LVMH chair Bernard Arnault speaks at the Viva Technology conference in June 2017 in Paris, France
Chesnot | Getty Images
Bernard Arnault, chairman and CEO of luxury goods brand LVMH, has overtaken Bill Gates to be named the world's second-wealthiest person by Forbes.
According to Forbes' Real-Time Billionaires List[1], the French businessman added an estimated $2.8 billion to his fortune over the past day, meaning his net worth increased by 2.7% to a total $107.6 billion.
That puts Arnault behind only Amazon[2] founder and CEO Jeff Bezos, whose net worth sits at $110.5 billion, according to the list.
Gates, meanwhile, has a net worth of $107 billion, Forbes' list shows.
However, Arnault is still behind both Bezos and Gates on Bloomberg's Billionaires Index[3], which estimates his net worth at $103 billion, compared to the Microsoft[4] co-founder's $110 billion.
According to Bloomberg's ranking, which is updated at the end of every trading day in New York, Arnault has added more than $34 billion to his personal wealth so far this year.
In June[5], Arnault crossed the $100 billion threshold to become the third-richest person in the world, Bloomberg's analysis showed. A month later[6], he temporarily overtook Gates in both Bloomberg and Forbes' rankings, and he knocked Gates from Forbes' second-place position for a day earlier this month[7].
Arnault is the majority stakeholder in LVMH — the owner of luxury brands including Louis Vuitton, Christian Dior and Moet & Chandon — which confirmed on Monday[8] it's set to buy Tiffany & Co.[9] in a deal worth $16.2 billion.
Forbes' real-time wealth tracker updates individuals' rankings based on their fortunes and public holdings, with public holdings — such as shares in a company — updated every five minutes when stock markets are open.
LVMH[10] shares gained on Monday after its acquisition of Tiffany's was announced, and the company's stock was also trading higher during the European session on Tuesday.
References
- ^ Real-Time Billionaires List (www.forbes.com)
- ^ Amazon (www.cnbc.com)
- ^ Billionaires Index (www.bloomberg.com)
- ^ Microsoft (www.cnbc.com)
- ^ In June (www.cnbc.com)
- ^ A month later (edition.cnn.com)
- ^ earlier this month (www.cnbc.com)
- ^ confirmed on Monday (www.cnbc.com)
- ^ Tiffany & Co. (www.cnbc.com)
- ^ LVMH (www.cnbc.com)
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