Bernard Arnault overtakes Jeff Bezos to become world’s richest man

French fashion tycoon Bernard Arnault on Monday May 24, 2021 edged ahead of Jeff Bezos to become the world’s richest man as his net worth climbed to $186.3billion.

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

The rise pushed Arnault’s personal stake up by more than $600million and placed LVMH’s market cap at $320billion, according to Forbes.

Arnault’s overall net worth has jumped to $186.3billion, reportedly seeing him edge past Amazon CEO Jeff Bezos, who is worth $186billion, by ‘only’ $300million in the world’s rich list.

It comes just days after Arnault pushed Elon Musk, worth $147.3billion, out of his spot as the world’s second richest man after Tesla’s share price sank.

Arnault, 72, has seen his fortune jump more than $110billion in the past 14 months thanks to his French luxury goods firm LVMH, which owns the likes of Louis Vuitton, Fendi, Christian Dior and Givenchy in its portfolio of 70+ luxury brands.

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.

Credit THE NATION

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