Earlier this week, Bernard Arnault, the wealthiest individual in Europe, had his net worth cross $100 billion for the first time.
Thanks to this achievement, Arnault has now joined Amazon CEO Jeff Bezos and Microsoft founder Bill Gates as the only people in the world who are worth over $100 billion.
Bernard Arnault, who is chairman of fashion house LVMH Moet Hennessy Louis Vuitton SE, made his way into the centibillionaires’ club earlier this week. The share price of his luxury brand skyrocketed to a record 368.80 Euros on Tuesday, marking a 2.9 percent increase.
Arnault has seen his net worth rise by about $32 billion in 2019 alone. This makes him the highest riser among the 500 members of the Bloomberg Billionaires Index.
France is also notable in this year’s Billionaires Index, with its billionaires adding the most wealth so far. Apart from Arnault, cosmetics heir Francoise Bettencourt Meyers and Kering SA’s Francois Pinault have made more than $40 billion between them.
Also, Gerard and Alain Wertheimer, the brothers behind the Chanel brand, saw their fortunes increase by about $9.8 billion this week. This was due in part to their fashion house’s reported earnings for 2018.
However, Arnault reigns supreme in France. His $100.4 billion fortune is about 3 percent of France’s economy, and things seem to be on the rise nonetheless. Hennessy cognac and Louis Vuitton bags have been seeing surging demand from the Chinese, with Tag Heuer watches and Dom Perignon Champagne bolstering results as well.
This year alone, LVMH’s shares have surged 43 percent.
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