Bernard Arnault Is No Longer The Second Richest Individual Globally

Fashion magnate and LVMH CEO Bernard Arnault is no longer the second wealthiest individual globally. Amazon founder Jeff Bezos has now eclipsed Arnault, after LVMH recently saw a decline in market value.

The French tycoon's fortune has now slipped beneath Bezos' net worth due to a decrease in demand for luxury products, resulting in a loss of $7 billion USD this year, as reported by the Bloomberg Billionaires Index. During three trading sessions last week, the company's shares declined by 10% and are currently down 3% for the year. Conversely, Bezos' wealth has increased from $49 billion USD to $156 billion USD, surpassing Arnault's $155 billion USD.

Due to the increase in Amazon's stock value, Bezos' net worth has risen by 58% this year. As a result of the interest in AI, numerous mega-cap technology stocks have experienced a surge. Both Bezos and Arnault have formerly possessed the designation of the world's wealthiest individual. In June, Elon Musk surpassed Arnault. His wealth surged by 40.3% to $192 billion USD, attributed to his 13% stake in Tesla. The X owner's wealth has increased to $234 billion USD due to Tesla's stock price spike exceeding 100%. In the competition to identify the next billionaire, it is yet to be determined who will prevail.