The billionaire owner of French luxury powerhouse LVMH has seen his wealth inflate by $17 billion dollars in just one day, after China announced fresh moves to restore economic growth that some call the long-awaited “bazookas” needed to revive confidence.
Bernard Arnault isn’t the only winner. China and Hong Kong stocks are on track to log their best weekly performances in 16 years, according to Reuters, following the surprise stimulus measures and strong words from the Chinese leadership.
Arnault, the chairman of LVMH, started Thursday having lost more wealth this year than any other billionaire, with his fortune having declined by $24 billion due to a slump in the market for high-end goods, according to the Bloomberg Billionaires Index. Continue here.
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