The French billionaire and Chairman of Louis Vuitton Moet Hennessy (LVMH) Bernard Arnault became the richest person in the world after surpassing Amazon founder Jeff Bezos. The tycoon's net worth was recorded at $198.9 billion, according to Forbes Real-Time Billionaires List.
Arnault spent $538 million dollars in recent months acquiring shares of his own French label brand controlled by him and his family. LVHM oversees an empire of 70 brands including Louis Vuitton, Sephora, Tiffany & Co, Stella McCartney, Gucci, Christian Dior, Givenchy which are independently managed and operated under the LVMH umbrella.
Microsoft co-founder Bill Gates, Facebook Chief Executive Officer Mark Zuckerberg, Google’s Larry Page and Sergey Brin, Larry Ellison, Warren Buffett, and Francoise Bettencourt Meyers are among the top 10 on the list.
According to the list, the total wealth of 72-year-old Arnault and his family stood at $200.3 billion (Rs 14.84 lakh crore), while Bezos’ total assets were worth $194.9 billion (Rs 14.44 lakh crore). The billionaires list is a dynamic one as total assets of those on it change based on fluctuations in the share price of their companies.
Arnault’s net worth jumped sharply after Louis Vuitton completed a deal with American jeweller Tiffany in January for $15.8 billion (Rs 1.1 lakh crore). The deal is believed to be the biggest luxury brand acquisition ever, according to Arnault’s bio on the Forbes list.
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