LVMH stock hike convert Bernard Arnault rich world person - Fashion mogul Bernard Arnault ascends on the podium and becomes the richest person in the world, with an estimated net worth of 186,300 million dollars (around 153,634 million euros at the current exchange rate), according to Forbes.

This figure places the French 300 million dollars (about 246 million euros) above Jeff Bezos, which has a wealth of 186,000 million dollars (152,388 million euros), and Elon Musk, with 147,300 million dollars (120,674 million euros).

The fortune of the billionaire has gone from 76,000 million dollars (62,256 million euros) in March 2020 to 186,300 million dollars this Monday.

Since the pandemic began, the owner of LVMH (Louis Vuitton Moët Hennessy) has seen an increase in his accounts of more than 110,000 million dollars (90,100 million euros) thanks to the countercurrent performance of his company and that reflects the growth of the big luxury brands in these 14 months.

LVMH stock hike convert Bernard Arnault rich world person

One of its competitors, François Pinault, whose Kering Group owns the luxury brands Saint Laurent, Alexander McQueen and Gucci, went from $ 27 billion (€22.11 billion) to $ 55.1 billion (€45.12 billion) during the same period.

The LVMH group –which includes brands such as Fendi, Christian Dior and Givenchy– rose 0.4% during the first hours of trading on Monday, what was its market capitalisation at 320,000 million dollars (262.100 million euros), and raised the personal involvement of the entrepreneur in more than 600 million ($491 million euros) on the basis of such a medium.

LVMH stock hike convert Bernard Arnault rich world person

LMVH's first quarter 2021 results reflected a 32% increase over the same period last year, recording revenues of $ 17 billion (around € 14 billion).

Bernard Arnault debuted in the top 10 in mid-2005, with a fortune of 13,000 million dollars (10,650 million euros), and in the top 5 since 2018. The Frenchman became the third richest person in 2019, with a fortune of 76,000 million dollars.

LVMH stock hike convert Bernard Arnault rich world person

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Pension spending will increase over 3,500 million in 2022, 2.3% more, due to the rise in inflation

Government, unions and employers continue to be immersed in the negotiations for the reform of the public pension system, one of the main bills included in the Recovery Plan submitted to Brussels and which seeks to close a deal that takes under discussion for the past 5 years with a draft reform that last October he got the virtual consensus of the Covenant of Toledo.

Despite disagreements throughout the negotiation between the Executive and the social agents, the reform seems on track to include a clause to update pensions according to inflation in recent years, which will not be offset downwards if the CPI is negative in the face of the rejection of the unions, in addition to the modification of the pension calculation period and the repeal of the sustainability factor to replace it with a mechanism of generational solidarity.

In this way, the proposal of the minister of Inclusion and Social Security, José Luis Escrivá, involves the revalorization of the pension according to the evolution of the prices in the previous 2 years instead of the forecast of the CPI for the following year, which seeks to maintain the link between the value of the pension benefits and price developments, as already applied before the last reform of the system, carried out in 2013.

In the event that the negotiation follows the schedule that the Government agreed with Brussels for the phased approval of the pension reform from 2022, public expenditure for benefits will grow next year around 3,500 million euros, 2.3% more, due to the expected evolution of inflation this year and the compensatory payment of the difference between the rise in pensions in 2021 and the average evolution of the CPI during the year, according to the Information.

In this way, if the inflation meets the forecasts promised by the panel of analysts Funcas, their growth in 2021 will be a 1.6%, which will lead to an increase of 2,500 million euros in spending on pensions in 2022, while the difference between that percentage and 0.9% increase in benefits in 2021 involves 0.7% remaining, which results in another 1,000 million euros, on which the Government has the power to choose on your deal.

This latter increase planned for 2022 would be perceived by the beneficiaries in a lump sum that would be charged in around February, when the agreement between the employers, the trade unions and the Ministry of Inclusion, Social Security and Migration to close before the end of 2021, which allows the revaluation in force with the new system to avoid the loss of purchasing power of the pension benefits, according to the digital.

In addition, the reform will include an additional rule to avoid the loss of purchasing power of pensions, and the economic well-being of its beneficiaries, which consists in a periodic review of the system every 5 years by Government and social partners to assess the mechanism of annual revaluation of the performance works of the manner provided by the Toledo Pact.