Bernard Arnault, chairman, and CEO of LVMH (LVMHF) is now worth nearly $108 billion, according to real-time wealth rankings tracked by Forbes. Arnault’s net worth jumped more than 1% Monday and nearly another 3% Tuesday along with LVMH’s stock following his company’s agreement to buy Tiffany (TIF) for more than $16 billion. Arnault and his family own more than 47% of the French luxury goods giant.
Jeff Bezos and Bill Gates can clearly afford a lot of leather wallets from Louis Vuitton and little blue boxes from Tiffany. But the world’s two richest people could both soon find themselves worth less than the head of LVMH because of its takeover of Tiffany.
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The spike in LVMH shares puts Arnault just ahead of Microsoft (MSFT) co-founder Gates, who has a net worth of $107 billion, and trailing only Amazon (AMZN) CEO Bezos, who tops the Forbes list with a fortune of just over $110 billion.
Malls are now targeting millionairesArnault is trailing Bezos and Gates by a wider margin according to Bloomberg, which has Arnault’s net worth estimated at $103 billion while Gates and Bezos are listed at about $110 billion. Bloomberg updates its tally only once a day at the end of the market close.
More about Bernard Arnault
Bernard Arnault is Chairman and CEO of LVMH Moët Hennessy – Louis Vuitton, the world’s leading luxury products group.
Born to an industrial family in Roubaix, France on March 5, 1949, Mr. Arnault attended the Roubaix lycée and the Faidherbe lycée in Lille. He then went on to study at the Ecole Polytechnique.
He began his professional career that year as an engineer with the Ferret-Savinel construction company and successively was promoted to various executive management positions before becoming Chairman in 1978.
Mr. Bernard Arnault remained there until 1984 when he undertook the reorganization of the Financière Agache holding company. He returned the group to profitability as he embarked upon a strategy of developing the world’s leading luxury products company. In the process, he reinvigorated Christian Dior as the cornerstone of the new organization.
In 1989, Mr. Arnault became the majority shareholder of LVMH Moët Hennessy – Louis Vuitton, creating the world’s leading luxury products group. Mr. Arnault has been Chairman and CEO of the company since that date.
Mr. Arnault is also President of the Board of Directors of Groupe Arnault S.E. (his family holding company).
Mr. Bernard Arnault is married and has five children.
He has been awarded the honorary titles of Grand Officier de la Légion d’Honneur and Commandeur des Arts et des Lettres.
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Bernard Arnault, Bezos, and Gates
Bernard Arnault, Bezos, and Gates are all comfortably ahead of other mega-billionaires as well.
According to Forbes, Berkshire Hathaway’s (BRKB) Warren Buffett is worth $86 billion while Facebook (FB) CEO Mark Zuckerberg has a net worth of about $75 billion. Oracle’s (ORCL) Larry Ellison and Spanish retail magnate Amancio Ortega, the co-founder of Inditex, which owns the Zara fast-fashion chain, are each worth just under $70 billion.
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