Bernard Arnault, the French billionaire and chairman and chief executive of LVMH, has become the world’s richest person with a fortune topping $200 billion.
This makes him only the third person in history to amass such an estimated fortune, with Tesla’s Elon Musk and Amazon’s Jeff Bezos achieving the milestone before their fortunes dropped back.
Arnault’s wealth increased by $2.4bn on Tuesday to $201bn, thanks to soaring demand for luxury goods among the world’s wealthy. His fortune has increased by $39bn so far this year as shares in LVMH have risen 30%.
The luxury goods group owns Louis Vuitton, Christian Dior, Moët & Chandon champagne, Stella McCartney, TAG Heuer, Bulgari, and Tiffany, Investors King reports.
LVMH has achieved record sales of €79.2bn last year and has begun a €1.5bn share buyback programme, which has helped further lift the share price. The company posted a record €79.2bn in sales last year, with revenue surpassing €20bn at its cash cow, Louis Vuitton.
Arnault, who co-founded the luxury goods group 35 years ago and is the majority shareholder, recently appointed his children to key roles within the business.
His eldest child, Delphine, was named the head of Christian Dior, the second-biggest brand in the empire. Her brother Antoine was promoted to run the holding company that controls LVMH and the Arnault family fortune. His three younger children also have important jobs within the world’s largest luxury goods company.
LVMH’s record stock price follows its announcement last month that it would buy back as much as €1.5bn (£1.3bn) of its own shares. This vital support means millions can continue to read reliable reporting on the events shaping our world.