Nation & World

The Dawn of the Centibillionaire: Three people worth more than $100 billion - each

LVMH chairman joins Bezos, Gates

Reuters

Smoke billows as fire engulfs the spire of Notre Dame Cathedral in Parison April 15. Bernard Arnault and his family are among the luxury tycoons who pledged more than $650 million for the reconstruction of the landmark.
Reuters Smoke billows as fire engulfs the spire of Notre Dame Cathedral in Parison April 15. Bernard Arnault and his family are among the luxury tycoons who pledged more than $650 million for the reconstruction of the landmark.

Bernard Arnault, Europe’s richest person, just joined Jeff Bezos and Bill Gates in the world’s most exclusive wealth club with a fortune of at least $100 billion.

Arnault, chairman of LVMH, entered the ranks of centibillionaires Tuesday as the luxury-goods maker climbed 2.9 percent, to a record 368.80 euros — or about $416 a share.

His net worth has increased almost $32 billion this year, the most on the 500-member Bloomberg Billionaires Index.

France’s multibillionaires have added the most wealth among European members of Bloomberg’s ranking in 2019, with Arnault, Kering’s Francois Pinault and cosmetics heir Francoise Bettencourt Meyers tacking on more than $40 billion between them.

The brothers behind the Chanel brand, Gerard and Alain Wertheimer, saw their fortunes soar $9.8 billion this week after the Parisian fragrance and fashion house reported its 2018 results.

Arnault’s fortune of $100.4 billion now equals more than 3 percent of France’s economy, underscoring the wealth gap in his native country, where protesters have agitated this year for more benefits paid for by the rich.

Even amid growing trade tensions, Chinese consumers’ appetite for Louis Vuitton handbags and Hennessy cognac has bolstered results for LVMH, the owner of Dom Perignon Champagne and Tag Heuer watches.

ARTICLE CONTINUES BELOW ADVERTISEMENT

Arnault, 70, and his family are among luxury tycoons who pledged more than $650 million in April for the reconstruction of Notre Dame Cathedral after the landmark church was ravaged by fire.

Gates, the Microsoft co-founder, has donated more than $35 billion to the Bill and Melinda Gates Foundation. Amazon.com’s Bezos, meanwhile, saw his net worth drop $40 billion earlier this year after reaching a divorce settlement with MacKenzie Bezos.

Give us feedback

We value your trust and work hard to provide fair, accurate coverage. If you have found an error or omission in our reporting, tell us here.

Or if you have a story idea we should look into? Tell us here.

Give us feedback

We value your trust and work hard to provide fair, accurate coverage. If you have found an error or omission in our reporting, tell us here.

Or if you have a story idea we should look into? Tell us here.