This Is The First Time That Bernard Arnault's Fortune Has Passed $200 Billion

Having reached such heights of personal wealth for just the third time ever, Bernard Arnault is now the richest man in the world with a net worth of more than $200 billion for the first time.

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LVMH's French tycoon, who owns luxury goods giant LVMH, saw his fortune soar by $2.4 billion Tuesday, reaching $201.1 billion. The Bloomberg Billionaires Index shows that he has now reached a new record level of wealth. It is his first time outside of the United States to achieve the feat of exceeding $200 billion. He has succeeded in becoming one of only two people ever to accomplish that feat.

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A. Arnault, 74, surpassed Musk in December as the world's wealthiest individual for the first time, and he held his own in comparison to the tech fortunes that dominate Bloomberg's list of the 500 richest people in the world, where his LVMH Moet Hennessy Louis Vuitton SE empire is holding up well. As a result of continued strong demand for high-end products, he has seen his net worth increase by $39 billion this year.

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With the company announcing last month that it would buy back as much as €1.5 billion ($1.6 billion) of its own stock, LVMH's stock price has reached a record level. In 2017, the company posted a record revenue of €79.2 billion in revenue, with Louis Vuitton's cash cow, Louis Vuitton, posting a revenue of €20 billion. Pharrell Williams has been appointed as the new designer at Louis Vuitton as a result of this announcement. 

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LVMH's Dior and Tiffany brands will be the subject of investors' attention later this month when the group reports its first-quarter sales, when they will be able to gauge the strength of demand for the products. 

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A total of $200 billion has been added to the fortune of LVMH CEO Arnault for the first time in history

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There has been some speculation about Arnault's group snapping up rivals in the tough competitive environment for smaller companies, as a survey of M&A desks, fund managers and analysts conducted by Trade Algo found that many participants expect Arnault's group to do so. As a result of his unsuccessful bid to take over the competitor luxury group, a descendant of the Hermes dynasty once dubbed him “a wolf in cashmere”.