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
Everyone is missing the vary obvious answer here. Tech giants are worth more than luxury fashion companies. Louis Vuitton, which is the largest company Bernard Arnault owns, is only worth [$47.2 Billion](https://www.forbes.com/companies/louis-vuitton/?sh=298727d36dbe). Where as for example Amazon is worth over [$1 Trillion](https://www.marketwatch.com/story/amazon-is-officially-worth-1-trillion-joining-other-tech-titans-2020-02-04).
The reason Bernard Arnault is worth so much money is not because fashion is more valuable than tech. It’s because the super wealthy tech giant owners mostly only own one company. 80% of Jeff Bezos net worth is from his ownership in Amazon. Where as Bernard Arnault owns over 70 companies.
That is why he is the wealthiest man in the world.
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