The record has been broken property founder and creator of the LVMH group, a collection of high fashion and luxury goods, Bernard Arnaultbecause it skyrocketed to over $200 billion.

He is the third man after Elon Musk And Jeff Bezoswho has reached that milestone as he is now worth $201 billion, according to the Bloomberg Billionaires Index released Tuesday.

The driver of this development was the price of its shares LVMX, which is up nearly 25% this year, according to businessinsider.com. In addition, the French tycoon has another success: he is the first outside the US with a net worth of more than $200 billion (albeit temporarily dependent on stock fluctuations), while wealth is directly related to his 97.5% stake in the holding company of the fashion and luxury goods house. Christian Dior, which in turn controls 41.4% of LVMH. LVMH’s share price ended Tuesday’s Euronext Paris session up 0.8% to 851 euros, up from around 25% overall since the start of 2023.

The net worth of the French tycoon’s vast fortune has doubled since early 2020 amid strong demand for luxury goods as electronics boomed despite tight restrictions on purchases during the pandemic.

During this period, consumers turned to designer bags and expensive watches. This upbeat attitude towards luxury has helped LVMH, which owns a number of luxury haute couture and accessories brands including leather goods maker Louis Vuitton, jeweler Tiffany & Co. and watch company TAG Heuer.

According to financial reports, LVMH reported a 23% year-over-year increase in revenue, as well as profit from recurring operations in 2022. Millennials and Generation Z are driving and shaping the growth of the global luxury market.

In the United States in particular, a record number of Americans aged 18 to 29 are choosing to live at home with their parents in a way that has not been seen in the past 100 years since the Great Catastrophe, freeing up their disposable income from other spending and luxury management, as reported in December Nidhi Panduragi of businessinsider.com.

Finally, LVMH is also running a targeted customer acquisition campaign in Asia. Consumers in China are expected to increase demand for luxury apparel, accessories and more by 20% this year in 2023, according to a recent Morgan Stanley report.