Jeff Bezos and Bill Gates can clearly afford a lot of leather wallets from Louis Vuitton and little blue boxes from Tiffany. But the world’s two richest people could both soon find themselves worth less than the head of LVMH because of its takeover of Tiffany.
Bernard Arnault, chairman and CEO of LVMH (LVMHF), is now worth nearly $108 billion, according to real time wealth rankings tracked by Forbes. Arnault’s net worth jumped more than 1% Monday and nearly another 3% Tuesday along with LVMH (LVMHF)’s stock following his company’s agreement to buy Tiffany (TIF) for more than $16 billion. Arnault and his family own more than 47% of the French luxury goods giant.
The spike in LVMH shares puts Arnault just ahead of Microsoft (MSFT) co-founder Gates, who has a net worth of $107 billion, and trailing only Amazon (AMZN) CEO Bezos, who tops the Forbes list with a fortune of just over $110 billion.