One of the world's richest men just got $32 billion richer this year, landing him a spot in the ultra-exclusive $100 billion club. French business magnate and chief executive officer of LVMH, Bernard Arnault, just joined Amazon founder Jeff Bezos and Microsoft founder Bill Gates in the exclusive club according to a report from Bloomberg.
The head of the company that owns high-end luxury brands such as Moet, Louis Vuitton, and Hennessy, managed to bump up his net worth by as much as $32 billion this year. This was the highest net worth jump amongst all of the people included in the Bloomberg Billionaires Index. The bump sent Arnault's fortune slightly above the $100 billion marks at $100.4 billion.
One of the biggest contributors to Arnault's massive wealth jump was an increase of over 43 percent in LVMH's stock prices this year. The increase was propped by an ever increasing demand for the company's luxury handbags and alcoholic beverages, namely its Lois Vuitton handbags and its Hennessy brand cognac.
Arnault is not only Europe's richest person but now officially holds the title of Europe's first centibillionaire. The 70-year old businessman now holds a fortune that is around 3 percent of France's entire economy. Arnault currently owns half of his company's fortune through his family's holding company. Arnault also holds a 97 percent stake in the luxury goods company Christian Dior.
LVMH mainly focuses on the manufacturing, distribution, and marketing of its various high-end brands. The company also delves into various luxury businesses, including jewelry, travel, fashion, and beverage. Arnault has since invested in various other businesses, including investment into a number of internet companies, a private yacht business, and a supermarket retailer through Colony Capital.
Arnault joins two other people who are the only ones who have ever crossed the elusive $100 billion thresholds. The first to cross the threshold was Microsoft founder Bill Gates. Gates crossed the threshold during the dot-com bubble in 1999. Gates is currently estimated to be worth more than $106 billion. Through his foundation called the Bill & Melinda Gates Foundation, the American businessman has donated more than $35 billion to charity.
The second person to have crossed the $100 billion thresholds was Amazon's founder Jeff Bezos in November 2017. Bezos is currently estimated to be worth more than $119 billion. Bezos managed to beat Gates as the world's richest person in 2017. Bezos fortune dropped by as much as $40 billion earlier this year after he reached a divorce settlement with his ex-wife MacKenzie Bezos.
