It is the most exclusive club in the world.
Only two people had managed to join. But they were kicked out, and since then this club has had no members.
This particular club is for billionaires whose fortune reaches at least $200 billion.
Last year, Elon Musk, CEO of Tesla (TSLA) had joined, but he was ejected in November during the stock-market rout of the electric-vehicle manufacturer. The bulk of Musk's net worth is linked to the performance of Tesla, of which he is one of the largest holders.
Before Musk, Jeff Bezos, founder and executive chairman of e-retail and cloud giant Amazon (AMZN), was the very first billionaire to join this club. But as with Musk, Amazon's stock-market setbacks kicked him out.
The New $200B Club Member: Bernard Arnault
Now a third billionaire has just entered and is the club's only member: the French executive Bernard Arnault.
If he is little known to the public worldwide, the products of his company are hugely prominent. Arnault is CEO of the luxury empire LVMH. (LVMUY)
"LVMH is home to 75 distinguished houses rooted in six different sectors. True to tradition, each of our brands builds on a specialty legacy while keeping an unwavering focus on the exquisite caliber of its products," the company said on its website.
It owns iconic brands, including Louis Vuitton, Dior, Marc Jacobs, Givenchy and Tiffany. LVMH is also the owner of some of the world's most prestigious wines and spirits, including Moët & Chandon, Krug, Veuve Clicquot, Hennessy and Château d’Yquem.
Arnault, 74, is one of the first individual shareholders of LVMH, so like Musk and Bezos, his net worth is closely linked to the stock-market performance of the group.
His fortune exceeded $200 billion for the first time on April 4, rising to $201 billion according to the Bloomberg Billionaires Index. His net worth is up $39.1 billion this year.
The price of LVMH shares is at record levels on the Paris Stock Exchange. The company is benefiting from both strong 2022 results and the announcement that it will buy back €1.5 billion ($1.75 billion) of its shares.
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury goods group, recorded revenue of €79.2 billion ($86.7 billion) in 2022 and profit from recurring operations of €21.1 billion ($23.09 billion), both up 23%.
LVMH Buyback May Buoy Arnault's Fortune
The company explained that "Europe, the United States and Japan rose sharply, benefiting from strong demand from local customers and the recovery of international travel. Asia was stable over the year due to developments in the health situation in China."
On March 1, LVMH said that it would start the stock buyback March 1 and would complete it on or before July 20.
As a result, Arnault may well stay in the $200 billion billionaire club for a while. The French tycoon outruns Musk, the second richest person in the world, by $25 billion. The tech mogul's net worth is currently estimated at $176 billion, according to the Bloomberg Billionaires Index. It is up $39.3 billion this year.
Bezos is the world's third-richest: He's worth $128 billion, up by $20.8 billion this year. Bill Gates, co-founder of Microsoft (MSFT), is ranked fourth, with a net worth estimated at $121 billion, up by $11.8 billion.
The legendary investor Warren Buffett, chairman of Berkshire Hathaway (BRK.A) (BRK.B), is fifth. His fortune is estimated at $108 billion, up by $240 million this year.
