Bernard Arnault, chairman and CEO of French luxury conglomerate LVMH Moët Hennessy – Louis Vuitton, became the richest person in the world after the net worth of Amazon founder Jeff Bezos fell by $ 13.9 billion in one day.
This is not the first time that Arnault has topped the list of the richest in the world. He became number one in December 2019, January 2020, May 2021 and again in July 2021.
The French tycoon has a 47.5% stake in LVMH, which has a market capitalization of more than $ 400 billion. LMVH subsidiaries – including Louis Vuitton, Moët & Chandon, Hennessy cognac, Christian Dior and Tiffany & Co – cover fashion, jewelry, cosmetics, wines and spirits.
The luxury brand has released sales figures ahead of the pandemic in Asia and the United States. Let’s not forget that tourists flock to LVMH’s home European market for its coveted handbags and spirits. Additionally, LVMH sales are dramatically increasing in China as the country’s economy emerges from lull due to the COVID-19 pandemic.
Meanwhile, Amazon.com – of which Bezos has an 11% share – posted weaker-than-expected second-quarter profits. Nonetheless, Bezos’ net worth is still $ 13 billion higher than that of Tesla and SpaceX chief Elon Musk.
Here is Forbes’ list of real-time billionaires of the richest people in the world: