The acquisition of Tiffany & Co has seen LVMH’s chairman and chief executive officer bump up the Rich List and become the second richest person in the world.
When Forbes released its annual rich list earlier this year, Bernard Arnault & Family remained in the the top five, clocking in at number four with an estimated net wealth of $76bn (£58bn).
Now, according to real time wealth rankings tracked by Forbes, Arnault’s has jumped to second place following the acquisition of renowned jewellery brand, Tiffany & Co.
Bernard Arnault, who has been getting richer and richer this year, is now worth over $108 billion (£84bn). His net worth increased by more than 1% Monday and nearly another 3% Tuesday along with LVMH’s stock following his company’s agreement to takeover Tiffany & Co for $16bn (£12bn).
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 co-founder Gates, who has a net worth of $107.5 billion (383.5bn), and trailing only Amazon boss Jeff Bezos, who tops the Forbes list with a fortune of just over $110 billion (85.5bn).
The acquisition of Tiffany & Co was LVMH’s biggest deal to date and see the luxury goods firm strengthen its position in the jewellery market.