The LVMH Chairman's net worth is now $186.3 billion compared to Amazon's Jeff Bezos, whose net worth is $186 billion, currently
French 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.