This Entrepreneur Has Beaten Jeff Bezos To Become World’s Richest Person!
Bernard Arnault has overtaken Jeff Bezos to become the richest man on the planet, albeit for a brief while.
Arnault is the chairman and chief executive of iconic fashion and luxury brand Louis Vuitton Moet Hennessy (LVMH).
He started out in business in 1984 when he took over a textile group owning Christian Dior that went bankrupt.
Half a decade later in 1989 is when he became the majority shareholder, chairman and chief executive of LVMH and created the world’s foremost luxury products conglomerate.
Arnault And LVMH’s Rise To Success
The new status comes for Arnault after stock prices rose for LVMH.
The company’s fortunes were boosted by increased consumer demand in China.
Bernault presently has a net worth of $186.4 billion, $4 million more than Jeff Bezos’ $186 billion
The 72 year old added $110 billion to his fortune in the last 1.5 years.
His company reported revenue of $17 billion in the first quarter of this year, registering a 32% growth.
It also acquired Tiffany & Co, which is America’s largest jewelry brand, for $15.8 million in Jan 2021 making it the biggest deal in the luxury fashion industry thus far.
The acquisition was part of the group’s ambitions to expand their jewelry and watch division which is their smallest business .
Apart from Tiffany & Co, LVMH now includes TAG Heuer, De Beers and Bulgari in its presence in the jewelry industry.
70 iconic brands operate and are managed independently under the LVMH umbrella such as Louis Vuitton, Sephora, Tiffany & Co, Stella McCartney, Gucci, Christian Dior, Givenchy.
Bezos Again On Top? Other Notable Billionaires
According to Forbes’ real-time billionaire index Bezos once again returns to the top with a fortune of $188.2 billion.
Arnault is now second-richest followed by Elon Musk at #3 with $152.5 billion and Mark Zuckerberg at #4 with $117.7 billion.
Indian billionaires include Mukesh Ambani who is 12th on the list with a fortune of $77.3 billion followed by Gautam Adani who is 16th with $68.8 billion.
The title of the world’s richest woman goes to L’Oreal head Francoise Bettencourt Meyers who has a fortune of $88 billion and is ranked 11th.
It’s an ongoing race and anyone can become the new richest person in the world, at any time.