Wealth French fashion mogul Bernard Arnault rose past Jeff Bezos to become the second richest man in the world because he owns something perhaps more valuable than technology

In the corona year In 2021, the rich became richer as stock prices rose while the poor became poorer.

That great upheaval is also evident in the fact that the French owner of LVMH Moët Hennessy Louis Vuitton, a Bernard Arnault’n and his family’s fortune has risen this year in Bloomberg billionaire statistics to second place, past the founder of Amazon Jeff Bezosin.

Tuesday The wealth of the Arnault family was $ 199.9 billion, or about $ 177 billion, according to Bloomberg.

The value of the property has doubled in two and a half years. In the summer of 2019, Arnault was the first European to cross the $ 100 billion mark.

This year, LVMH’s stock exchange price has risen by more than 40 percent in 2021.

Bloombergin the top ten on the list of the richest people in the world, with the exception of Arnault, is dominated by Americans alone.

Eight of them are owners of technology companies, and nine are in place Warren Buffett is a veteran investor whose investment company also owns technology companies.

Bernard Arnault, on the other hand, owns something even more valuable: he is the king of the cultural capital trade.

LVMH is the world ‘s largest retailer of luxury goods.

It owns 75 luxury brands under which it dominates many of the world’s best-known markets for alcohol, clothing, leather goods, perfumes, cosmetics, watches and jewelry.

In total, LVMH has more than 5,000 stores worldwide.

It is also a strong gambler in the alcohol trade. In any case, when choosing a quality champagne between Dom Pérignon, Krug, Ruinart, Möet & Chandon, Mercier and Veuve Clicquot, the money goes to LVMH’s box office.

The same is true of the most expensive wines (Château Cheval Blanc, Château d’Yquem), Hennessy cognacs or Glenmorangie malt whiskeys.

Even at airports, LVMH has a strong grip on passengers. It owns a large Duty Free Shop (DFS) chain.

Engineering training Arnault started his career at his father’s construction company.

In 1983, he bought a textile company that also owned a Christian Dior fashion house.

Arnault sold other businesses and used the money to buy other luxury brands alongside Dior.

The turning point was 1989, when Arnault acquired Louis Vuitton.

In 2020, LVMH already had a turnover of EUR 44.7 billion.

In January In 2021, LVMH completed the acquisition of the long-rubbed acquisition of the American jewelry company Tiffany & Con for $ 15.8 billion.

The deal was considered the largest luxury brand acquisition ever.

Arnault’n The case has largely been about the ability to understand the value of past cultural phenomena, the strange connections between them and their importance in business.

In France the appreciation of cultural capital has a long tradition.

French sociologist Pierre Bourdieu has described cultural capital as a collection of knowledge, skills, intelligence, experiences, a sense of nuance, and other non-monetary, which, however, can be used to thrive in different ways and in different circles in society.

Arnault realized early on more than anyone else that as living standards rise and the number of rich people grows, the demand for the most prestigious luxury products will increase, and in a world of limited products, their prices may rise higher and higher.