Home Luxury brand Bernard Arnault, Europe’s richest billionaire, is closing in on Jeff Bezos, who is now worth $133 billion

Bernard Arnault, Europe’s richest billionaire, is closing in on Jeff Bezos, who is now worth $133 billion

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After announcing a net gain of nearly $4 billion at the close of Friday’s trading session, Bernard Arnault now has a net worth of $133 billion, putting him at a striking distance from Jeff Bezos, who has a net worth of $139 billion.

The chairman of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury goods maker, is the richest person in Europe.

The retail sector led the pace in the latest trading session as news of Britain’s new stimulus packages bolstered risk appetite. The maintenance of the US Federal Reserve in its monetary policy tightening scenario also contributed to risk appetite.

His net worth of $133 billion is enough to buy 71.9 million troy ounces of gold or 1.12 billion barrels of crude oil.

LVMH shares

  • The French luxury conglomerate’s global sales in the quarter ended March were $19 billion, up 23% (similar increase). In the same quarter last year, year-over-year growth was 86%.
  • However, without the negative impact of the new COVID-19 restrictions in China in March, revenues would have been significantly higher.
  • Investors, on the other hand, rely on the brand because it is shielded from pandemic-related uncertainty and rising prices, top-spending U.S. consumers have remodeled their homes, dined out and shopped. purchases in a stunning display of consumer confidence.

Personal profile

The majority of Arnault’s fortune comes from a 97.5% stake in luxury fashion company, Christian Dior. According to Dior’s 2020 annual report, he owns the shares through companies linked to the Groupe Familial Arnault.

According to Dior’s 2020 annual report, Christian Dior owns 41.2% of LVMH, the world’s largest luxury goods company. Since the value of these stocks has already been determined, they are not included in the study. According to LVMH’s 2020 registration form, the family owns an additional 6.2% of the company, and those shares are included in the net worth calculation.

His sons, Antoine, Frédéric, Jean and Alexandre, who all work for the LVMH group, normally dress the same as their father, although they sometimes step aside with a black shirt or trainers.