X

This is not a paywall.

Register for free to continue reading.

The news sucks. But your reading experience doesn't have to. Help us improve that for you by registering for free.



Please create a password or click to receive a login link.


Please enter your password or get a login link if you’ve forgotten


Open Sesame! Thanks for registering.

First Thing, Daily Maverick's flagship newsletter

Join the 230 000 South Africans who read First Thing newsletter.

We'd like our readers to start paying for Daily Maverick

More specifically, we'd like those who can afford to pay to start paying. What it comes down to is whether or not you value Daily Maverick. Think of us in terms of your daily cappuccino from your favourite coffee shop. It costs around R35. That’s R1,050 per month on frothy milk. Don’t get us wrong, we’re almost exclusively fuelled by coffee. BUT maybe R200 of that R1,050 could go to the journalism that’s fighting for the country?

We don’t dictate how much we’d like our readers to contribute. After all, how much you value our work is subjective (and frankly, every amount helps). At R200, you get it back in Uber Eats and ride vouchers every month, but that’s just a suggestion. A little less than a week’s worth of cappuccinos.

We can't survive on hope and our own determination. Our country is going to be considerably worse off if we don’t have a strong, sustainable news media. If you’re rejigging your budgets, and it comes to choosing between frothy milk and Daily Maverick, we hope you might reconsider that cappuccino.

We need your help. And we’re not ashamed to ask for it.

Our mission is to Defend Truth. Join Maverick Insider.

Support Daily Maverick→
Payment options

The World Now Has Three People Worth More Than $100 Bil...

Business Maverick

Business Maverick

The World Now Has Three People Worth More Than $100 Billion

Bernard Arnault Photographer: Marlene Awaad/Bloomberg
By Bloomberg
19 Jun 2019 0

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.

Bernard Arnault, chairman of LVMH, entered the ranks of centibillionaires Tuesday as the luxury-goods maker climbed 2.9% to a record 368.80 euros 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 SA’s Francois Pinault and cosmetics heir Francoise Bettencourt Meyers tacking on more than $40 billion between them. Meanwhile, 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% 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. The company’s shares have surged 43% this year, the third-best performer on France’s CAC 40 Index.

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. He controls about half of Paris-based LVMH through a family holding company and also owns a 97% stake in Christian Dior, the fashion house founded three years before his birth in 1949.

Luxury titan Bernard Arnault's net worth eclipses $100 billion

Arnault entered the luxury-goods market by acquiring a textile group that owned Christian Dior. He sold all of the company’s other businesses and used the proceeds to buy a controlling stake in LVMH in 1988.

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

To contact the reporters on this story:
Ben Stupples in London at [email protected];
Devon Pendleton in New York at [email protected]

To contact the editors responsible for this story:
Pierre Paulden at [email protected]

Gallery

Please peer review 3 community comments before your comment can be posted