Behind Bezos and Arnault tussling to be world’s richest lies a much bigger issue | Hamish McRae

Behind Bezos and Arnault tussling to be world’s richest lies a much bigger issue | Hamish McRae
There has always been a fascination about wealth and this little battle is a fun story. But it also plays into the question of what will be the dominant industries of the next decade, writes Hamish McRae

On Friday Bernard Arnault, chairman and chief executive of the French luxury business LVMH, was again the richest person in the world. He and Jeff Bezos, founder and CEO of Amazon, have spent the past few days swapping the pole position in the global wealth league table.

The reason for the tussle is that the share price of each company has been nudging up and down, and though LVMH is a less valuable company – it was worth €332bn (£277bn) on Friday against Amazon at $1.63 trillion (£1.15 trillion) – Arnault has a larger personal stake than Bezos.

There has always been a fascination about wealth and this little battle is a fun story. But behind it is something much more important. It is the question as what will be the dominant industries of the next decade. Will they be the high-tech giants of America, the current winners of this particular game? Or will they be something else?

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