The great Bill Gates has been technically dethroned as the world’s second-richest person. Today, he has been surpassed by Bernard Arnault in terms of real-time wealth generation. This is the second time this month that Arnault’s growth has overtaken Gates’ in public trading index.
Arnault’s wealth spiked by 2.7% over the past day, citing CNBC. This has added a rough estimate of $2.8 BN to his fortune in one day only. His net worth now totals $107.6 BN. Putting him behind only Jeff Bezos who sits at $110.5 BN according to Forbes’ Real-Time Billionaire tracking methodology. This puts Gates in the third rank, with a net worth of $107BN. This compares the results of the trading index after 5 pm EST on the previous day. Arnault’s real growth on this rank was up by $792 M.
Technical measurements for real-time wealth growth
Bill Gates is $7BN ahead of Arnault in wealth rank, citing yesterday’s Bloomberg Business Index.
There are some technical calculation reasons why Gates continues to rank higher than Arnault. This technicality is in terms of public holdings, which Gates continues to outrank Arnault in. In terms of real-time growth, Arnault is overtaking Gates. Arnault’s public holdings growth is escalating and as such its stocks are trading at a higher value. This will lead to a generation of renewed growth before the end of the year.
Letting no grass grow under him, Bernard Arnault, chairman of the famous Louis Vuitton company, has been sealing deals in rapid succession. He has also recently acquired Christian Dior and Sephora. Forbes has subsequently announced him as the second-richest in the world, even though there are some technicalities that still put him behind Gates.
Lous Vuitton is a huge global brand. This store is in Omotesando, Tokyo, Japan. Licensed under CC By SA 3.0/GNU Free Documentation.
Bernard Arnault at the lead of Louis Vuitton
Bernard Jean Etienne Arnault is a French billionaire business magnate. He is the chairman of LVMH Moet Hennessy__Louis Vuitton SE_which is to date the world’s largest luxury goods manufacturing entity. Citing Business Insider, the mega-wealthy French businessman could even surpass Jeff Bezos’ fortune. This is due to the record-breaking deal that LVMH has made by acquiring Tiffany & Co, the world’s largest luxury jeweler, purchasing it for $16.2 BN.
Citing the Bloomberg Billionaire’s Index,_updated daily via the trade index in New York_ Arnault has added $34 BN to his wealth to date this year. He shows no signs of slowing his foray into the top 3 world’s wealth owners.
A Tiffany & Co location. Image licensed under CC By SA 4.0 .
Growth strategy scaling billionaire’s wealth
With this purchase, the LMVH company will seek to restore a sense of luster to Tiffany & Co citing Globe and Mail. The French company will improve the upsell of all Tiffany & Co products by making strategic investments in locations and new jewelry collections. LVMH is seeking via this strategy to build its smallest department division_jewelry and watches. The LVMH company already owns brands such as Bulgari and Tag Heuer. With the Tiffany’s acquisition comes a $135-per-share cash deal in shares. This will boost the jewelry and watch division and expand it in a fast-growth industry, allowing the French company to increase its US presence.
Globe and Mail quotes Arnault as saying, “Tiffany’s is an American icon, which is now going to become a little French too.”