New Richest Man Emerges As Arnault Drops From Top Position

Seattle, March 22, 2024 – In a dramatic shift of fortunes, Jeff Bezos, the visionary founder of Amazon, has ascended to the pinnacle of wealth, dethroning Bernard Arnault as the world’s richest person. The transition unfolded on Thursday, March 21, as Bezos’s net worth soared to an astounding $201 billion, according to the latest data from the Bloomberg Billionaires Index.

Bezos’s meteoric rise was propelled by a $2 billion increase in his net worth within a span of just 24 hours, surging from $199 billion on March 20. The bulk of Bezos’s wealth stems from his pioneering ventures in e-commerce and cloud computing through Amazon, augmented by strategic investments in media and streaming markets.

Arnault, the erstwhile titan of wealth, experienced a staggering $3 billion decline in his net worth, plunging from $202 billion to $199 billion within the same timeframe. Consequently, Arnault, renowned for his empire of 75 fashion and cosmetics brands including Louis Vuitton and Moët Hennessy (LVMH), now occupies the second position on the list of the world’s wealthiest individuals.

Arnault’s portfolio extends to include iconic brands such as Sephora and Tiffany & Co., the latter acquired for a monumental $16 billion in 2021. Despite his notable setbacks, Arnault’s prowess as an investor and art collector remains unparalleled in the global arena.

However, Elon Musk, the enigmatic entrepreneur behind Tesla and X (formerly Twitter) is closely trails Arnault in third place, boasting a formidable net worth of $189 billion. Mark Zuckerberg, the innovative force behind Facebook, follows suit in fourth position with an estimated wealth of $179 billion, while Bill Gates, the venerable co-founder of Microsoft, rounds out the top five with a net worth of $153 billion.