Bernard Arnault, the CEO of LVMH, the world’s leading luxury goods company, has claimed the title of the world’s richest person, surpassing tech magnates Elon Musk and Jeff Bezos. According to Forbes’ real-time billionaires list, Arnault and his family’s net worth reached a staggering $207.8 billion as of Friday, January 26, 2024, following an astounding $23.6 billion increase in a single day.
Arnault’s ascent to the top came as Tesla shares, a significant factor in Elon Musk’s wealth, experienced a 13% decline on Thursday, causing his net worth to dip to $204.5 billion. Jeff Bezos, the founder of Amazon, holds the third position with a net worth of $186 billion as of Monday.
The surge in Arnault’s wealth is attributed to the exceptional performance of LVMH, whose portfolio includes renowned brands such as Louis Vuitton, Sephora, Fendi, and Tiffany & Co. LVMH’s shares soared over 13% on Friday, fueled by robust sales reports, pushing the company’s market capitalization to $388.8 billion, although still trailing behind Tesla’s $586.14 billion.
LVMH’s first-quarter revenue for 2021 witnessed a remarkable increase, reaching $17 billion, marking a 32% surge from the same period in 2020. Bernard Arnault’s personal wealth skyrocketed from $76 billion in March 2020 to an astonishing $186.3 billion on Monday, reflecting an extraordinary growth of over $110 billion in just 14 months.
Arnault joins a league of European luxury tycoons benefiting from the COVID-19 lockdown, alongside François Pinault of Kering Group, Alain and Gerard Wertheimer of Chanel, and Francoise Bettencourt Meyers of L’Oréal, who have all witnessed a doubling or nearly doubling of their net worth since 2020.
Notably, Arnault is the first French citizen to top the Forbes billionaires list, which has predominantly been dominated by Americans in the past two decades. The last non-American to briefly hold the No. 1 spot was Mexico’s Carlos Slim in the early 2010s. Bernard Arnault entered the top 10 in 2005 with a $13 billion fortune, marking his steady climb to the summit of global wealth.
Previously, Elon Musk claimed the title of the world’s richest person in January 2021, with a net worth of $189.7 billion, marking a staggering $165 billion increase from March 2020 when his wealth was valued at $24.6 billion.
