₦airaland Forum

Bill Gates has been unseated as the second richest man in the world, losing the position to Bernard Arnault, the chairman and CEO of LVMH.

The News Agency of Nigeria reports that in the latest ranking by Bloomberg’s Billionaires Index, Arnault is in second place with Jeff Bezos still retaining the first place.

Arnault and his family are the majority owners of Christian Dior and LVMH, parent of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon, and others.

As LVMH’s share price has soared in 2019, so has Arnault’s worth. It now stands at about $107.6 billion, more than $200 million ahead of Gates, Bloomberg estimates.

The report also stated that Gates would had been ranked the richest person, even ahead of Bezos if not for his philanthropic giveaways which gave Arnault more room to climb.

The French entrepreneur entered the luxury industry in 1984, when he bought Boussac, a textile empire in the midst of bankruptcy that owned Dior.

The famed label by then had deteriorated by licensing its name out to companies producing sub-par products.

Arnault set about reviving it, turning it into a vertically integrated company that did its own production, distribution, and marketing.

He went on to buy up other brands, such as Céline, and in 1988 engineered the deal that made him the majority shareholder of LVMH.

Forbes currently ranks Dior as the world’s largest fashion brand based on sales, profits, assets, and market value.

Meanwhile, LVMH on the whole, keeps attracting customers around the world, with China being the latest highly profitable frontier.


http://www.titopeblog.com/2019/07/bill-gates-loses-worlds-second-richest.html

Nothing lasts forever except God's kingdom

why nobody want overtake Dangote for Africa. Well, I am doing that soon.

most of top10 are from the UNITED STATE of AMERICA.
what a country...

If you have a business rank it to Google page 1
fast chat up now

Gates and Zukerberg remain my favourite billionaires.

Ok

Bill Gates is actually the real richest man if you consider the billions he gives through his foundation.


Money no dey freak am unlike bezos the ripper, that dude would collect almost half the price a freelance hustler places on amazon

The rich they say keep getting richer and the poor?...well you know the rest

Hard work pays

Good for him

I'll soon be there

chaiii billy up your game

but i know you can't be poor like dangote

T

I'm in shock!!!

Ok

Sweer

Good but Bill gates is damn philanthropic

Bill gate will always be the richest to me.

If you ask me why, I would say let other invest in philanthropy like he is doing and see where they stand.

Constant thing in life is change. $108 and $107 billion respectively.

6

All this old people self!

Thanks to the Chinese

"would have still been the richest if not for his philanthropic way of life" more respect to Bill gate

Bill gates is so humble, I admire him a lot

FTC. Please why all this money ranking

Interesting