Thursday, 17 October, 2019

High-end lifestyle items maker surpasses Bill Gates in riches

Bill Gates is no longer the second-richest person alive French Billionaire Bernard Arnault Overtakes Bill Gates As The Second Richest Person On Earth
Russell Knight | 20 July, 2019, 06:46

Luxury goods mogul Bernard Arnault has displaced Microsoft Co-Founder Bill Gates as the second wealthiest person in the world.

But this wouldn't have happened, so as not charitable gates. The figures are updated at the close of every trading day in NY.

As for Arnault, his massive fortune comes from his 50% control of French luxury brand LVMH.

Things have taken a different turn: Bill Gates lost out on the second position on Tuesday July 16, 2019, according to Bloomberg Billionaires Index.

Apart from the brands that form its acronym, LVMH controls brands like Givenchy, Dom Pérignon (a champagne brand) and Sephora (beauty retailer).

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It's the first time in seven years since the index was created that Gates has dropped out of the top two. François Pinault of the retail conglomerate Kering and L'Oréal's Françoise Bettencourt Meyers added a combined wealth of $57 billion this year.

Arnault has been the majority shareholder of Christian Dior SE, which is the main holding company of LVMH, since a reported $13.1 billion buy out in 2017. The 70-year-old Arnault also pledged $650 million for the construction of the Paris' Notre Damis Cathedral after a fire ripped through the historic church.

Arnault entered the gorgeous-goods market in 1984 by acquiring a textile community that owned Christian Dior. In addition to his work in the world of luxury fashion and alcohol, he's known for having amassed an impressive collection of art, including works by famous artists like Jean-Michel Basquiat, Pablo Picasso, and Andy Warhol.

Forbes was more conservative in its estimate of the French billionaire's fortune, ranking him behind both Gates and Warren Buffett with a net worth of $103 billion. Bezos's receive charge is up rather of this 365 days to US$125 billion, even after reaching a divorce settlement with MacKenzie Bezos that made her the world's fourth-richest lady. The increase in his company's share prices boosted the businessman's net worth by a whopping $39 billion.

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