LVMH boss Bernard Arnault’s wealth hit all-time high of $210B even as French protesters stormed office
French billionaire Bernard Arnault widened his lead as the world’s richest man as angry protesters stormed the Paris headquarters of his luxury goods firm LVMH over a controversial overhaul of France’s pension system. .
The estimated wealth of Arnault, the 74-year-old CEO and chairman of LVMH, rose by nearly $12 billion to $210 billion as of Thursday — the same day that a mob of union activists was caught on video climbing an escalator in an attempt. to arrive at his office on Avenue Montaigne.
According to, Arnault’s personal fortune is at an all-time high Latest data from the Bloomberg Billionaires Index. He is about $30 billion richer than the world’s second richest man, Elon Musk, who is worth $180 billion.
Amazon founder Jeff Bezos is third on Bloomberg’s list with $126 billion, followed by Microsoft co-founder Bill Gates with $122 billion and Berkshire Hathaway chairman Warren Buffett with $113 billion. .
French protesters have singled out Arnault for criticism as they push back against President Emmanuel Macron’s bid to raise the country’s retirement age from two years to 64 by 2030. Macron has argued that the move is necessary to secure France’s pension system.
According to Reuters, Arnault “has been a frequent target of chants and chants during protests in France.”
But critics say France should look to the country’s wealthy to fill any gaps in the system.
“If you’re looking for money for pensions, take it from the pockets of the billionaires,” said Fabian Villedieu, a representative of the Sud rail union, on Thursday.
France’s Constitutional Council approved Macron’s plan on Friday despite months of protests that have drawn hundreds of thousands of participants. The decision clears the way for Macron to raise the retirement age by 15 days.
Earlier in the week, Macron promised to meet with union leaders after the council’s decision in an attempt to find some common ground.
The latest boost to Arnault’s wealth came as shares of LVMH stock hit a record high in Paris trading on Thursday as the company reported a boost in sales from China’s economic reopening from the COVID-19 lockdown.
Brands owned by LVMH include Tiffany & Co., Christian Dior, Fendi, as well as its namesake Louis Vuitton.
According to , the group ranks as Europe’s most valuable stock by market capitalization The Wall Street Journal.
Arnault’s fortune has soared by nearly $48 billion this year alone during a long rally in the firm’s shares.
With post wire
