While some people are struggling to make ends meet during the COVID-19 pandemic, others are drowning in dolla dolla bills.
Since the coronavirus has kept more people in their homes, online shopping orders have skyrocketed, as people are now buying unnecessary items in bed while they’re supposed to be working.
As a result, owners of online marketplaces like Amazon’s Jeff Bezos are raking in considerable profits.
It’s therefore unsurprising that Mr Bezos has held the title of the Richest Person in the World for quite some time.
Now, however, it seems that he has a competitor.
Bernard Arnault Becomes the Wealthiest Person in the World for a While After Overtaking Jeff Bezos
For a brief period this week, Mr Bezos was knocked off his incredibly luxurious perch.
Bernard Arnault, the owner of luxury goods conglomerate Louis Vuitton Moët Hennessy, overtook the Amazon owner on Monday (24 May) as the World’s Richest Man with an estimated net worth of USD$186.3 billion.
At the time, Mr Bezos’ fortune amounted to $186 billion, which meant Mr Arnault had around $300 million more in his inconceivably deep pockets.
However, Mr Arnault’s occupancy at the number one position didn’t last very long.
When the markets re-opened later that day, Bezos and Arnault’s fortunes fluctuated, and the two took turns assuming the top spot.
In the end, Forbes decided that the title of Wealthiest Human belongs to Bezos after all – Mr Bezos currently has a net worth of USD$188.9 billion while Mr Arnault and his family are worth an estimated USD$188 billion.
Coming in third place is Tesla owner Elon Musk (USD$152.2 billion) and Bill Gates, a man who needs no introduction, takes fourth spot with USD$126.2 billion.
So, how exactly did Mr Arnault become so wealthy during the pandemic?
After all, who the heck could afford to buy luxury goods from LV during this economically unstable time?
Louis Vuitton Moët Hennessy Owns Many Profitable Subsidiaries
What many of us don’t know, is that Mr Arnault’s conglomerate, Louis Vuitton Moët Hennessy, owns many other profitable subsidiaries.
These include:
- Belvedere
- Christian Dior
- Givenchy
- Marc Jacobs
- Fenty Beauty by Rihanna
- Bulgari
- TAG Heuer
- Sephora
As you can see, the congolmerate owns a wide range of businesses, selling everything from wines and spirits and luxury fashion products to watches and jewellery.
While not many of us have been buying LV goods during the pandemic, we’ve certainly been having a drink or two and purchasing makeup products, even though face masks have largely made the latter redundant.
We just hope Mr Bezos will be able to forget the harrowing memory of being $300 million poorer than someone else for a few hours and be able to move on with his life.
Featured Image: Hadrian / Shutterstock.com
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