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

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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.