Luxury Tycoon Arnault’s Wealth Soars Amid Tax Debate in France

Luxury tycoon Bernard Arnault’s wealth just got a big boost from shoppers around the globe, and the rise could feed into controversy at home.

Arnault saw his fortune soar by almost $19 billion on Wednesday to $192 billion, the second-biggest market-based increase ever for the 76-year-old Frenchman, according to the Bloomberg Billionaires Index. The surge was driven by a 12% increase in shares of LVMH — the designer brand company he controls — after it reported better-than-expected quarterly sales.