Bernard Arnault is back on top as the richest man in the world.
According to Bloomberg Billionaires IndexArnault won $200 billion for the first time, as shares of his luxury products LVMH company increased by 30%.
Arnault, 74, is only the third man to earn more than $200 billion. Amazon CEO Jeff Bezos was the first to hit $200 billion in August 2020. Telsa’s Elon Musk also crossed the $200 billion threshold. At one point, Musk’s net worth was $340 billion.
But recently, Arnault took the top spot from Musk, whose net worth is down $298 million. The two titans have been battling each other for months, go and come between the richest man of the world title.
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Luxury products are on the rise
According ReutersEuropean luxury goods companies were the region’s top equity performers in 2023.
Companies like LVHM, which owns brands like Louis Vuitton, Moet Hennesey and Tiffany’s, are still popular with the wealthy, despite an international economic downturn.
“More and more people are flocking to luxury spending after surviving Covid lockdowns,” said Luca Solca, chief luxury goods analyst at Bernstein. The New York Times. “The middle class has suffered and is emptying out. But the wealthy have not been affected and the upper middle class is spending on all fronts.”
Arnault takes advantage of the trend. His fortune grew by $2 billion on Tuesday alone, pushing him to $201 billion. His French counterpart Françoise Bettencourt-Meyers, CEO of L’Oréal, is also booming. She was at the top of the Forbes list richest women for three consecutive years, with an estimated net worth of $88.9 billion.
The top 5 billionaires are:
- Bernard Arnault: $201B
- Elon Musk: $171 billion
- Jeff Bezos: $126 billion
- Bill Gates: $121 billion
- Warren Buffet: $110 billion