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Bernard Arnault is the richest man in the world

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Miguel A. Rodriguez
Miguel A. Rodriguez
26 May 2021
Forget about Bezos or Musk, as the richest man in the world has nothing to do with technology but fashion!

Bernard Arnault, the chairman and CEO of LVMH, the world’s leading luxury products group, became the wealthiest person in the world on Monday. According to Forbes, his net worth reached $186.3 billion, $300 million above Jeff Bezos. Arnault’s fortune jumped significantly in the past 14 months, from $76 billion in March 2020 to the current figures.

LVMH, the luxury group owning brands like Fendi, Givenchy, and Christian Dior, reached a market cap of $320 billion, boosting Arnault’s stake up by more than $600 million. Compared to the same period last year, Louis Vuitton Moët Hennessy group recorded $17 billion, marking a 32% increase. The surge was caused by the “momentum” of shoppers in China.

According to Bloomberg, Bernard Arnault has spent roughly $538 million in recent months to purchase shares of the world’s largest luxury goods maker. 

Since the beginning of the year, LVMH stock price went up more than 20%.

Sources: Bloomberg.com, forbes.com

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.