Bernard Arnault’s wealth surged by $15 billion, making him the fourth richest person globally as LVMH stock jumped 9% following strong earnings from a rival.
LVMH stock shot up 9% after a rival company, Richemont, reported some impressive earnings. Arnault, who owns about 48% of LVMH, is now sitting on an estimated $190 billion. That’s a serious jump from where he was just a few months ago.
This year, he’s outdone other big players in the wealth game, like Binance’s Changpeng Zhao and Hussain Sajwani from Dubai. Even Zuckerberg and Musk have seen their fortunes grow, but not quite as much as Arnault’s.
The surge in his net worth comes as LVMH stock hit its highest price since September. The luxury market is bouncing back, especially after Richemont reported record sales across various regions. People are eager to spend again, especially after the pandemic.
But it hasn’t all been smooth sailing. The luxury sector faced some challenges with inflation and economic worries dampening demand. Arnault, once the richest person in the world, saw his wealth dip significantly last year, but he’s back on the rise now.
Overall, the top ten richest people have added over $500 billion to their fortunes this year, thanks to a mix of factors like AI buzz and a better economic outlook. It’s a wild ride in the world of wealth!
