I was surprised to see Bernard Arnault as the richest man in the world, above Jeff Bezos, Elon Musk, and Bill Gates. He owns an empire of fashion and jewelry brands like LV, Givenchy, Tiffany Co. etc. as well as luxury booze companies like Moet and Hennesey.
How are fashion and jewelry businesses worth more than tech and innovation in the year 2021?
Are there really masses out there spending all there disposable income on 500 dollar t shirts and 6 thousand dollar bags? Flexing on Instagram and popping bottles in the club. I’ve seen the type on Instagram, but I thought surely they must be a minority, and not large enough a market to top giants like Elon Musk and Amazon. I must be really out of the loop.
In: Economics
Correlation does not mean causation. Arnault has more money and Arnault owns an empire of luxury does not mean luxury is worth more than tech.
For starters, Bezos, Musk and Gates don’t own 100% of Amazon, Tesla and Microsoft.
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