandemic.
Arnault bought the stock through companies that he and his family control, with the latest transactions disclosed in regulatory filings this week.
