The French business magnate is the first person outside the US to hit the lofty milestone.

LVMH, the luxury-goods powerhouse, logged a new all-time high, positioning its founder and CEO at the top of the world’s wealthiest people. The 74-year-old tycoon now flaunts a net worth of $201bn, blowing past fellow richlings Elon Musk and Jeff Bezos, worth $176bn and $128bn, respectively.

From the start of the year, LVMH’s market cap has shot up by 22%. The rise might not be rivaling those of tech companies which got battered in 2022. But it does strike a chord when you find out that the Paris-based empire exited last year in almost perfect condition with a flat share price.

How did that happen? LVMH’s record stock valuation materialized on the news that the company will buy back as much as €1.5bn ($1.6bn) of its own shares. It also notched a stellar year with a record €79.2bn in sales thanks to brands like Louis Vuitton, Dior, and Tiffany.