The world now has three people with a networth of over $100 billion. Europe's richest person, Bernard Arnault, joins Jeff Bezos and Bill Gates in the most exclusive wealth club.
Arnault is the chairman of LVMH (Moët Hennessy - Louis Vuitton SE), a luxury goods conglomerate headquartered in Paris. The company was formed in 1987, after the merger of fashion house Louis Vuitton with Moët Hennessy, another merger between the champagne producer Moët & Chandon and cognac manufacturer, Hennessy.
The French business magnate, investor, and art collector, overtook Zara's Amancio Ortega, to become the richest man in the fashion world. On the other hand, Bezos and Gates are both technology entrepreneurs.
On Tuesday, after shares of LVMH (listed on Euronext Paris) climbed by 2.9 percent to a record 368.80 euros a share, Arnault's wealth as a majority stakeholder in the company rose to enter the ranks of centibillionaires.
According to the Bloomberg Billionaires Index, his networth has increased by almost $32 billion this year. His fortune of $100.4 billion is now equivalent more than 3 percent of France's economy.
The LVMH controls around 60 subsidiaries that have some of the very prestigious luxury brands like Christian Dior, Givenchy Parfums, Marc Jacobs, Chandon and recently launched fashion venture, Fenty, by singer Rihanna. Shares of the company have surged by 43 percent this year, becoming the third-best performer on the CAC 40 index on the Euronext Paris exchange.