The richest man in Europe, Bernard Arnault, currently has a net worth of $ 170 billion according to data from the Bloomberg Billionaires Index, revealing that the French billionaire has made $ 55.5 billion since the start this year, as the global economy relatively recovers from COVID-19.
Bernard Arnault, the third richest man in the world, is the CEO of LVMH, the world’s largest luxury goods group, in which he holds 47.5%.
The majority of the Frenchman’s fortune comes from a 97.5% stake in Christian Dior, the luxury fashion house controlling 41.2% of LVMH, according to Christian Dior’s 2020 annual report.
Louis Vuitton CEO Moet Hennessy (LVMH) holds around $ 9.43 billion in cash.
The King of Fashion is known to hold prized works of art which include a collection of modern and contemporary paintings like Pablo Picasso, Damien Hirst, Maurizio Cattelan, Jean-Michel Basquiat and Andy Warhol.
The 72-year-old billionaire’s current net worth can buy 93.4 million troy ounces of gold or 2.25 billion barrels of crude oil.
Recent stock quotes reveal that the share value of the Paris-listed company has grown 67% annually and is the most valuable listed company in Europe with a market capitalization of 334.4 billion euros .
Louis Vuitton Moet Hennessy (LVMH) has asserted its grip on the global luxury ecosystem by signing a deal with American jeweler Tiffany & Co., for approximately $ 15.8 billion, considered the largest luxury brand acquisition never carried out.
The luxury giant is behind the cognac Hennessy and champagne brands MoÃ«t & Chandon, including fashion brands Christian Dior, Louis Vuitton, Kenzo and Loewe.
The French luxury conglomerate recently partnered with Google to develop a new cloud-based artificial intelligence (AI) solution, as the company plans to optimize inventory and forecast demand.