Placing third on the list, Arnault’s rivals are Bill Gates in second place with $98.3bn USD and Jeff Bezos in first, with a net worth of $140bn USD. Bloomberg reports Arnault increased his fortune by $14.5bn USD this past year, expected news given LVMH’s record-breaking sales of $53.4bn USD in 2018.
Arnault entered the luxury goods industry in 1984, buying out the bankrupt company which owned Christian Dior – of which he now holds a 96.5% stake in – and sold the company’s other businesses to purchase a majority stake in the LVMH group.
This is the first time Arnault has been in the top three since the Bloomberg Billionaire Index launched in 2012. With only $100,000,000 USD between Arnault and Buffet making or breaking the third spot, only time will tell where LVMH’s sales take Arnault next.
In other news, here’s everything you need to know about Rihanna’s soon-coming LVMH-backed luxury line.
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Bernard Arnault is the chairman of Louis Vuitton’s parent company LVMH. He’s added $14.5 billion to his fortune so far this year and is now worth $83.1 billion, according to the Bloomberg Billionaires Index. That’s enough for him to edge past Warren Buffett and join the top three for the first time since our wealth ranking was launched in 2012. Most of Arnault’s wealth is tied to his holdings of LVMH and Christian Dior, with shares of both jumping 20% this year after record sales, defying a slowdown in China.