French Bernard Arnault dethrones Jeff Bezos as World’s Richest Person


French fashion tycoon Bernard Arnault has dethroned Amazon’s CEO Jeff Bezos to become the world’s richest man with an estimated net worth of $186.3 billion.

The chief executive of Moët Hennessy Louis Vuitton (LVMH) is now $300 million richer than Jeff Bezos, who is worth $186 billion, and Elon Musk, worth $147.3 billion.

Arnault’s fortune has jumped from $76 billion in March 2020 to $186.3 billion 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).

Arnault, 72, has seen his fortune jump more than $110billion in the past 14 months thanks to his French luxury goods firm LVMH.

LVMH, which also owns household names like Fendi, Christian Dior and Givenchy, rose 0.4% during the first hours of trading, putting its market cap at $320 billion and pushing Arnault’s personal stake up by more than $600 million.

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In January, LVMH made a huge luxury fashion business deal after acquiring Tiffany & Co., while Arnault then promoted his son to leadership of the American jeweler.

Arnault’s fortune has jumped from just $76billion in March last year to $186.3billion as his luxury goods cooperation has profited despite the Covid-19 pandemic.

Pushed by the “momentum” of shoppers in China, according to Jefferies analyst Flavio Cereda, LVMH recorded revenue of $17 billion for the first quarter of 2021, up 32% compared to the same period in 2020.

Elon 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. The decrease to $147.3billion is a 32 per cent drop from its January high.