February 9, 2023

Wire Service Canada

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Bernard Arnault is the richest man in the world: he beats Elon Musk- Corriere.it

Bernard Arnault overtakes Elon Musk and steals the scepter of the world’s richest man in the Forbes ranking. But the overrun doesn’t last long and with Tesla shares rallying on Wall Street, Musk is back in the lead again. In that short period of time, the French billionaire’s fortune is estimated at $185.3 billion, while Musk’s fortune – whose wealth is primarily tied to Tesla’s performance – is $185.7 billion.

The first four in the ranking

The French Bernard Arnault, CEO of the LVMH luxury group, and his family briefly topped the Forbes list of the richest people in the world, with an amount of $ 185 billion, beating the American Elon for some time, Musk, head of Tesla, SpaceX and Twitter. The 73-year-old French businessman and his family have topped the online live leaderboard for a while as Elon Musk’s fortune has waned, due in part to a sharp drop in Tesla’s stock price. Indian businessman Gautam Adani (134.8 billion), head of the group, came in third placeWhile Jeff Bezos (111.3 billion), the founder of Amazon, came in fourth place.

LVMH’s success

Bernard Arnault had already occupied the first place in the Forbes ranking, for a few hours, in May 2021. The fortune of the French billionaire has recently benefited from the jump in the results of LVMH, the world’s leading luxury goods company, which had a net profit of 12 billion euros in 2021. Sector Luxury is a sector that continues to grow. In 2022, the market is expected to be worth 1.4 trillion euros, an increase of 13% over last year. LVMH (which owns Louis Vuitton, Dior, Sephora, Bulgari and Tiffany) recorded sales of €19.755 billion between July and September, beating all expectations. Sales were also driven by US customers who took advantage of the dollar’s strength to shop European stores as the post-Covid reopening. Finally, in China, LVMH has benefited from an improvement in its activities thanks to the easing of restrictions to combat Covid-19.

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