According to a report in The Guardian, Bernard Arnault, Chairman and CEO of Louis Vuitton (LVMH) and the richest man in the world, saw his wealth surpass $200 billion as the company's shares reached a record high. He became the third individual to ever attain such levels of personal wealth. Elon Musk, the CEO of Tesla, and Jeff Bezos, the founder of Amazon, had previously reached the milestone, but their fortune has since decreased as a result of falling stock prices for these big businesses.

Due to the soaring demand for luxury goods among the world's rich, his fortune has increased by $39 billion this year as LVMH shares have increased 30 percent. About half of the sizable luxury brand company is owned by Mr. Arnault. He obtained a majority interest in LVMH in 1989. Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer, and Dom Perignon champagne are among the company's portfolio of brands.

It is to be noted that the $44 billion acquisition of Twitter by Mr. Musk and a 50 percent decline in the value of the electric vehicle manufacturer over the past year have reduced his wealth by $25 billion. With a $128 billion fortune, Jeff Bezos is now the third richest person in the world and was the first to reach the $200 billion mark in August 2020.