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Bernard Arnault Just Became Second-Richest Person In The World And Is On Pace To Become #1

Bernard Arnault has replaced Elon Musk as the second-richest person in the globe.

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French billionaire Bernard Arnault is currently ranked as the second-richest person on the planet as I type this post. On our list of the richest persons in the world, Bernard has never come in at this position. Since at least 2016, Bill Gates, Elon Musk, and Jeff Bezos have held the top two spots alternately.

Elon’s Fortunes Fade

If you recall, Elon Musk’s net worth increased by an incredibly stunning amount in 2020. Elon had a $28 billion net worth as of January 1, 2020. He had a $170 billion net worth at the end of 2020.

The first month of 2021 saw his net worth continuing to soar. On January 6, 2021, Elon’s $195 billion overtook Jeff Bezos’s, giving him the opportunity to become the world’s richest person for the first time. During the brief time that his net worth peaked at $210 billion, he maintained that position.

Tesla reached its 52-week high of $900 in late January. Tesla stock ended the day on Tuesday at $577. From peak to bottom, that represents a 35% decline in just 3.5 months.

Elon Musk currently has a net worth of $161 billion, which is $50 billion less than his all-time high.

Bernard’s Fortunes Flame

To be fair, Elon’s declining fortunes were not the only reason Bernard finished in second place.

A year ago, the stock price of Bernard’s luxury goods company LVMH was $77. LVMH closed at $151 on Tuesday.

Bernard’s net worth has increased $47 billion since January 1. In the same time frame, no one else on planet has gained as much.

Arnault and his immediate family own more than 47% of LVMH, which is the world’s largest maker of luxury goods. The corporation presently has a $382 billion market cap.

Around 70 brands make up LVMH, including Louis Vuitton, Christian Dior, Mot Hennessey, and Dom Perignon.

Could Bernard Top Jeff Bezos?

A few weeks ago, the typical individual would have likely said, “Who on earth is Bernard Arnault?” if you had asked them. Today I think the answer is YES, I definitely can foresee a day in the near future when Bernard Arnault tops Jeff Bezos to become the richest person in the world.

Jeff’s net worth hasn’t exactly plummeted in recent months, but it has slowed down. Jeff’s net worth has decreased by about $3 billion since January 1. Jeff Bezos’ net wealth varied between $185 and $190 billion for the majority of 2021.

Here is one approach of answering the query:

In 2020, when everyone was stranded at home, Amazon’s stock shot up as people ordered everything they needed. How does Amazon’s revenue change when more people venture outside? And perhaps people will stock up on alcohol and luxury goods sold by LVMH as the world economy keeps improving and we usher in the second coming of the Roaring Twenties?

CAVEAT: I own some Amazon stock in a retirement account, so selfishly I hope that’s NOT what happens. It’s just a speculative statement from a non-financial expert.