LVMH boss Bernard Arnault’s wealth hit all-time high of $210B even as French protesters stormed office

French billionaire Bernard Arnault widened his lead as the world’s richest person even as furious protesters stormed the Paris headquarters of his luxury goods firm LVMH in escalating blowback over a controversial overhaul of France’s pension system.

The estimated wealth of Arnault, the 74-year-old CEO and chairman of LVMH, swelled by nearly $12 billion to a whopping $210 billion through Thursday – the same day that a mob of union activists were caught on video climbing an escalator in an effort to reach his office on well-to-do Avenue Montaigne.

Arnault’s personal fortune is currently at an all-time high, according to the latest data from the Bloomberg Billionaires Index. He is approximately $30 billion richer than Elon Musk, the world’s second-wealthiest individual, who is worth an estimated $180 billion.

Amazon founder Jeff Bezos ranks third on Bloomberg’s list at $126 billion, followed by Microsoft co-founder Bill Gates at $122 billion and Berkshire Hathaway chairman Warren Buffett at $113 billion.

French protesters have singled out Arnault for criticism while pushing back against President Emmanuel Macron’s bid to raise the country’s retirement age by two years to 64 by the year 2030. Macron has argued the move is necessary to ensure France’s pension system remains solvent.

Arnault has been a “frequent target in slogans and chants during protests in France,” according to Reuters.

But critics say France should instead look to the country’s wealthy to cover any shortfalls in the system.

“If you’re looking for money to finance pensions, take it from the pockets of billionaires,” said Sud Rail union representative Fabien Villedieu on Thursday.

France’s Constitutional Council approved Macron’s plan on Friday despite months of protests that have drawn hundreds of thousands of participants. The decision cleared the way for Macron to raise the retirement age within 15 days.

Earlier in the week, Macron had pledged to meet with union leaders after the council’s decision in a bid to find some common ground. 

The latest surge in Arnault’s wealth came as shares of LVMH’s stock hit a record high in Paris trading on Thursday as the company reported a spike in sales from China’s economic reopening from COVID-19 lockdowns.

LVMH-owned brands include Tiffany & Co., Christian Dior, Fendi as well as its namesake Louis Vuitton.

The conglomerate ranks as Europe’s most valuable stock by market capitalization, according to the Wall Street Journal.

Arnault’s fortune has swelled by nearly $48 billion this year alone during a lengthy rally in the firm’s shares.

With Post wires