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Bernard Arnault, president of LVMH, entered the ranking of fortunes of more than 100 billion dollars after the shares of the luxury goods company rose by nearly 3% on the stock market. Its net worth has increased by nearly $ 32 billion since the beginning of the year, representing the largest increase among the 500 billion dollar Bloomberg index.
The French billionaires are the ones who increased their fortune among the European members of the 2019 ranking, Arnault, François Pinault and Françoise Bettencourt Meyers raising more than 40 billion dollars out of the three. Meanwhile, the Chanel brothers, Gerard and Alain Wertheimer, saw their fortunes rise by $ 9.8 billion this week after the French company reported its results for 2018.
Arnault's fortune, valued at $ 100.4 billion, accounts for more than 3% of the French economy, highlighting the wealth gap in his country, where protesters descended into the street to claim more taxes from the rich.
Even in the context of increased trade tensions, the appetite of Chinese consumers for Louis Vuitton bags or Hennessy brandy boosted the results of LVMH, which also holds Dom Perignon champagne and Tag Heuer watches. The company's shares have risen by more than 40% this year.
Arnault, 70, and his family are part of the tycoons who donated more than $ 650 million in April for the reconstruction of Notre-Dame Cathedral after the fire that ravaged part of the city. # 39; church. Arnault controls about half of the LVMH group through a family holding company and still owns 97% of Christian Dior, founded in 1949, three years before his birth.
Arnault entered the luxury market after buying the textile group owned by Christian Dior. The businessman sold all other activities of the company and used the profits to acquire a majority stake in LVMH in 1988.
Bill Gates, co-founder of Microsoft, donated more than $ 35 billion to the Bill & Melinda Gates Foundation. Jeff Bezos, owner of Amazon, saw his fortune reduced by $ 40 billion earlier this year after MacKenzie Bezos' divorce.
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