Europe’s richest man Bernard Arnault is closing his wealth gap with Gates and Buffett as LVMH shares advance to a record
- The LVMH chairman’s wealth increased by more than US$19 billion in 2019 to US$87 billion
Bernard Arnault, Europe’s richest man, got another boost as LVMH shares reached a record due to better-than-expected sales of Louis Vuitton handbags and leather goods.
The Frenchman, whose fortune has increased by more than US$19 billion in 2019, is rubbing shoulders with Bill Gates and Warren Buffett in the Bloomberg Billionaires Index, with a net worth of more than US$87 billion.
LVMH shares rose as much as 4 per cent Thursday to €342.80, the highest level since the stock was listed in October 1989, propelling the company’s market value close to US$200 billion. The luxury conglomerate’s first-quarter sales report showed its strategy of tapping hip new design talents such as Virgil Abloh has reignited interest in its biggest brands.
Arnault has been gradually advancing through the ranks of Europe’s billionaires, surpassing Inditex founder Amancio Ortega and L’Oreal’s Francoise Bettencourt Meyers, the richest woman on the planet. His wealth has again moved past that of Buffett, the Berkshire Hathaway chairman.
Arnault’s rise continues the trend of Europe’s richest people coming from the luxury and consumer-goods sectors. The continent’s wealthiest include the founders and heirs of companies including Chanel, Nutella maker Ferrero and EssilorLuxottica, the owner of the Ray-Ban brand.
