Bernard Arnault Supplants Bezos as the World's Richest Man
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Bernard Arnault, Chairman of LVMH (Moët Hennessy Louis Vuitton, otherwise known as Louis Vuitton), has surpassed Jeff Bezos as the world's richest person.
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Bernard Arnault, Chief Executive of Louis Vuitton
Richard Arnault, Owner and Executive Chairman of Louis Vuitton, has become the world's richest man after he was reported to be worth $196 billion, surpassing Bezos's $186 billion.
Louis Vuitton had gone through a slump during the pandemic due to restrictions on shopping and gatherings of people, but bounced back as the vaccine began to be distributed and people went back to shopping, with many of the company's brands recording record sales, according to Markets Insider.
Bezos's Amazon, on the other hand, recorded a 7% slump in its earnings. These two factors combined led to the shift in the two men's spots.
However, Bezos is expected to bounce back, especially with market flows, competing on space travel, and getting larger every day. Amazon's most recent acquisition was that of MGM in May 2021 for $8.5 billion.
Arnault has a total market value of $416 billion, of which he owns 47%. The company owns the brands of Louis Vuitton, Christian Dior, Bulgari, Tag Heuer, Sephora, and Hennessy.
