Bernard Arnault becomes the world’s second richest person after LVMH stock post historic performance; Bill Gates falls to the third place on the list

Last Tuesday, Bill Gates dropped to No. 3 in the Bloomberg Billionaires Index, falling to the spot for the first time in seven year history of the index. Microsoft Co-founder dropped behind France’s Bernard Arnault.

Arnault controls about half of Paris based LVMH through a family holding company. The stocks of LVHM performed exceptionally well on Tuesday, pushing his net worth to $107.6 Billion, $200 Million more than that of Gates. Arnault added $39 Billion to his fortune in 2019 alone. He also owns 97% stake in Christian Dior.

Arnault entered the luxury goods market in 1984 after acquiring a textile company that owned Christian Dior. He sold the company’s other businesses and used the proceeds to acquire a controlling stake in LVHM.

Had it not been for Gate’s philanthropic giving, he would still be the world’s richest person. Bill Gates has donated more than $35 Billion to Bill and Melinda Gates Foundation.

Jeff Bezos, Amaon Founder, is still at No. 1 position as the world’s richest person. His net worth slightly grew to $125 Billion this year, even after reaching a divorce settlement with MacKenzie Bezos that made her the world’s fourth richest woman.

Source: Bloomberg