Posted on 05/25/2021 12:40:27 PM PDT by SmokingJoe
Finally, the world’s richest person is no longer a middle-aged American tech mogul or a prodigy serial entrepreneur, but a septuagenarian European from the century-old business of selling designer handbags and luxury cognacs.
French billionaire Bernard Arnault, the chief executive of fashion conglomerate LVMH, Monday dethroned Amazon CEO Jeff Bezos as the world’s wealthiest person after LVMH stock, traded on Euronext Paris, climbed to an all-time high above $155, pushing Arnault’s net worth to $186.3 billion, according to Forbes.
Arnault, 72, has seen his fortune more than double in the past year as LVMH’s global sales boomed despite the COVID-19 pandemic. In the first quarter, revenue at the group’s fashion and leather goods unit surged 52 percent from the same period in 2020 (before COVID-19 was declared a global pandemic).
(Excerpt) Read more at observer.com ...
I just can't fathom how one person could amass that much wealth.......
I would have retired at 2 billion........
I’ve seen Bezo’s wealth reported as high as $194 billion.
Inflation...............
I did my multinational enterprise term paper on LVMH. He made some great aqusitions during black monday in 1987. LVMH also similar to luxury brand holding company.
And the rich keep getting richer. Meanwhile, Biden’s inflation is eating away at every American’s net worth. Once again, the middle class is getting squeezed.
You are greedy. I would have retired at $1.99999 billion. Therefore I'm more virtuous than you.
What a nerd. What normal guy claps like that?
As happens to many, divorce has its costs! 2019 was the year that Jeff & MacKenzie Bezos got divorced. The division of Amazon stock was 75% to Jeff, 25% to her, thus he loses the stock gains from that 25%. At the time of the divorce, her 25% was 4% of Amazon’s outstanding common stock, worth about $35.6 billion, which made her the third-biggest shareholder at the company.
>> has seen his fortune more than double in the past year as LVMH’s global sales boomed despite the COVID-19 pandemic.
The uberrich really did get richer last year.
Yeah, the world is run by nerds now. So a lot of people.
and yet mr gates continued to lie to congress to push down wages in the tech industry as he pocketed the difference.
Do you have MacKenzie’s phone number and address?
Just asking for a friend....
True. It takes typically 30 years to get your first million if you put 10% of your income in index funds. Then less than ten years for your second million. Then maybe 5-7 years for your third.
Magic of compound interest
She only recently got married.
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