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Fashion mogul Bernard Arnault briefly displaces Jeff Bezos as world's richest man

Arnault's fortune comes from the pandemic-defying performance by luxury group LVMH (Louis Vuitton Moet Hennessy) that also owns names like Fendi, Christian Dior and Givenchy

Bernard Arnault briefly overtook Jeff Bezos Bernard Arnault briefly overtook Jeff Bezos

Propelled by a rise in stock prices of LVMH, fashion mogul Bernard Arnault briefly overtook Amazon head Jeff Bezos as the richest man in the world on Monday. In that period, Arnault had a net worth of an estimated $186.3 billion, which was $300 million above Jeff Bezos. At the time of publishing this article, Forbes' real-time billionaire index showed Bezos back on top with a fortune of $188.2 billion and Arnault with $187.3 billion.

Elon Musk comes in third with $152.5 billion, followed by Bill Gates with $126 billion, and Mark Zuckerberg with $117.7 billion. The richest woman is L'Oreal head Francoise Bettencourt Meyers who has a net worth of $88 billion along with her family. She ranks 11th in the list.

Mukesh Ambani, 12th on the list is the richest Asian with $77.3 billion. Gautam Adani is 16th with $68.8 billion.

ARNAULT'S FORTUNE

Arnault's fortune comes from the pandemic-defying performance by luxury group LVMH (Louis Vuitton Moet Hennessy) that also owns names like Fendi, Christian Dior and Givenchy. Arnault's fortune jumped from $76 billion in March 2020 to $186.3 billion on Monday -- a rise of over $110 billion in 14 months.

LVMH rose 0.4 per cent during the initial trading hours on Monday, taking its market cap to $320 billion and pushing Arnault's fortune by more than $600 million.

RISE OF LUXURY

Europe's luxury houses saw a remarkable rise during the lockdown. The rise was driven by shoppers in China, helping LVMH record a revenue of $17 billion for the first quarter of 2021. This is an increase of 32 per cent from the year-ago period.

Not only LVMH, net worth of Francois Pinault who has luxury brands like Saint Laurent, Alexander McQueen and Gucci in his kitty, rose from $27 billion in March 18, 2020 to $55.1 billion on Monday. Alain Wetheimer and Gerard Wertheimer of Chanel are now worth $35 billion from $17 billion in 2020. Francoise Bettencourt Meyers, richest woman on the list, saw her fortune go up by $40 billion in this period.

Also read: Who is Zhong Shanshan? The Chinese in rich list race with Adani, Ambani

Also read: Gautam Adani becomes second richest Asian, overtakes China's Zhong Shanshan