French fashion tycoon, Bernard Arnault is now the world’s richest man after his net worth climbed to $186.3billion.
The chief executive of Moët Hennessy Louis Vuitton (LVMH) saw his luxury goods firm stock increase by 0.4 per cent during the first hours of trading on Monday, May 24.
The rise pushed Arnault’s personal stake up by more than $600million and placed LVMH’s market cap at $320billion, according to Forbes.
Arnault’s overall net worth jumped to $186.3billion, edging past Amazon CEO Jeff Bezos, who is worth $186billion; by ‘only’ $300million in the world’s rich list.
It comes just days after Bernard Arnault pushed Elon Musk, worth $147.3billion; out of his spot as the world’s second-richest man after Tesla’s share price sank.
Musk dropped out of his spot as the world’s second-richest man after his fortune sank by $3.16billion last week, to $160.6billion.
Arnault, 72, has seen his fortune jump more than $110million in the past 14 months thanks to his French luxury goods firm LVMH; which owns the likes of Louis Vuitton, Fendi, Christian Dior, and Givenchy in its portfolio of 70+ luxury brands.
Over the years, the very top of Forbes’ billionaires list has been largely dominated by Americans.
The number one spot has been occupied by U.S. citizens Bezos, Musk, Gates and Buffett for the best part of two decades; with only Mexico’s Carlos Slim disrupting their dominance for any notable period of time.
Since the start of the pandemic, the net worths of the world’s richest people have fluctuated wildly; with many jumping by billions.
Elon Musk briefly became the richest person in the world in January 2021, when his net worth hit $189.7 billion.
That represented an astonishing $165 billion gain since March 2020, when he was worth $24.6 billion.
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