Amazon’s Bezos Isn’t the World’s Richest Person Anymore. Here’s Who Beat Him.

 Jeff Bezos, the founder of Amazon.com and its largest shareholder, is no longer the richest person in the world. He wasn’t topped by Facebook ‘s Mark Zuckerberg, or Microsoft ‘s Bill Gates, or even Berkshire Hathaway ‘s Warren Buffett, but by a man you might not have heard of: Bernard Arnault.

The 72-year old Frenchman is the founder, chair, and chief executive of LVMH Moët Hennessy-Louis Vuitton (LVMH), a luxury-goods conglomerate covering fashion, jewelry, cosmetics, and wines and spirits. Its brands include Louis Vuitton, Christian Dior , Bulgari, Tag Heuer, Sephora, Hennessy, and most recently Tiffany—and it’s had a fantastic year. 

Between his control of LVMH owner Christian Dior and a family holding company, Arnault owns around 47% of LVMH, which has a market capitalization of €339.5 billion ($402.9 billion). 

LVMH stock has climbed more than 35% so far in 2021, and has surged 140% since its lows of March 2020.

That rise has helped catapult Arnault back to the top of the world’s rich list, trading the top spot with Bezos several times in recent months. As of Monday, Arnault is worth $186.3 billion, $300 million more than Jeff Bezos and more than Tesla chief executive Elon Musk’s $147.3 billion, according to Forbes.

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Amazon’s 7.6% post-earnings stock slump on Thursday handed the title back to Arnault, as Bezos’ fortune fell by $13.9 billion in one day.

How has LVMH done so well? It begins with a crash. The luxury-goods sector was one of the first to be badly hit by the pandemic last year, due to the industry’s reliance on consumers in China, where the virus originated, and other parts of Asia. The sector took a secondary hit when global travel all but dried up, as Asian tourists were suddenly unable to splash out on shopping trips to fashion hotbeds like Paris, London, and Milan.

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