Behind Jeff Bezos and Bernard Arnault tussling to be the world’s richest person lies a bigger issue

The crown of the world’s richest man has been snatched from Jeff Bezos. He now has the most assets in the world with French businessman Bernard Arnault. As of May 31, Bernard had wealth of 191.1 billion in assets, according to the Forbes Realtime Billionaires Index. Jeff Bezos, owner of e-commerce company Amazon, has a net worth of 187 billion. Bernard Arnault is chairman of LVMH (coarse Hennessy Louis Vuitton), the world’s largest luxury goods company.

Along with Louis Vuitton, he has 70 other brands like Sephora. Bernard and Jeff Bezos are the richest people in the billionaire index, followed by Tesla CEO Alan Musk and Microsoft founder Bill Gates. Who has repeatedly been the world’s number one richest man. The biggest reason for the increase in total assets of businessmen is the huge increase in the share price of the company. Because they have a large stake in the company.

Thus, when the share price of a company rises in the stock market, the total assets also rise rapidly. If you look at LVMH’s stock, the price of a share of the company has risen from around 340 euros in March 2020 to close to 648 euros by May 2021. This means that the company’s share price has almost doubled in a single year. His fortune has risen from १ 76 billion in 2020 to १ 191.1 billion with a sharp rise in share prices. In other words, his total wealth has increased by 150 percent in 13 months.

Interestingly, Bernard, who was listed as the richest man in the world, was even deported. This is what happened in 1981. When the French Socialist Party came to power. Bernard then spent time in the United States outside the country and returned home three years later when his condition improved. After graduating in 1971, he took over the running of his father’s civil engineering company. Which he turned into a real estate company in 1976.

But after returning from the United States, Bernard began trading in expensive luxury goods and clothing in 1984. At the same time, the French luxury goods company Financier acquired Agache and Bosec Saint Ferreiras. Finally, in 1987, he founded a new company, LVMH.