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Home business Louis Vuitton's Bernard Arnault Overtakes Bill Gates to Become World’s Second-Richest Person

Louis Vuitton's Bernard Arnault Overtakes Bill Gates to Become World’s Second-Richest Person

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Europe’s richest person, Bernard Arnault have now joined Jeff Bezos and Bill Gates in the world’s most exclusive wealth club with a fortune of at least $100 billion. Arnault, the chairman and CEO of the French conglomerate of LVMH Moet Hennessy Louis Vuitton, entered the world's ultra-rich league with a fortune of at least $100 billion, according to a Bloomberg report. In the 7 year history of the Bloomerang Billionaires Index, Bill Gates has never ranked low than No. 2. That run ended Tuesday when the Microsoft Corp. co-founder dropped to No. 3 behind France’s Bernard Arnault.

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France's multibillionaire saw his wealth surge from an estimated $94.7 billion to $100.4 billion after his company's shares rallied 2.9 per cent to record 368.80 Euros apiece on Tuesday. Arnault, who recently overtook Warren Buffett to become the third-richest person in the world, controls about half of Paris-based LVMH, which had revenue of 46.8 billion Euros (55.3 billion) in 2018. LVMH is the world's largest maker of luxury goods, including Louis Vuitton leather goods, TAG Heuer watches and Dom Perignon champagne. He also holds a 97 per cent stake in French luxury goods company Christian Dior.

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