French Fashion Tycoon Overtakes Amazon’s Bezos as World’s Richest Person, Reports Suggest

Bernard Arnault, owner of the European luxury group LVMH, which is home to top global brands Louis Vuitton, Moët, Hennessy, Fendi, Christian Dior and Givenchy, has become the world’s richest person with an estimated net worth of $186.3 billion, Forbes reported on Monday.

According to the magazine, Arnault’s fortune has doubled since March previous year despite the pandemic, putting him above Amazon’s Jeff Bezos, who is worth $186 billion, and Tesla’s Elon Musk, worth $147.3 billion.

Experts believe that the rise of LVMH was propelled by Chinese shoppers, Forbes said. In the first quarter of 2021, the group recorded revenue of $17 billion, which is a 32% increase, compared to the same period in 2020. On Monday, LVMH rose by another 0.4% during the first hours of trading, reaching the market cap of $320 billion.