FX.co ★ LVMH owner becomes world’s third richest person

The list of the world’s wealthiest people has extended in 2019 with French billionaire Bernard Arnault moving closer to the top. This year, Bernard Arnault, the CEO of the luxury conglomerate LVMH added $39 billion to his fortune. Louis Vuitton Moёt Hennessy (LVMH), the world’s leading luxury products group, has gained $82 billion in the market value in 2019. This is the record volume of capitalization among all European companies, experts emphasize. Currently, Arnault’s net worth is estimated at $103 billion which is equivalent to 3% of France’s GDP. In the Bloomberg Billionaires Index ranking of the world’s richest people, Bernard Arnault ranks third following Bill Gates and Jeff Bezos. Microsoft founder Bill Gates tops the list with $111 billion net worth, while Amazon owner Jeff Bezos goes second with $110 billion. It is believed that the increased wealth of Chinese customers has driven LVMH growth. Chinese citizens are actively spending on luxury goods, and products of the LVMH group are their number one choice. Bernard Arnault plans to strengthen further his position in the Chinese market. What is more, LVMH has announced its intention to merge with the American jewellery brand Tiffany & Co.