The billionaire power rankings have shuffled, as LVMH CEO Bernard Arnault has passed Bill Gates to become the second-richest person in the world. According to Bloomberg’s Billionaires Index, Arnault now has a net worth of $107.6 billion, topping Gates by more than $200 million. Jeff Bezos remains the world’s richest person with a net worth of $125 billion.
The shakeup comes as LVMH’s shares rose by 0.7 percent in a series of gains. Just last month, Arnault became the third person to join the $100 billion club, and in 2019 alone his net worth has risen $39 billion.
Arnault owns approximately half of LVMH through his family’s holding company, as well as a 97 percent stake of Christian Dior. He got into the luxury game in 1984 when he bought a textile company that owned Christian Dior, and four years later he bought a controlling stake in LVMH.
On this week’s episode of The Dropcast, we are joined by certified organic style god Danny Bowien, founder of Mission Chinese. The celeb chef breaks down the similarities between running a restaurant and running a clothing brand, and even offers some solid business advice any entrepreneur can learn from.