Bernard Arnault is the richest man in the world again.
In accordance with Bloomberg Billionaire IndexArnault made his first $200 billion as shares in his luxury goods company LVMH surged 30%.
Arnault, 74, is barely the third man in history to earn greater than $200 billion. Amazon CEO Jeff Bezos was the first to succeed in $200 billion in August 2020. Telsa’s Elon Musk has also crossed the $200 billion mark. At one point, Musk’s net price was $340 billion.
But most recently, Arnault took first place from Musk, whose net price fell by $298 million. The two titans have been fighting for months, switching between the richest man in the world.
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Luxury goods are hot
In accordance with ReutersEuropean luxury goods corporations achieved the best stock market performance in the region in 2023
Firms like LVHM, which owns brands like Louis Vuitton, Moet Hennesey and Tiffany’s, proceed to be popular with the wealthy despite the international economic crisis.
“More individuals are flocking to luxury goods spending after surviving Covid lockdowns,” said Luca Solca, chief luxury goods analyst at Bernstein The Recent York Times. “The middle class has suffered and is depopulating. But the wealthy have been untouched, and the upper middle class is spending money on all fronts.”
Arnault cashes in on the trend. On Tuesday alone, his fortune increased by $2 billion, bringing him to $201 billion. His French counterpart Françoise Bettencourt-Meyers, CEO of L’Oreal, can also be doing well. She was at the top Forbes list richest women for 3 years in a row, with a net price of $88.9 billion.
The top five billionaires are:
- Bernard Arnault: $201 billion
- Elon Musk: $171 billion
- Jeff Bezos: $126 billion
- Bill Gates: $121 billion
- Warren Buffet: $110 billion