French fashion tycoon, Bernard Arnault has now become the world’s richest man after his net worth hits $186.3billion.
The chief executive of Moët Hennessy Louis Vuitton (LVMH) saw his luxury products firm stock increase by 0.4 per cent during the first hours of trading on Monday, May 24.
This massive pump pushed Arnault’s personal stake up by more than $600million and placed LVMH’s market cap at $320billion, according to Forbes reports.
Arnault’s overall net worth, which grew to $186.3billion, surpassing Amazon CEO Jeff Bezos, who is worth $186billion, by ‘only’ $300million in the world’s rich table.
It comes just days after Arnault surpassed Elon Musk, who is worth $147.3billion, out of his spot as the world’s second-richest man after Tesla’s share price sank deep.
Musk, who dropped out of his second spot after his fortune sank by $3.16billion last week, to $160.6billion.
Arnault, 72, has seen his fortune jump more than $110million in the past 1 year and 2 months (14 months) thanks to his French luxury products firm LVMH, which owns the likes of Louis Vuitton, Fendi, Christian Dior, and Givenchy in its portfolio of 70+ luxury brands.