French fashion tycoon, Bernard Arnault has overtaken Jeff Bezos as the richest man in the world.
Arnault, who is the chief executive officer of Moët Hennessy Louis Vuitton (LVMH) saw his net worth climb to $186.3 billion on Monday May 24, 202.
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.
The fashion tycoon, 72, just days ago, displaced 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.