Published 13:05 IST, July 17th 2019
Microsoft co-founder Bill Gates edged to 3rd richest person in the World by rising Bernard Arnault, numbers here
In the seven-year history of the Bloomberg Billionaire Index, Bill Gates has never ranked lower than No. 2, until recently when the Microsoft, co-founder dropped to No. 3 behind France's Bernard Arnault.
- Republic Business
- 0 min read
In the seven-year history of the Bloomberg Billionaire Index, Bill Gates has never ranked lower than No. 2, until recently when the Microsoft co-founder dropped to No. 3 behind France's Bernard Arnault.
Arnault's luxury-goods maker, LVMH ( Louis Vuitton SE), advanced to a record stock price and pushed his net worth to $107.6 billion and ahead of Gates by more than $200 million. Arnault has added $39 billion to his fortune in 2019 alone, the biggest individual gain by far among the 500 people in Bloomberg’s ranking.
The 70-year old joined Gates and Amazon founder Jeff Bezos, the world's richest person, in the most exclusive wealth club last month, when his fortune surpassed $100 billion for the first time. The three giants' collective wealth exceeds the individual market values of almost every company in the S&P 500 Index, including Walmart Inc., Exxon Mobil Corporation and Walt Disney Co.
This year has been particularly good to French tycoons, with Arnault, Kering SA’s Francois Pinault and cosmetics heir Francoise Bettencourt Meyers racking up a combined $57 billion.
Arnault and his family are among luxury titans who pledged more than $650 million in April for the reconstruction of Notre Dame Cathedral after a fire ravaged the landmark church. He controls about half of Paris-based LVMH through a family holding company and also owns a 97% stake in Christian Dior, the fashion house founded three years before his birth in 1949.
Arnault entered the luxury-goods market in 1984 by acquiring a textile group that owned Christian Dior. Four years later, he sold the company’s other businesses and used the proceeds to buy a controlling stake in LVMH. His art collection of modern and contemporary paintings includes pieces by Jean-Michel Basquiat, Damien Hirst, Maurizio Cattelan, Andy Warhol, and Pablo Picasso.
If it wasn't for Gates' benevolent giving, he’d still be the world’s richest person. Gates has donated more than $35 billion to the Bill & Melinda Gates Foundation. Bezos’s net worth is up slightly this year to $125 billion, even after reaching a divorce settlement with MacKenzie Bezos that made her the world’s fourth-richest woman.
Updated 13:28 IST, July 17th 2019