Bernard Arnault, billionaire and managing director of LVMH Moet Hennessy Louis Vuitton SE, comes to speak as the luxury brand announces annual profits on Tuesday, January 28, 2020 in Paris, France.
Christophe Morin | Bloomberg | Getty Images
Europe’s richest man, chairman and CEO of LVMH, has added around $ 16 billion to his fortune in the past two weeks – more than the jewelry giant’s entire purchase price Tiffany.
LVMH, which owns luxury brands like Louis Vitton, Christian Dior, and Moet & Chandon, agreed to buy Tiffany for $ 16 billion last year Two companies fought bitter litigation This falls above the purchase price and eventually agrees to a $ 400 million price cut.
Forbes now ranks Arnault as the second richest person in the world Jeff Bezos, Who is valued at approximately $ 184 billion. Arnault grabbed second place in 2019 but fell into the rankings when LVMH stock fell during the price the coronavirus pandemic. Bill Gates, formerly number two, is now Third with $ 119 billionAccording to Forbes’ real-time tracking.
The Bloomberg Billionaire IndexArnault, who uses a different methodology, has ranked behind Gates at $ 103 billion – still behind Arnault’s previous high of $ 109 billion, according to Bloomberg. The ranking also continues Mark Zuckerbergs and Elon Musk’s valued at $ 103 billion.
However, both rankings show that the stock market boom of the past two weeks has brought tremendous wealth to the world’s billionaires. There are now five billionaires worldwide with assets of over 100 billion US dollars – a first, according to Bloomberg. The 500 richest people in the world added $ 1.2 trillion to their wealth this year despite the world slipping into an economic crisis and pandemic.
However, the decline in tech stocks has also shaved the fate of the big tech titans. Bezos saw his net worth drop by $ 9 billion on Monday, while Zuckerberg saw his net worth drop by $ 5.5 billion. On Wednesday, when the vaccine rally reached its third day, stocks of both were Facebook and Amazon acted higher.