The World’s Richest Person Has Reached $200 Billion

Bernard Arnault has reclaimed the title of the world’s wealthiest person, according to the Bloomberg billionaires index. Arnault’s fortune recently surpassed $200 billion for the first time, driven by a 30% increase in shares of his luxury goods conglomerate LVMH. As per the Bloomberg billionaires index, Bernard Arnault’s fortune saw a boost of $2.4 billion on Tuesday, bringing his total net worth to $201 billion.

At the age of 74, Bernard Arnault joined an elite club as only the third person in history to achieve an estimated fortune surpassing $200 billion. Previously, this financial milestone had been reached by tech tycoons Elon Musk and Jeff Bezos, though their fortunes later experienced declines as share prices of technology companies fluctuated.

In August 2020, Jeff Bezos, the founder of Amazon, became the first person to surpass the $200 billion mark in terms of net worth. He was followed by Elon Musk, the CEO of Tesla, who also crossed this threshold. At one point, Musk’s net worth skyrocketed to a staggering $340 billion.

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Arnault holds prominent positions as the chairman and chief executive of LVMH, a luxury goods conglomerate that owns iconic brands such as Louis Vuitton, Christian Dior, and Moët & Chandon champagne. The company’s shares have experienced remarkable growth, surging over 150% in the past three years and reaching a new peak of €853 on Wednesday morning.

LVMH, under Arnault’s leadership, achieved remarkable sales of €79.2 billion last year, setting a new record. The company has also initiated a share buyback program worth €1.5 billion, which has further contributed to the rise in share price. As the co-founder and majority shareholder of the luxury goods group for over 35 years, Arnault has made strategic moves to secure the future of the business. This includes appointing his children to key roles within the company. In January, his eldest child, Delphine, was named as the head of Christian Dior, the second-largest brand in the LVMH portfolio. Her brother Antoine was also promoted to oversee the holding company that controls LVMH and manages the Arnault family fortune.

Feat image credit: Pixabay via Pexels

Yabes Elia

Yabes Elia

An empath, a jolly writer, a patient reader & listener, a data observer, and a stoic mentor

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