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BERNARD ARNAULT OVERTAKES BILL GATE AS 2ND RICHEST MAN

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Bernard Arnault is currently worth up to  $103 billion ,Bloomberg estimates.

Jeff Bezos may have just reclaimed the title of the richest man on Earth from Bill Gates, but he may be in danger of losing it to another centi-billionaire LVMH chairman Bernard Arnault.

A recent jump in LVMH’s share price pushed Arnault’s net worth above that of Bill Gates and slightly behind Jeff Bezos.Before July 2019,Bill Gate was $8 billion richer than $7billion BERNARD ALNAULT.

Currently, Gates was temporarily ranked as the world’s third-richest person behind Bezos and Arnault for the first time in at least seven years, according to Bloomberg. 

Despite a recent history of stability, the wealth lists maintained by Forbes and Bloomberg have been unusually mobile in 2019 as the world’s three richest men have become even more wealthy. Arnault displaced Warren Buffett from the No. 3 spot in March, and in June, he became only the third person in human history to accumulate a fortune of over $100 billion.

Then, in a surge in Microsoft’s stock price led Bill Gates to first overcome Arnault, and then temporarily end Jeff Bezos’ two-year reign as the richest person on Earth on November 19. Gates is now worth $110 billion .

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He sits at the helm of LVMH , the largest luxury-goods conglomerate in the world. Arnault owns a 96.5% stake in Christian Dior, which controls 41% of LVMH, Business Insiderpreviously reported.

LVMH owns over 70 luxury brands including Louis Vuitton, TAG Heuer watches, Dom Perignon Champagne, and, most recently, Tiffany. LVMH first offered to buy Tiffany in October, in an attempt to expand into luxury jewelry. The $16.2 billion deal , announced Monday, shot LVMH shares up 1% and Arnault’s net worth right along with them.

Ehimare Oriaifo
the authorEhimare Oriaifo

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