Bernard Arnault overtakes Mark Zuckerberg after a $30 billion increase in wealth

• Bernard Arnault’s net worth increased by about $30 billion this week to $207 billion.
• The LVMH CEO has overtaken Mark Zuckerberg to become the third richest man in the world.
• Its shares rose amid China’s stimulus plans and LVMH’s new bet on Moncler.

Bernard Arnault became an estimated $30 billion richer this week – and passed Mark Zuckerberg to become the third richest person in the world.

The luxury mogul’s fortune rose from $177 billion to $207 billion from Monday to Friday, according to the Bloomberg Billionaires Index. The rise was fueled by a nearly 20 percent rise in LVMH shares, boosted by China, which unveiled a series of measures to boost its struggling economy this week.

Shares in LVMH – which is home to around 75 brands including Dior, Sephora and Tiffany & Co. – closed up 3.7% on Friday after the company announced the purchase of an indirect stake in Moncler, the Italian brand famous for its ski jackets.

That growth allowed Arnault, the founder and CEO of LVMH, to pass Zuckerberg on the rich list. The Meta CEO’s net worth dipped slightly to $201 billion, but remains up nearly $74 billion this year.

The “Wolf in Cashmere” has seen quite a change in its fortunes. He was the richest person on the planet with a net worth of $231 billion at the end of March. But his fortune tumbled by $54 billion over the next six months to $177 billion last week, putting him in fifth place on Bloomberg’s list.

His massive gain this week propelled him into third place, $25 billion ahead of Oracle co-founder Larry Ellison, who is worth $182 billion.

Arnault’s net worth this year also fell from $30 billion to just $252 million at Friday’s close.

The decline in LVMH stock this year has narrowed from about 20% to 2.7%. Arnault and his family own about 245 million shares, or about 49 percent of the company, a July filing showed.

The beauty and fashion force has faced pressure on its revenue and profits this year, with Arnault warning of economic and geopolitical uncertainty in its second-quarter earnings release. This is especially true in China, a key market for LVMH, which gathers about 30% of its sales from Asian countries, excluding Japan.

Stocks have risen this week as investors bet China’s stimulus measures – which could include interest rate cuts, liquidity support, reduced bank reserve requirements and an inventory stabilization fund – will boost demand for goods high end such as Louis Vuitton bags and Dom Perignon champagne. .