Earlier this year Bernard Arnault became the third centibillionaire in the world thanks to stocks of his main company soaring in value after it released its first quarter earnings report. Now, he’s muscled into the number 2 position on the world’s richest list and is fast closing in on Amazon honcho Jeff Bezos.
His recently upped $107 billion fortune shot him past Microsoft cofounder Bill Gates, whose net worth is $106.9 billion. And now, thanks to the ever rising LVMH stock and he is now just $5.2 billion behind the richest person on earth, Amazon’s Jeff Bezos, who is worth $112.3 billion.
However according to Bloomberg, Gates would still be the richest person in the world if it wasn’t for his philanthropic giving. He has so far donated over $35 billion to the Bill & Melinda Gates Foundation.
Arnault is a regular fixture in the fashion world and is Chairman and Chief Exec of LVMH Moët Hennessy – Louis Vuitton SE, commonly referred to as LVMH, the world’s largest luxury-goods company.
The holding company also owns 79 brands and 60 subsidiaries that cover everything form fashion, perfumes and cosmetics, to fine wine and spirits, watches and jewelry. Since 2008, LVMH has made 20 acquisitions since 2008 and now rumour has it, they’re looking at buying Tiffany & Co. for $14.5 billion as well.
“In light of recent market rumours, LVMH Group confirms it has held preliminary discussions regarding a possible transaction with Tiffany,” the company said in a statement. “There can be no assurance that these discussions will result in any agreement.”
Recently however, the hashtag #BoycottLouisVuitton was trending on social media when Trump was invited by the Chief Executive of LVMH to open the new Louis Vuitton factory in Texas.
The US President there was pictured with the top brass inclusing Arnault and Louis Vuitton CEO Michael Burke for the ceremonial opening along with Ivanka Trump.
