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This is the new richest man in the world – 2021

Written by Online Starts

 

Jeff Bezos has been overtaken by Louis Vuitton boss Bernard Arnault in the ranking of billionaires.


With a fortune of $197.5 billion, Frenchman Bernard Arnault is now ahead of Amazon CEO Jeff Bezos ($193.1 billion). Arnault is the owner of the luxury goods group LVMH, which owns brands such as Louis Vuitton, the champagne manufacturer Moet & Chandon, and the cognac producer Hennessy. Behind Bernard Arnault and Jeff Bezos continues to be Elon Musk ($185.3 billion), followed by Bill Gates ($132 billion) and Mark Zuckerberg ($130.1 billion).


Among women, industrialist heiress and author Francoise Bettencourt-Meyers were ahead with a fortune of around 92.4 billion U.S. dollars.


At French luxury goods group LVMH, business is humming along more strongly than before the pandemic. Sales revenues increased dramatically in the first half of this year, thanks to strong demand from Asia and the United States. Europe is also doing better, although the recovery is slower here. Net profit increased tenfold compared to the same period in 2020 to 5.3 billion euros, the company with brands such as Moet Hennessy and Louis Vuitton announced at the end of July.


Analysts’ expectations were exceeded; they had predicted 6.6 billion euros. Group CEO Bernard Arnault praised his company’s first-half performance. Because after the severe slump in business in the first corona crisis year 2020, net profit was not only massively higher than that in the same period last year but also 62 percent higher than in the first half of 2019, before the pandemic. In continuing operations, net income this year jumped from 1.7 billion euros to 7.6 billion euros in the first six months compared to 2020 – that was also 44 percent more than in 2019 and 1 billion more than analysts on average expected.


High fashion demand
Sales have grown by more than 50% year over year so far this year. On a comparable basis and at stable exchange rates, sales grew 53 percent to 28.7 billion euros. As a result, LVMH also fared better in terms of sales revenue than before the crisis, with a growth of 11 percent compared to the first half of 2019.

 


Demand for fashion and leather goods grew particularly strongly in the first half of the year: The Group’s largest division by far, with brands such as Louis Vuitton, Christian Dior, and Celine, achieved sales of 13.9 billion euros. On a like-for-like basis and at stable exchange rates, this corresponded to a growth of 38 percent compared to 2019 – and an increase of 81 percent compared to the pandemic-ridden first half of 2020.

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