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Bernard Arnault Becomes Worldâs Richest Person As LVMH Stock Rises
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French fashion tycoon Bernard Arnault is the worldâs richest person this Monday, with an estimated net worth of $186.3 billionâputting him $300 million above Jeff Bezos, who is worth $186 billion, and Elon Musk, worth $147.3 billion.
Arnaultâs fortune has jumped from $76 billion in March 2020 to $186.3 on Monday, 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 owns household names 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 Arnaultâs personal stake up by more than $600 million.
Bernard Arnault Becomes The Richest Man In World
SEATTLE (dpa-AFX) - Bernard Arnault, Chairman, and CEO of French luxury fashion retail chain Luis Vuitton Moet Hennessy or LVMH, has become the richest man in the world with an estimated net worth of $186.3 billion on Monday.
Arnault witnessed a massive $110 billion increase in his net worth in the last 14 months putting him $300 million above Amazon (AMZN) head Jeff Bezos and $39 billion ahead of SpaceX and Tesla (TSLA) owner Elon Musk. The growth was driven by a strong performance by his luxury group LVMH even during the pandemic period.
LVMH, which owns designer brands such as Fendi, Cristian Dior, and Givenchy, saw a 0.04% rise in stock after the market opened on Monday, helping Arnault s value to rise by $600 million. Much like the other luxury fashion chains like Chanel, Kering Group, and L Oreal who have doubled their fortunes in the same period of time, LVMH has also increased its market cap to $320 billion.
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