Saturday, 29 February, 2020

Bill Gates no longer 2nd richest person; Jeff Bezos may also lose crown to this fashion mogul

Bernard Arnault, chairman and CEO of luxury goods brand LVMH, has outshone Microsoft founder Bill Gates as the world’s second-wealthiest person. Within two days of announcing the acquisition of the iconic jewellery brand Tiffany and Co by LVMH, the French businessman added an estimated $2.8 billion to his fortune, according to Forbes’ Real-Time Billionaires List. His net worth boomed by 2.7% to a total of $107.6 billion, putting Bernard Arnault behind only Amazon founder and CEO Jeff Bezos. Jeff Bezos, who had just beat Bill Gates as the world’s richest person has a net worth of $110.5 billion, according to the Forbes list. Meanwhile, Bill Gates’ fortunes go up to $107 billion.

While Bernard Arnault has surpassed Bill Gates on the Forbes list, he is still behind both Jeff Bezos and Bill Gates on Bloomberg’s Billionaires Index, which estimates his total fortunes at $103 billion, compared to the Microsoft co-founder’s $110 billion. Bernard Arnault has added more than $34 billion to his personal wealth this year, according to Bloomberg ranking. Earlier in June 2019, Bernard Arnault had crossed the $100 billion mark and entered the world’s most elite club to become a centi-billionaire. Only three people in the world were a part of this elite club at the time including Amazon’s Jeff Bezos and technology giant Microsoft’s co-founder Bill Gates.

Tiffany acquisition

Luxury brand LVMH, in which Bernard Arnault is the majority stakeholder, snapped up US-based jewellery brand Tiffany and Co for over $16 billion on Monday. Moet Hennessy-Louis Vuitton is now expected to expand Tiffany’s presence across the globe and especially in the budding Asain market, Bloomberg reported. LVMH has several in-house jewellery brands as well such as Bulgari, TAG Heuer etc. LVMH’s shares saw a spike on Monday after the company announced the acquisition of Tiffany. The stock was also trading high on the following day i.e, Tuesday during European session.

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