Owners of LV Bernard arnault
THE CHANGING FORTUNES OF THE WORLD’S RICHEST
Led by LVMH chairman and chief executive
Bernard Arnault, the world's top 10 billionaire gainers added a total of $33.6 billion to their net worths in the seven days ending Thursday, May 28.
Part of the boost came after the European Union announced a widely anticipated and larger-than-expected $830 million (750 million euro) stimulus package for the region on Wednesday; European stocks soared as a result. The blue-chip heavy Euronext 100 index, which includes the stocks of L'Oréal, LVMH and AB InBev—all tied to the week’s top 10 gainers—climbed nearly 6% in the week through Thursday, outpacing the S&P 500’s gain of just under 3%.
LVMH shares ended the seven days up 8%, and Arnault's fortune climbed by $8.1 billion, making the luxury goods tycoon a centibillionaire once again, worth $103.4 billion. Like most of this week's billionaire gainers, however, Arnault's gains came in the wake of recent declines. Back in
mid-January, the luxury goods kingpin briefly became the richest person on earth (a few times), and was worth $117 billion when LVMH stock hit an all-time high. Shares took a hit when the pandemic took hold, but have since rebounded.