SAWT BEIRUT INTERNATIONAL

| 17 June 2021, Thursday | النسخة العربية

French fashion tycoon Bernard Arnault becomes world’s richest man

French fashion tycoon Bernard Arnault has today crept ahead of Jeff Bezos to become the world’s richest man after his net worth jumped to $186.3billion, the Mail reported on Monday.

The chief executive of Moët Hennessy Louis Vuitton (LVMH) saw his luxury goods firm increase by 0.4% during the first few hours of trading on Monday.

According to Forbes, the rise pushed Arnault’s personal stake up by over $600million and placed LVMH’s market cap at $320billion.

The man’s overall net worth has climbed to $186.3billion, reportedly seeing him edge $300million above Amazon CEO Jeff Bezos, who is worth $186billion, in the world’s rich list.

This comes just days after the fashion tycoon pushed Tesla boss Elon Musk, worth $147.3billion, out of his spot as the world’s second richest man after Tesla’s share price dwindled.

The eye-watering fortunes topping the billionaire list are composed primarily of stock holdings, meaning that their values are subject to daily fluctuations with changes in the stock market.

72-year-old Arnault has seen his fortune jump over $110million over the past 14 months thanks to his French luxury goods firm LVMH, who own the likes of Fendi, Louis Vuitton, Givenchy and Christian Dior.

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