Cannes Lions International Festival Of Creativity 2024 – Day Three

The Top 10 Richest People In The World (September 2024)


<p><strong>It’s been a rollercoaster year among the very wealthiest, with Musk, Jeff Bezos and LVMH’s Bernard Arnault all vying for the number one spot.</strong></p>



<p>Athree-way race for the title of wealthiest person in the world intensified Thursday as&nbsp;<a href="https://www.forbes.com/profile/elon-musk/">Elon Musk</a>, worth an estimated $177.4 billion at the day’s end, overtook French luxury magnate&nbsp;<a href="https://www.forbes.com/profile/bernard-arnault/">Bernard Arnault</a>&nbsp;for second place. Arnault, who held pole position to start the week, got nearly $21 billion poorer over the past two days as LVMH shares tumbled 12.6%. That led to Amazon founder&nbsp;<a href="https://www.forbes.com/profile/jeff-bezos/">Jeff Bezos</a>&nbsp;reclaiming the top spot with a fortune estimated at $185.5 billion.</p>



<p>It’s been a rollercoaster year atop the billionaire ranks. Since January, the three have periodically jockeyed for the lead on&nbsp;<em>Forbes</em>’&nbsp;<a href="https://www.forbes.com/real-time-billionaires/">real-time tracker</a>&nbsp;of the world’s richest people, with each coming out on top—and losing the title—multiple times over the past eight months.</p>



<p>The constant shuffling is unusual. Over the first three decades after&nbsp;<em>Forbes</em>&nbsp;began tracking billionaires’ net worths in 1987, only six people held the title of world’s richest person. In the early years, two Japanese real estate moguls—Yoshiaki Tsutsumi and Taikichiro Mori—topped the list, until&nbsp;<a href="https://www.forbes.com/profile/bill-gates/">Bill Gates</a>&nbsp;came along in the late 1990s. From 1997 to 2017, Gates dominated the list, save for a single year when&nbsp;<a href="https://www.forbes.com/profile/warren-buffett/">Warren Buffett</a>&nbsp;took the top spot (2008) and a three-year stint when Mexico’s&nbsp;<a href="https://www.forbes.com/profile/carlos-slim-helu/">Carlos Slim Helu</a>&nbsp;wrested the title (2010 through 2013). (Spanish retailer&nbsp;<a href="https://www.forbes.com/profile/amancio-ortega/">Amancio Ortega</a>&nbsp;also grabbed the top spot for a few hours in 2015, and a couple days in 2016.)&nbsp;</p>



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<h3 class="wp-block-heading" id="h-race-to-the-top">RACE TO THE TOP</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="750" src="https://cms.forbesafrica.com/wp-content/uploads/2021/08/Screenshot-2021-08-20-at-13.39.52-1024x750.png" alt="" class="wp-image-52223" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/08/Screenshot-2021-08-20-at-13.39.52-1024x750.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/08/Screenshot-2021-08-20-at-13.39.52-300x220.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/08/Screenshot-2021-08-20-at-13.39.52-768x563.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/08/Screenshot-2021-08-20-at-13.39.52-1536x1125.png 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/08/Screenshot-2021-08-20-at-13.39.52.png 1540w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Forbes.com</figcaption></figure>



<p>In recent years, the longtime Microsoft chief, has found himself firmly outside the top three thanks to gifts of stock to his Bill and Melinda Gates Foundation, transfers of at least $5 billion worth of shares in public companies to his ex-wife&nbsp;<a href="https://www.forbes.com/profile/melinda-french-gates/">Melinda French Gates</a>—and the meteoric rise of Bezos, Musk and Arnault.</p>



<p>Since early 2017—when Gates topped the World’s Billionaires list with an $86 billion net worth—Bezos has added more than $110 billion to his fortune on the back of skyrocketing Amazon stock, Arnault has ridden LVMH shares’ 225% climb to more than quadruple his net worth and Musk has had the steepest climb in history, gaining more than $150 billion in four years as Tesla has become the most valuable carmaker on the planet.</p>



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<h2 class="wp-block-heading" id="h-jeff-bezos"><strong>Jeff Bezos</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-185-2-billion">Net worth: $185.2 billion</h3>



<h3 class="wp-block-heading" id="h-gain-in-past-12-months-6-6-billion">Gain in past 12 months: $6.6 billion</h3>



<h3 class="wp-block-heading" id="h-weeks-this-year-ended-at-no-1-26">Weeks this year ended at No. 1: 26</h3>



<p>Bezos, the longtime Amazon CEO and now executive chairman, has been the world’s richest for most of 2021. Bezos began the year in first place and, after briefly dropping to No. 2, he&nbsp;<a href="https://www.forbes.com/sites/lisettevoytko/2021/01/16/jeff-bezos-once-again-the-worlds-richest-person-after-rollercoaster-week/">regained the No.1 spot</a>&nbsp;for about four months from mid-January until May. Bezos&nbsp;<a href="https://www.forbes.com/sites/giacomotognini/2021/06/10/after-two-weeks-at-no-2-jeff-bezos-is-once-again-the-richest-person-in-the-world/">returned to the top spot</a>&nbsp;on June 10, and maintained the lead for 50 days before losing footing when Amazon announced disappointing quarterly earnings in late July, which wiped $13.9 billion from his net worth in a single day. Even as Amazon’s stock continues to falter, an even shakier performance by the stock of Arnault’s LVMH helped Bezos to&nbsp;<a href="https://www.forbes.com/sites/kenrickcai/2021/08/18/jeff-bezos-again-richest-person-in-world/">once again become the richest person</a>&nbsp;on Wednesday.</p>



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<h2 class="wp-block-heading" id="h-elon-musk"><strong>Elon Musk</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-177-1-billion">Net worth: $177.1 billion</h3>



<h3 class="wp-block-heading" id="h-gain-in-past-12-months-110-9-billion">Gain in past 12 months: $110.9 billion</h3>



<h3 class="wp-block-heading" id="h-weeks-this-year-ended-at-no-1-1">Weeks this year ended at No. 1: 1</h3>



<p>Musk’s fortune has grown by more than $100 billion in one year, thanks to an extraordinary rise in the stock price of electric vehicle maker Tesla. After a brief drop at the start of the Covid-19 pandemic, shares rocketed in subsequent months. On January 8, 2021—with Tesla shares up more than 1,000% from the pandemic-period low—Musk&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2021/01/08/elon-musk-is-now-the-richest-person-in-the-world-officially-surpassing-jeff-bezos/">first became</a>&nbsp;the world’s richest person, overtaking Bezos. For about a week, the two&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2021/01/11/elon-musk-falls-to-second-richest-person-in-the-world-after-his-fortune-drops-nearly-14-billion-in-one-day/">traded places</a>&nbsp;on a&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2021/01/12/elon-musk-is-back-at-no-1-richest-person-in-the-world-after-tesla-stock-rebounds/">near-daily</a>&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2021/01/13/elon-musk-falls-to-worlds-second-richest-person/">basis</a>, but as Tesla stock began to fall, Bezos solidified his position once again. Musk, meanwhile, was overtaken by Arnault and dropped down to third place for months beginning in April.</p>



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<h2 class="wp-block-heading" id="h-bernard-arnault">Bernard<strong>&nbsp;Arnault</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-173-2-billion">Net worth: $173.2 billion</h3>



<h3 class="wp-block-heading" id="h-gain-in-past-12-months-61-9-billion">Gain in past 12 months: $61.9 billion</h3>



<h3 class="wp-block-heading" id="h-weeks-this-year-ended-at-no-1-6">Weeks this year ended at No. 1: 6</h3>



<p>Through <a href="https://www.forbes.com/sites/susanadams/2019/10/31/the-100-billion-man-how-bernard-arnault-stitched-together-the-worlds-third-biggest-fortune-with-louis-vuitton-dior-and-77-other-brandsand-why-hes-not-done-yet/">predatory instinct</a>, Arnault has built a luxury empire that is the largest company in Europe by market capitalization. His LVMH owns dozens of brands, including fashion mainstay Louis Vuitton, alcohol producer Hennessy and cosmetics retailer Sephora. Earlier this year, LVMH completed a $15.8 billion acquisition of jeweler Tiffany &amp; Co., victorious after a contentious saga that began with an unsolicited takeover bid. Arnault <a href="https://www.forbes.com/sites/giacomotognini/2021/05/21/french-luxury-tycoon-bernard-arnault-is-now-tied-with-jeff-bezos-for-richest-person-in-the-world/">first became the world’s richest person</a> in May and, after <a href="https://www.forbes.com/sites/daviddawkins/2021/05/24/bernard-arnault-becomes-worlds-richest-person-as-lvmh-stock-rises/">some days</a> of <a href="https://www.forbes.com/sites/giacomotognini/2021/05/27/bernard-arnault-becomes-the-richest-person-in-the-world-for-the-third-time-this-week/">jostling</a>, he managed to hold Bezos off for about two weeks. When shares in Amazon fell in late July, Arnault <a href="https://www.forbes.com/sites/hanktucker/2021/07/30/bernard-arnault-once-again-the-worlds-richest-person-after-jeff-bezos-loses-nearly-14-billion-in-one-day/">reclaimed the number one position</a> and held on for most of August, before threats of Chinese wealth redistribution tanked European luxury stocks and caused Arnault’s fortune to plunge by more than $20 billion this week.</p>



<p><strong><em>By Kenrick Cai, Forbes Staff</em></strong></p>


Elon Musk Visits Site Of New Tesla Gigafactory In Germany

Elon Musk Is Now The Second Richest Person In The World


<p>Jeff Bezos is no longer the richest person on the planet, and this time it’s not because he physically left earth in a Blue Origin rocket. Amazon stock cratered 7.6% Friday after the company reported second quarter earnings Thursday afternoon—shaving $13.9 billion off its founder’s fortune in one day and pushing Bezos behind French tycoon Bernard Arnault.</p>



<p>Shares of Arnault’s luxury goods conglomerate LVMH fell by 1.4% Friday, making Arnault $2.9 billion poorer as well, but he still finished the week with an estimated net worth of $192.9 billion, $500 million ahead of Bezos. The two&nbsp;<a href="https://www.forbes.com/sites/giacomotognini/2021/06/10/after-two-weeks-at-no-2-jeff-bezos-is-once-again-the-richest-person-in-the-world/?sh=44e6163557aa">played leapfrog</a>&nbsp;for the top spot in late May and early June, but Bezos had spent the last 50 days as the world’s richest person, notwithstanding his brief interstellar excursion on July 20.</p>



<p>After Arnault got more than <a href="https://www.forbes.com/sites/giacomotognini/2021/04/13/how-lvmh-chief-bernard-arnault-got-nearly-100-billion-richer-over-the-past-year/?sh=39ada77692f1">$100 billion richer</a> during the first year of the pandemic, LVMH’s rally has plateaued for most of the summer. Arnault owns a 47% stake in the company, which has a market capitalization of more than $400 billion. Its subsidiaries include Louis Vuitton, Moët &amp; Chandon, Christian Dior and Tiffany &amp; Co.</p>



<p>Despite the stock drop, Amazon was far from a failure in the second quarter. The business generated $113 billion in revenue—27% higher than the same period last year—and $7.8 billion in net profit. But stockholders were hoping the embarrassment of riches would be even larger, especially after first quarter revenue grew 44%. Amazon said Thursday that it predicts third quarter revenue to be between $106 billion and $112 billion, lower than the $119 billion analysts were expecting. Amazon’s chief financial officer, Brian Olsavsky, attributed the slowdown to people feeling more comfortable leaving home to shop and spend on other activities compared with last spring and summer during the heart of the pandemic.</p>



<p>Amazon’s decline also lowered the net worth of Bezos’ ex-wife MacKenzie Scott to an estimated $56 billion, a $4.6 billion drop on Friday, making her the 22nd-richest person in the world.</p>



<p>Aside from Bezos and Scott, most of the week’s biggest billionaire losers reside in China, where stocks continued to fall due to the country’s&nbsp;<a href="https://www.forbes.com/sites/ywang/2021/07/27/chinas-internet-tycoons-suffer-136-billion-wealth-drop-as-regulatory-crackdown-triggers-market-sell-off/?sh=337731be373c">ongoing tech crackdown</a>. This month, Chinese authorities forced app stores to&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2021/07/04/china-bans-didi-from-app-stores-just-days-after-massive-us-ipo/?sh=5ad30e731202">remove ride-hailing giant Didi</a>&nbsp;within days of its U.S. IPO,&nbsp;<a href="https://www.forbes.com/sites/ywang/2021/07/25/chinas-tutoring-crackdown-sends-fortunes-of-education-billionaires-into-nosedive/?sh=5bf4861b256f">crippled online tutoring companies</a>&nbsp;by requiring them to register as nonprofits, ordered food delivery companies to provide more protections for their drivers and required tech conglomerate Tencent to relinquish exclusive licensing rights to online music.</p>



<p>Tencent CEO Ma Huateng’s fortune declined by $4.7 billion to $47.5 billion this week as the company’s shares fell by 8.5%. The CSI 300 Index, which tracks the performance of the largest stocks listed in China, declined by 5.5% this week, and the Hang Seng Index tracking the Hong Kong stock market fell by 5%.</p>



<h2 class="wp-block-heading" id="h-here-are-the-billionaires-whose-fortunes-fell-the-most-this-week">HERE ARE THE BILLIONAIRES WHOSE FORTUNES FELL THE MOST THIS WEEK.</h2>



<p><em>The net worth change is from close of markets Friday, July 23 to Friday, July 30.</em></p>



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<h2 class="wp-block-heading" id="h-1-jeff-bezos"><strong>1 | JEFF BEZOS</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-192-4-billion-down-16-8-billion">NET WORTH |&nbsp;<strong>$192.4 BILLION, DOWN $16.8 BILLION</strong></h3>



<h3 class="wp-block-heading" id="h-country-united-states">COUNTRY |&nbsp;<strong>UNITED STATES</strong></h3>



<h3 class="wp-block-heading" id="h-source-of-wealth-amazon">SOURCE OF WEALTH |&nbsp;<strong>AMAZON</strong></h3>



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<h2 class="wp-block-heading" id="h-2-mackenzie-scott"><strong>2 | MACKENZIE SCOTT</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-56-billion-down-5-5-billion">NET WORTH |&nbsp;<strong>$56 BILLION, DOWN $5.5 BILLION</strong></h3>



<h3 class="wp-block-heading" id="h-country-united-states-1">COUNTRY |&nbsp;<strong>UNITED STATES</strong></h3>



<h3 class="wp-block-heading" id="h-source-of-wealth-amazon-1">SOURCE OF WEALTH |&nbsp;<strong>AMAZON</strong></h3>



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<h2 class="wp-block-heading" id="h-3-ma-huateng"><strong>3 | MA HUATENG</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-47-5-billion-down-4-7-billion">NET WORTH |&nbsp;<strong>$47.5 BILLION, DOWN $4.7 BILLION</strong></h3>



<h3 class="wp-block-heading" id="h-country-china">COUNTRY |&nbsp;<strong>CHINA</strong></h3>



<h3 class="wp-block-heading" id="h-source-of-wealth-internet-media-tencent">SOURCE OF WEALTH |&nbsp;<strong>INTERNET MEDIA / TENCENT</strong></h3>



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<h2 class="wp-block-heading" id="h-4-wang-xing"><strong>4 | WANG XING</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-17-1-billion-down-4-2-billion">NET WORTH |&nbsp;<strong>$17.1 BILLION, DOWN $4.2 BILLION</strong></h3>



<h3 class="wp-block-heading" id="h-country-china-1">COUNTRY |&nbsp;<strong>CHINA</strong></h3>



<h3 class="wp-block-heading" id="h-source-of-wealth-e-commerce-meituan">SOURCE OF WEALTH |&nbsp;<strong>E-COMMERCE / MEITUAN</strong></h3>



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<h2 class="wp-block-heading" id="h-5-zhang-yong"><strong>5 | ZHANG YONG</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-11-1-billion-down-4-billion">NET WORTH |&nbsp;<strong>$11.1 BILLION, DOWN $4 BILLION</strong></h3>



<h3 class="wp-block-heading" id="h-country-singapore">COUNTRY |&nbsp;<strong>SINGAPORE</strong></h3>



<h3 class="wp-block-heading" id="h-source-of-wealth-restaurants-haidilao">SOURCE OF WEALTH |&nbsp;<strong>RESTAURANTS / HAIDILAO</strong></h3>



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<h2 class="wp-block-heading" id="h-6-yang-huiyan"><strong>6 | YANG HUIYAN</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-27-9-billion-down-2-6-billion">NET WORTH |&nbsp;<strong>$27.9 BILLION, DOWN $2.6 BILLION</strong></h3>



<h3 class="wp-block-heading" id="h-country-china-2">COUNTRY |&nbsp;<strong>CHINA</strong></h3>



<h3 class="wp-block-heading" id="h-source-of-wealth-real-estate">SOURCE OF WEALTH |&nbsp;<strong>REAL ESTATE</strong></h3>



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<h2 class="wp-block-heading" id="h-7-hui-ka-yan"><strong>7 | HUI KA YAN</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-14-6-billion-down-2-6-billion">NET WORTH |&nbsp;<strong>$14.6 BILLION, DOWN $2.6 BILLION</strong></h3>



<h3 class="wp-block-heading" id="h-country-china-3">COUNTRY |&nbsp;<strong>CHINA</strong></h3>



<h3 class="wp-block-heading" id="h-source-of-wealth-real-estate-1">SOURCE OF WEALTH |&nbsp;<strong>REAL ESTATE</strong></h3>



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<h2 class="wp-block-heading" id="h-8-mukesh-ambani"><strong>8 | MUKESH AMBANI</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-77-6-billion-down-2-5-billion">NET WORTH |&nbsp;<strong>$77.6 BILLION, DOWN $2.5 BILLION</strong></h3>



<h3 class="wp-block-heading" id="h-country-india">COUNTRY |&nbsp;<strong>INDIA</strong></h3>



<h3 class="wp-block-heading" id="h-source-of-wealth-reliance-industries">SOURCE OF WEALTH |&nbsp;<strong>RELIANCE INDUSTRIES</strong></h3>



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<h2 class="wp-block-heading" id="h-9-pierre-omidyar"><strong>9 | PIERRE OMIDYAR</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-24-3-billion-down-2-5-billion">NET WORTH |&nbsp;<strong>$24.3 BILLION, DOWN $2.5 BILLION</strong></h3>



<h3 class="wp-block-heading" id="h-country-united-states-2">COUNTRY |&nbsp;<strong>UNITED STATES</strong></h3>



<h3 class="wp-block-heading" id="h-source-of-wealth-ebay-paypal">SOURCE OF WEALTH |&nbsp;<strong>EBAY, PAYPAL</strong></h3>



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<h2 class="wp-block-heading" id="h-10-li-xiting"><strong>10 | LI XITING</strong></h2>



<h3 class="wp-block-heading" id="h-net-worth-22-billion-down-2-5-billion">NET WORTH |&nbsp;<strong>$22 BILLION, DOWN $2.5 BILLION</strong></h3>



<h3 class="wp-block-heading" id="h-country-china-4">COUNTRY |&nbsp;<strong>CHINA</strong></h3>



<h3 class="wp-block-heading" id="h-source-of-wealth-medical-devices">SOURCE OF WEALTH |&nbsp;<strong>MEDICAL DEVICES</strong></h3>



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<p><strong><em>By Hank Tucker, Forbes Staff</em></strong></p>


Billionaire LVMH Moet Hennessy Louis Vuitton SE Chairman Bernard Arnault at VivaTech 2021

Bernard Arnault Once Again The World’s Richest Person After Jeff Bezos Loses Nearly $14 Billion In One Day


<p><strong>It’s not just Amazon stock that has boosted the fortunes of its billionaire backer. Dramatic changes in the share prices of Tesla, Reliance and Microsoft have reshuffled the ranks of the top ten richest in the world since March.</strong></p>



<p><br>Between last Friday afternoon after markets closed and 1 p.m. on Tuesday, Jeff Bezos’ net worth fell by $8 billion. That’s a huge sum — the combined value of the NFL’s New England Patriots ($4.1 billion) and the New York Giants ($3.9 billion). But for Bezos, who’s worth about $181 billion, it was just a routine couple of days on the job —and a 4.4% decline in his fortune.</p>



<p>Since March 18, the date that <em>Forbes</em> used to calculate net worths for the 2020 World’s Billionaires list, and days after the President declared a national emergency due to the coronavirus, Amazon’s stock price has soared nearly 69%. As shoppers who sheltered at home during the pandemic turned to Amazon for ordering more purchases, its market cap reached a record $1.5 trillion, and Bezos’ fortune jumped $68 billion. Even with the slight downtick in the last two days, investors aren’t worried – mostly chalking it up to portfolio rebalancing, or momentum stocks retreating a bit after a strong run.</p>



<p>Bezos is not the only billionaire to get much richer during the pandemic. Elon Musk, CEO of Tesla and SpaceX, has gone from No. 31 wealthiest in the world in mid-March to No. 9 as of Tuesday. His net worth has nearly tripled in the last four months, to $69.1 billion from $24.6 billion, largely due to a massive 320% rally in Tesla’s stock. It’s the first time Musk ranks among the world’s top ten richest. “I really couldn’t care less,” Musk told <em>Forbes </em>in early July, commenting on the size of his fortune. “Those numbers rise and fall, but what really matters is making great products that people love.”</p>



<p>Another big gainer of the past several months is Mukesh Ambani, an Indian business magnate and chairman of Reliance Industries, whose telecom firm Reliance Jio has attracted billions of dollars in investments in 2020, including $5.7 billion from Facebook in April and $1.2 billion from U.A.E.’s sovereign wealth fund Mubadala in June. On July 15 Google confirmed it would invest $4.5 billion in Jio. That, in turn, has helped lead to a surge in the share price of Reliance. Ambani is now the seventh richest person in the world, worth $71.4 billion, nearly twice his net worth in mid-March. The last time Ambani was in the top 10 was in 2011, with a $27 billion fortune.</p>



<p>Also new to the top ten since March: Steve Ballmer, former CEO of Microsoft. Microsoft stock is up a striking 47% since mid March, landing Ballmer at the world’s No. 6 richest, worth $72.1 billion.</p>



<p><strong>Whiplash 2020: Shakeup Among Top 10</strong></p>



<p>Musk and Ballmer join the ​upper echelon, while Buffett falls to his lowest rank in at least 20 years.</p>



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2020/07/billionaires.png" alt="" class="wp-image-46513" width="686" height="664" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/07/billionaires.png 592w, https://cms.forbesafrica.com/wp-content/uploads/2020/07/billionaires-300x290.png 300w" sizes="(max-width: 686px) 100vw, 686px" /></figure>



<p>Of course, as some climb up the ranks, others must go down – and some go up and down a lot. Bernard Arnault was worth $108 billion in late January. He fell to $76 billion in mid March, as people worried about spending on luxury goods. He is back up to $111.1 billion, and number three in the world.</p>



<p>Despite only a $3.5 billion drop in his net worth since March, Warren Buffett, one of the most successful investors of all time, is down four spots and now the eighth richest person in the world. It’s the lowest Buffett has ranked in at least 20 years. The Waltons, the family behind Walmart, had three members – Jim Walton, Alice Walton and Rob Walton – who rounded out the top ten in mid-March. While their net worths on Tuesday were actually up $3 billion, those increases were not enough for them to hold onto their spots as others including Musk, Ambani and Ballmer surged ahead.</p>



<p>The only certainty with markets like this is that billions can be gained – and lost – and regained in a matter of hours.</p>



<p><em>&#8211;  <a href="https://www.forbes.com/sites/angelauyeung/">Angel Au-Yeung</a>, Forbes Staff, <a href="https://www.forbes.com/worlds-billionaires">Billionaires</a></em></p>


gettyimages-1148401100-594×594

Why Jeff Bezos Lost $8 Billion In The Last 2 Days – And Why That’s Not A Big Deal


<p>One of the world&#8217;s ultimate taste-makers, Bernard Arnault entered an ultra-rarefied club this week. As of Thursday June 20, he was worth just over $100 billion, making him one of three people in the world with 12-figure fortunes. </p>



<p>He joins Amazon’s founder Jeff Bezos, worth an estimated $157.5 billion, and Microsoft cofounder Bill Gates, worth an estimated $103.1 billion. Bezos, who first passed $100 billion in 2017, will soon give a slice of that fortune away. </p>



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<p>He and his wife, MacKenzie, are in the process of finalizing their divorce. The couple announced in early April that she will receive a quarter of his Amazon stake, currently valued at more than $37 billion. Gates reached $100 billion in April, thanks to strong earnings from Microsoft.</p>



<p>Arnault’s luxury goods group, LVMH Moët Hennessy–Louis Vuitton, has been having a great year. In April, it announced record first quarter sales and profits on top of a strong 2018. Its shares are up more than 40% so far in 2019, boosting Arnault’s fortune by more than $20 billion.With his family, he owns 46% of LVMH and serves as both its chairman and CEO.</p>



<figure><iframe src="https://cdn.embedly.com/widgets/media.html?src=https%3A%2F%2Fe.infogram.com%2F_%2FcyePeUtIgfbGOdwz1CPc%3Fsrc%3Dembed&amp;url=https%3A%2F%2Finfogram.com%2F1pmr7xxm5jyg3mh39xvvl3xn2wtzry9mrgq&amp;image=https%3A%2F%2Finfogram-thumbs-1024.s3.amazonaws.com%2Fbc5d4970-ab4d-4903-8f35-e47d52abb137.jpg&amp;key=3ce26dc7e3454db5820ba084d28b4935&amp;type=text%2Fhtml&amp;schema=infogram"></iframe></figure>



<p>The growth comes as high-end buyers around the world continue to pick up luxury goods and spirits, despite fears that demand, particularly in China, would slow down. Thirty-five years after Arnault first got into luxury goods with the purchase of Christian Dior, he continues to refresh LVMH by finding ways to appeal to a new generation of customers while retaining the traditional values and high quality that have defined its brands. </p>



<p>That includes innovative partnerships like the two with Rihanna — Fenty Beauty and Fenty fashion house — as well as recent deals such as the acquisition of Belmond, which operates luxury hotels, trains and even safaris.</p>



<p>“People do not understand that success stems from the cohabitation of two contradictory spirits: the artist&#8217;s vision and the logic of worldwide marketing,&#8221; Arnault told&nbsp;<em>Forbes</em>&nbsp;in 1997. &#8220;It&#8217;s a very complex process.&#8221;</p>



<p><em>Forbes</em> first wrote about Arnault in 1991 when he was worth $200 million. He has since been featured several times and has appeared on our cover. He made his debut in our Billionaires ranks in 1997. Some readers may know his story well but it’s one worth retelling.</p>



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<p>A native of France&#8217;s cold, flat industrial north, Arnault was a star student at France&#8217;s prestigious Ecole Polytechnique. The son of a construction tycoon, Arnault spent three years in the U.S. in the early 1980s trying to establish a branch of his family’s real estate business, Ferinel, as a developer of Florida vacation properties. </p>



<p>After three years he returned home. But he learned a valued lesson in America, according to a 1997 <em>Forbes</em> <a rel="noreferrer noopener" href="https://www.forbes.com/forbes/1997/0602/5911080a.html" target="_blank">profile on Arnault</a>. Before leaving, he sold his Mediterranean-style home facing Long Island Sound in New Rochelle, N.Y. to American tycoon John Kluge, owner of the mansion next door. Kluge tore it down because it blocked his view.</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p>&#8220;It was just incredible!&#8221; Arnault told <em>Forbes</em>. &#8220;It was a very nice place, but two days after he bought it, he tore my house down! It&#8217;s so very&#8230;American.&#8221; Lesson learned: &#8220;When something has to be done,&#8221; says Arnault, &#8220;do it! In France we are full of good ideas, but we rarely put them into practice.&#8221;</p></blockquote>



<p>He returned back to France ready to make some moves. In 1984, Arnault put up $15 million of his family’s money to rescue bankrupt textile empire Boussac (Lazard put up the rest). Among Boussac’s mixed bag assets was money-losing fashion house Christian Dior. </p>



<p>That became the first of many Arnault acquisitions and the cornerstone of his massive luxury goods empire. Over the years, LVMH snapped up such brands such as Louis Vuitton, Givenchy and Sephora. Today LVMH has nearly $53 billion in sales from 70 brands and 4,590 retail stores.   </p>



<p><em>-Luisa Kroll; Forbes Staff </em></p>


Tag: Bernard Arnault

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