Bernard Arnault, a French fashion tycoon, is now the world’s richest man, with a net worth of $186.3 billion.
During the first hours of trading on Monday, May 24, the chief executive of Mot Hennessy Louis Vuitton (LVMH) witnessed his luxury goods firm’s shares rise by 0.4 percent.
According to Forbes, Arnault’s personal ownership increased by more than $600 million, putting LVMH’s market valuation at $320 billion.
Arnault’s overall net worth increased to $186.3 billion, edging out Amazon CEO Jeff Bezos, who is worth $186 billion, in the world’s rich list by ‘just’ $300 million.
It comes only days after Arnault dethroned Elon Musk, who is worth $147.3 billion, as the world’s second-richest person.
Musk lost his position as the world’s second richest man when his worth fell by $3.16 billion to $160.6 billion last week.
Arnault, 72, has seen his income rise by more than $110 million in the last 14 months because to his French luxury goods company, LVMH, which owns 70+ luxury brands including Louis Vuitton, Fendi, Christian Dior, and Givenchy.