These 10 Billionaires Got $34 Billion Richer This Week, Led By Luxury Goods Tycoon Bernard...

THE CHANGING FORTUNES OF THE WORLD’S RICHEST

^Led by LVMH chairman and chief executive Bernard Arnault, the world’s top 10 billionaire gainers added a total of $33.6 billion to their net worths in the seven days ending Thursday, May 28.

Part of the boost came after the European Union announced a widely anticipated and larger-than-expected $830 million (750 million euro) stimulus package for the region on Wednesday; European stocks soared as a result. The blue-chip heavy Euronext 100 index, which includes the stocks of L’Oréal, LVMH and AB InBev—all tied to the week’s top 10 gainers—climbed nearly 6% in the week through Thursday, outpacing the S&P 500’s gain of just under 3%.

LVMH shares ended the seven days up 8%, and Arnault’s fortune climbed by $8.1 billion, making the luxury goods tycoon a centibillionaire once again, worth $103.4 billion. Like most of this week’s billionaire gainers, however, Arnault’s gains came in the wake of recent declines. Back in mid-January, the luxury goods kingpin briefly became the richest person on earth (a few times), and was worth $117 billion when LVMH stock hit an all-time high. Shares took a hit when the pandemic took hold, but have since rebounded.

Several other European fashion and consumer goods powerhouses also jumped this week as increased optimism over economies reopening propped up stocks. Amancio Ortega, Europe’s second-richest man and the cofounder and former chair of Spain-based clothing retailer Inditex Group, is the week’s second largest gainer. Shares of the Inditex, parent of the Zara chain, surged nearly 10% since last Thursday, adding $4.9 billion to Ortega’s fortune, which ended Thursday at $65.7 billion. From France, Francois Pinault of luxury conglomerate Kering and L’Oréal heiress Françoise Bettencourt Meyers were also among the top 5 gainers, adding $3.2 billion and $3 billion to their fortunes, respectively.

Amancio Ortega

EFE/Newscom

The billionaire-boosting stock gains weren’t limited to Europe. Japanese stocks posted a four-day winning streak after the nation’s government announced on Monday it was lifting its coronavirus-induced state of emergency. The Nikkei index, which tracks 225 firms trading on the Tokyo Stock Exchange, jumped almost 7% in the week through Thursday, and two Japanese billionaires–including Japan’s richest man, Tadashi Yanai, the founder of Uniqlo parent Fast Retailing–are among this week’s biggest gainers. Though they’re still down about 10% from pre-pandemic highs, shares of Fast Retailing, which Yanai started in 1963, soared close to 12% this week, and Yanai’s fortune jumped $2.8 billion. He’s now worth $27.9 billion.

The rally has been especially good, however, to Takemitsu Takizaki, the founder of Osaka-based Keyence, a manufacturer of sensors for factory automation whose shares have managed to tick upward during the pandemic. They’re trading near all-time highs, and Takizaki, who’s now worth $24.1 billion, is $2.1 billion wealthier.