Bernard Arnault Becomes The Richest Person In The World For The Third Time This Week

Bernard Arnault.

Bernard Arnault.

AFP via Getty Images

The back-and-forth for the title of the richest person in the world between Amazon founder Jeff Bezos and LVMH chief Bernard Arnault has taken another turn: For the third time this week, Arnault has overtaken Bezos forthe No. 1 spot, with an estimated net worth of $190.1 billion, compared to Bezos’ $188.5 billion as of 12:45 pm ET.

Arnault’s fortune grew by $1.8 billion overnight after LVMH shares closed 1% higher on Thursday in Europe. Amazon shares were trading less than 1% lower at 12:45 pm ET, translating to a nearly $700 million decline in Jeff Bezos’ net worth. Since the beginning of the week, the two men have collectively gotten nearly $7 billion richer.

On Monday morning, Arnault started the week as the richest person on the planet, with $186.3 billion—just $300 million more than Bezos—but Amazon shares picked up after markets opened in New York, and Bezos regained the title within a few hours. The same thing happened on Tuesday: Arnault started the day richer than Bezos, until the Amazon boss quickly retook the lead. It’s a familiar pattern by now: On at least two other occasions since 2019, Arnault has briefly been richer than Bezos before ultimately falling again by the time the markets closed.

Both men have been busy buying and selling shares lately. Arnault bought $657 million worth of LVMH shares between January and May. The stock is up by more than 26% since the start of the year on the back of strong sales of luxury fashion and jewelry in China and the U.S. Meanwhile, Bezos has been selling: Since announcing in February that he would step down as CEO of Amazon later this year, Bezos sold $6.6 billion (pre-tax) worth of the e-commerce giant’s shares over three weeks in May. On Wednesday, Bezos announced he will hand over the chief executive reins on July 5.

For more on Bernard Arnault, see this 2019 profile from Forbes:

MORE FROM FORBESThe $100 Billion Man: How Bernard Arnault Stitched Together The World’s Third Biggest Fortune With Louis Vuitton, Dior And 77 Other Brands-And Why He’s Not Done YetBy Susan Adams

Read More

Spread the love
Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

Latest articles

NFL power rankings: 49ers jump Eagles at top; Packers,...

How do all 32 teams in the NFL stack up against each other after Week 13 of the 2023 NFL season? Sporting News breaks it down with an updated look at the risers, fallers and status quo clubs...

When is the Heisman Trophy ceremony? Date, odds, finalists...

College football's premier event takes place on Saturday. And it's clear the stars will be out in abundance under the bright lights of Jazz at Lincoln Center...

MLB Draft lottery, explained: Updated odds for every team...

The order of the 2024 MLB Draft will be determined at the Winter Meetings on Tuesday. Here are every team's odds to land the No. 1 pick...

College football bowl picks, predictions for all 41 bowl...

Bowl season is here in all its quirky glory, with Coastal Carolina traveling 4,800 miles to play San Jose State and K-State and NC State battling for the right to eat free Pop-Tarts. Here's what to expect...

Similar articles


Please enter your comment!
Please enter your name here

Subscribe to our newsletter

Spread the love