For the first time, a European has risen to the top of the list of the world’s wealthiest individuals.
After ousting American billionaire Elon Musk, the 73-year-old French-born Bernard Arnault has become the world’s richest man, making him the first Frenchman and European to do so.
Arnault owns LVMH, a company known for producing high-end goods. LVMH subsidiaries include Louis Vuitton, Dior, and Sephora. Arnault’s total net worth is $170.8 billion, according to the Bloomberg Billionaires Index.
Despite losing $7.2 billion in net worth this year, Arnault’s businesses fared better than those in other industries. The reason for this is that, despite the Covid-19 pandemic, demand for high-end goods had not decreased. Last year, LVMH earned $68 billion in revenue.
LVMH is 48% owned by Arnault and his family. The firm is now worth 364 billion euros. As a result, the company has become the most expensive in Europe.
LVMH recently announced that an individual can serve as the company’s CEO until the age of 80. It is possible that Arnault intends to keep LVMH running for a longer period of time.
Unlike some other well-known billionaires, Arnold avoids the spotlight. He recently sold his private jet as well. This was done as result of a Twitter account that tracked and provided information about his jet’s travel destinations.
Arnault became the world’s richest person, followed by Elon Musk, who has a net worth of $164 billion. Gautam Adani, an Indian billionaire, came third.
