THE WHAT? LVMH Founder, CEO and Chairman, Bernard Arnault has become the third billionaire ever to see his net worth exceed the US$200 billion mark. The luxury goods joins Elon Musk and Jeff Bezos at the top of the record personal wealth charts, according to a report published by Bloomberg.
THE DETAILS Last Tuesday, Arnault’s fortune increased by US$2.4 billion bringing his net wealth to US$201.1 billion. He is the first person outside of the United States to hit the milestone.
THE WHY? Demand for luxury products has remained resilient as the K-shaped recovery post pandemic continues. LVMH’s stock price is currently at a record high.
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