Following two instances of losing the title of the world’s wealthiest individual to Elon Musk over the past year, Bernard Arnault has now been displaced as the world’s second-richest person. Jeff Bezos, the former CEO and founder of Amazon, has taken the spot previously held by the 74-year-old Bernard Arnault. Arnault is the founder and CEO of LVMH, the prominent French luxury conglomerate, renowned for brands such as Louis Vuitton and Dior.
Jeff Bezos’ net worth surged to $156 billion, thanks to a more than 2% rise in Amazon’s shares yesterday. This increase allowed Bezos to overtake Bernard Arnault, who possesses a net worth of $155 billion, making Bezos the world’s second-richest individual, as per the Bloomberg Billionaires Index. Amazon’s shares have climbed by over 50% year-to-date, significantly contributing to the nearly $50 billion increase in Bezos’ net worth so far this year.
In contrast, Bernard Arnault’s net worth has seen a reduction of over $6 billion during the current year, now standing at $155 billion. This decline is partly attributable to a nearly 3% decrease in LVMH’s shares amidst a broader downturn in luxury stocks. Furthermore, Arnault’s financial transactions linked to Russian oligarch Nikolai Sarkisov have come under scrutiny. It’s important to note that Bernard Arnault’s legal representative has forcefully denied any allegations of his involvement in fraudulent dealings as “absurd and baseless.”
In December of the previous year, Bernard Arnault briefly held the title of the world’s richest person, outpacing Elon Musk, when the Tesla CEO’s net worth experienced a $200 billion decline. Nevertheless, in March and June of this year, Elon Musk regained the top position and has retained it since then.
As for the world’s top 10 wealthiest individuals, they encompass prominent figures like Elon Musk, Bill Gates, and Mark Zuckerberg, in accordance with the Bloomberg Billionaires Index.