Bernard Arnault, the chairman, and CEO of the French luxury conglomerate LVMH Moët Hennessy - Louis Vuitton, has become the world's richest person after Amazon founder Jeff Bezos' net worth fell $13.9 billion in a day.
This is not the first time Arnault has topped the world’s richest list. He became the number one in December 2019, in January 2020, in May 2021, and again in July 2021.
The French tycoon owns a 47.5% share in LVMH, which has a market capitalisation of more than $400 billion. The subsidiaries of LMVH — including Louis Vuitton, Moët & Chandon, Hennessy cognac, Christian Dior, and Tiffany & Co — cover fashion, jewellery, cosmetics, wines, and spirits.
The luxury brand has been posting pre-pandemic sales figures in Asia and the USA. Not to forget, tourists flock LVMH's home European market for its coveted handbags and liquor. Further, the sales of LVMH are recording a dramatic rise in China as the country's economy comes out of the lull due to the COVID-19 pandemic.
Meanwhile, Amazon.com — of which Bezos holds an 11 percent share — posted weaker-than-expected second-quarter earnings. Nonetheless, the net worth of Bezos is still $13 billion more than that of Tesla and SpaceX chief Elon Musk.
Here’s the Forbes Real-Time Billionaires' list of the richest people in the world:
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Stampede-like situation disrupts Rahul Gandhi, Akhilesh Yadav's joint rally in Uttar Pradesh
May 19, 2024 4:26 PM
Ladakh Lok Sabha election: With Independent candidate's entry, it's now a 3-way contest for BJP and Congress
May 19, 2024 4:01 PM