Bernard Arnault becomes the richest man in the world

French president and CEO of French fashion and luxury goods company Louis Vuitton Moet Hennessy (LVMH) on Monday, Bernard Arnault became the richest man in the world with a fortune of $ 186.3 billion.

In the last 14 months, Arnault's fortune increased by $ 110 billion, increasing his total wealth by $ 300 million, the fortune of Jeff Bezos, founder and president of the American e-commerce giant Amazon, and $ 39 billion worth of Elon Musk, founder and president of the US electric car maker Tesla. Arnault's wealth growth came thanks to LVMH's strong performance even during the coronavirus pandemic.

It is noteworthy that the LVMH Group owns many famous brands in the field of fashion, perfumes and luxury goods such as Fendi, Christian Dior and Givenchy. The group’s share price rose at the beginning of today's trading by 0.04%, which led to an increase in Arnault's fortune by $ 600 million. As is the case with most of the world's fashion and luxury companies such as Chanel, Corning Group and Laureate, which doubled their fortunes during the pandemic period, the market value of LVMH increased to $ 320 billion.

In January, LVMH completed the acquisition of US jewelry company Tiffany for $ 15.8 billion. The revenues of the French group during the first quarter of this year amounted to 14 billion dollars.

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