World's New Rich
While it is undisputed that Microsoft's Bill Gates and Amazon's Jeff Bezos are two of the richest men in the world, a new entity is emerging who may well be the world's new rich person.
Bernard Arnault, Chairman and CEO of LVMH is reportedly worth approximately more than $106 billion, because of the takeover of Tiffany's for a record $16.2 billion.
Arnault and his family own more than 47 per cent of the French luxury goods giant Louis Vuitton and is closely gaining on Bill Gates ($107 billion) and Jeff Bezos ($110 billion). The three are comfortably ahead of other mega- billionaires as well. Berkshire Hathaway's Warren Buffet is worth $86 billion, while Facebook CEO Mark Zuckerberg is worth $75 billion. Oracle's Larry Ellison and Spanish retail magnate, Amancio Ortega are each worth just under $70 billion.
Arnault is French and the godfather of the modern luxury industry. Arnault leads LVMH Moet Hennessey Louis Vuitton, Givenchy, Fenty, Christian Dior, Hublot, Bulgari and scores of other high-end brands. Tifffany and Co.'s under-performing operations is due to get an overhaul under the watchful eye of Bernard Arnault, who plans to pour marketing resources into the high-end of Tiffany's jewelry line, focussing more attention on it's high carat diamond necklaces, rather than it's less expensive silver jewelry.