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Bernard Arnault Again Becomes World’s Richest Man, Overtakes Jeff Bezos

Bernard Arnault

Bernard Arnault, the chairman of Louis Vuitton Moet Hennessy (LVMH), has surpassed Amazon founder Jeff Bezos to become the world’s richest person. According to Forbes Real-Time Billionaires List, the French business magnate has a net worth of $198.9 billion.

This pinnacle has previously been achieved by Bernard Arnault in December 2019, January 2020, May 2021, and July 2021. Meanwhile, Bezos has a net worth of $194.9 billion, while Elon Musk, the CEO of Tesla and SpaceX, is at third position with a net worth of $185.5 billion.

According to Forbes, four of Mr. Arnault’s five children – Frederic, Delphine, Antoine, and Alexandre – work for the LVMH company.

In recent months, Arnault has spent $538 million on the stock in his French label, which he and his family control. When the business announced first-quarter sales of €14 billion in 2021, up 32 per cent from the first quarter of 2020, he beat Elon Musk, the founder of Space X and Tesla.

Under the LVMH umbrella, 70 brands are managed and operated separately, including Louis Vuitton, Sephora, Tiffany & Co, Stella McCartney, Gucci, Christian Dior, and Givenchy.

According to the businessman’s bio in the real-time listing, LVMH sealed a purchase for American jeweler Tiffany & Co for $15.8 billion in January 2021, which is thought to be the largest luxury brand acquisition ever.

This list also includes Indian business tycoons such as Mukesh  Ambani ,the chairman of Reliance Industries Limited (RIL) with net worth of $79.8 billion.

Gautam Adani, on the other hand, dropped seven spots to 23rd place and now has net worth of $55.6 billion, while HCL Technologies founder Shiv Nadar’s net worth increased to $25.8 billion, according to the Forbes Real-Time Billionaires List.

About the author

Harshita Sharma

A financial news enthusiast and a keen observer of the stock market, I bring to you all the updates from the world of business and finance. So, check out my posts and stay tuned with the major (informational) happenings.

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