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Bernard Arnault, head of the LVMH empire, with a record fortune valued above the 200 billion threshold

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Elon Musk has been officially dethroned from the top of Forbes’ annual “world’s billionaire list”. The list of the richest is opened by Bernard Arnault, the head of the LVMH empire, who became the third person in the world to accumulate a record fortune valued above the $200 billion threshold. According to Forbes, the total number of billionaires on this year’s list has fallen to 2,640 – almost 30 names fewer than last year

The head of Tesla and Twitter is now the second richest billionaire, worth an estimated $180 billion, which is $39 billion less than a year ago. Bernard Arnault, CEO of the French luxury goods giant LVMH, was ranked first. His net worth increased by more than $50 billion to $211 billion last year

List of the richest – Arnault in 1st place

Bernard Arnault, 74, is the chairman and CEO of LVMH, owner of Louis Vuitton, Christian Dior and Moët & Chandon Champagne. The head of this empire has become the third person in the world to amass a fortune valued above the $200bn (£160bn) threshold. Before him, this record level was reached Jeff Bezos from Amazon and Elon Musk from Tesla, however, their fortunes have dwindled after the fall in tech stock prices.

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The French billionaire is $25 billion richer than Musk, whose fortune was reduced by the $44 billion purchase of Twitter. Musk also noted 50 percent. decline in the value of the company that produces electric cars Tesla.

Elon MuskGEORGE NIKITIN/EPA/PAP

Bezos, in turn, was the first person in the world to cross the $200 billion mark in August 2020. He is the third richest man with a fortune of $128 billion. However, Amazon shares have lost nearly 40% in the past year. its value. The Amazon founder lost the most money of any billionaire on the list ($57 billion), dropping from second to third.

Jeff BezosShutterstock

The demand for luxury is growing

Arnault’s wealth increased by $2.4 billion to $201 billion, according to Bloomberg’s daily updated Billionaire Index. Due to the growing demand for luxury goods, LVMH shares rose 30 percent. In 2023, the company gained another $39 billion.

Last year, LVMH said it had achieved record sales of €79.2 billion and launched a €1.5 billion share buyback program, driving its share price up further.

Family business

Arnault co-founded the luxury goods group 35 years ago and is its majority shareholder. He recently decided that his daughter Delphine would take over as CEO of Dior. It is the second largest brand in the fashion empire.

WireImage/GettyImages

Antoine Arnault, son of a billionaire, has been appointed president of a holding company that controls 41 percent of the company. capital and 56 percent. voting rights in the LVMH group.

Read more: Bernard Arnault – the richest man in the world. “Charming smile, teeth of steel”

Forbes richest list

According to Forbes, the total number of billionaires on this year’s list fell to 2,640 (down from 2,668 a year earlier), marking the second straight year of decline.

“It’s been another rare year of decline for the planet’s richest people,” Chase Peterson-Withorn, senior wealth editor at Forbes, said in a statement. “Nearly half the list is poorer than it was 12 months ago, but the lucky few are billions – or even tens of billions – dollars richer.”

More than 250 people who were on last year’s list did not appear on this year’s list, including Kanye Westwho lost his deal with Adidas, and FTX founder Sam Bankman-Fried, who lost 94% of his wealth in one day.

Main photo source: Wikipedia (CC BY SA)



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