Luxury behemoth LVMH beat expectations with its results, sending the share price soaring, and Chair Bernard Arnault's wealth increased by more than 27 trillion won in a single day. With debate heating up in France over taxing the ultra-wealthy in next year's budget, the sharp rise in Arnault's asset is drawing attention.
On Oct. 16 (local time), Bloomberg and others said Arnault's wealth increased by $18.8 billion (about 26.7 trillion won) in a single day from the day before, bringing the total to $192 billion (about 273.4 trillion won).
This is the second-largest single-day increase on record for Arnault, France's richest person and the world's seventh-wealthiest. In January 2023, Arnault and his family's wealth jumped by $23.6 billion (about 33.6 trillion won) in one day.
LVMH posted third-quarter revenue of 18.28 billion euros (about 30.2232 trillion won). That was up 1% from a year earlier, ending a six-quarter stretch of contraction. Global investors had expected LVMH's "revenue contraction," but the "earnings surprise" that defied market forecasts sent LVMH shares up 12.5%.
The company appears to have exited contraction as sales in China and across Asia, which had been sluggish for more than a year, returned to growth this quarter. In fact, LVMH's revenue in China rose 2%, and it grew 3% in the U.S. In contrast, Europe fell 2% due to a stronger euro and fewer tourists, and Japan plunged 13%.
Arnault is currently the only non-American among the world's 10 wealthiest people tracked by Bloomberg. He once ranked No. 1 on the global rich list.