Bernard Arnault Is No Longer the World's Second Richest Man

Fashion mogul and LVMH CEO Bernard Arnault is no longer the world’s second richest man. Amazon founder Jeff Bezos has now surpassed Arnault, as LVMH recently faced a slip in stocks.

The French tycoon’s wealth has now fallen below Bezos’ net worth amidst the slowdown in demand for luxury goods, losing $7 billion USD this year alone, according to the Bloomberg Billionaires Index. Over the course of three trading sessions last week, the company’s shares slid 10%, and are now down 3% this year. In contrast, Bezos’ fortune has seen a growth from $49 billion USD to $156 billion USD to put him ahead of Arnault’s $155 billon USD.

Thanks to the share surge at Amazon, Bezos’ net worth has climbed 58% this year. Due to the interest in AI, many mega-cap technology stocks have saw an increase. Both Bezos and Arnault have previously held the title for world’s richest man. In June, Elon Musk dethroned Arnault. At the time his wealth increased 40.3% to $192 billion USD with his 13% ownership of Tesla. Now, the X owner’s fortune has gone up to $234 billion USD thanks to Tesla’s surge in stock price by over 100%. In the race to who’s the next billionaire, it remains to be seen who will come out on top next.

In other fashion news, here is Fendi’s new 2023 golf capsule.