Richest person in Europe’s wealth rockets as luxury sales recharge

Advertisement

BEGIN ARTICLE PREVIEW:

Bernard Arnault is on track to become the world’s fifth centibillionaire, behind Jeff Bezos, Bill Gates, Elon Musk and Mark Zuckerberg on the Bloomberg Billionaires Index. Photo:Nicholas Kamm / AFP via Getty ImagesMoreFrench luxury conglomerate LVMH Moet Hennessy (MC.PA) said that strong growth in its biggest business buoyed profits in the third quarter as strong demand for Louis Vuitton and Dior helped offset steep declines elsewhere caused by COVID-19.The unexpected announcement this week saw the net worth of chairman and CEO of LVMH, Bernard Arnault jump by $8.3bn (£61bn). This puts the 71-year-old on track to become the world’s fifth centibillionaire, behind Jeff Bezos, Bill Gates, Elon Musk, and Mark Zuckerberg on the Bloomberg Billionaires Index.It has been a whirlwind few months for the French tycoon, who in March 2019, overtook Warren Buffet to become the third-richest person in the world. At the moment Amazon boss (AMZN) Jeff Bezos tops the list.Before the pandemic hit, Arnault net worth was soaring as LVMH was posting record-breaking revenues, but the forced closure of retail stores and record job losses wiped out almost 50% of his personal wealth.Leaving Arnault with a net worth of $77bn, down from $109bn …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE