Fashion mogul Bernard Arnault becomes world's richest surpassing Jeff Bezos

According to Forbes' billionaires' list, Arnault's subsidiaries include Louis Vuitton, Sephora, Moet & Chandon, Christian Dior, Bulgari, Tag Heuer, and Tiffany & Co. 

French tycoon and CEO of LVMH Moet Hennessy Louis Vuitton Bernard Arnault has become the world's richest person based on the stock prices after Amazon founder Jeff Bezos' net worth fell $13.9 billion in a day.

According to Forbes' billionaires' list, Arnault's subsidiaries include Louis Vuitton, Sephora, Moet & Chandon, Christian Dior, Bulgari, Tag Heuer, and Tiffany & Co. 
Becoming the world's richest person, he holds a net worth of $199.1 billion on Thursday. Combined with a family holdings company, the Louis Vuitton CEO owns 47 per cent stake, which had a total market value of $416 billion as of Thursday.

In December 2019, January 2020, May 2021 and July 2021, the 72-year-old Arnault had led the list of the world's wealthiest people. The Forbes list also stated that four of Arnault's five children work in corners of the LVMH empire.

Louis Vuitton saw a rise amid the pandemic, with many of its brands setting record sales and profits in the first half of 2021. The company's second-quarter revenue had hit $17.4 billion, approximately 14 per cent up from the pre-pandemic levels. 

Jeff Bezos' net worth took a dip by $590 million, and now it currently stands at $193.8 billion. In contrast, SpaceX CEO Elon Musk, a cryptocurrency enthusiast, has a net worth of $184.7 billion, as per the Forbes' list.