Tiffany’s new owner could become world’s richest man

NEW YORK: Diamonds are Bernard Arnault’s best friend. With Tiffany in the back pocket of Europe’s richest man, Bernard Arnault (pictured) is now in position to edge into first place as the richest person on Earth.
Arnault’s LVMH, the umbrella corporation for 75 luxury brands that include Christian Dior, Bulgari, Louis Vuitton and Fendi, put a ring on it on Monday with the $16 billion acquisition of Tiffany & Co, famous for its diamond jewellery. The two companies had announced last month that they were studying the issue after LVMH made a cash bid.
Arnault is now worth more than $106.8 billion, a hair behind Microsoft co-founder Bill Gates, who is worth 107 billion, according to Forbes’ real-time rankings.
Arnault’s wealth leaped 1 per cent higher, as did his stock, on news that LVMH, which he and his family own 47 per cent of, was buying the iconic jeweller, according to CNN.
Amazon CEO Bezos, at $110.5 billion, holds the number one spot.
Bloomberg puts Arnault at $100 billion, with totals to be updated at the close of each trading day in New York City, but leaving him in solid third place, for now. — dpa