France’s Bernard Arnault Becomes the World’s Richest Person
- French billionaire, Bernard Arnault, became the world’s richest person with a net worth surpassing $186B
- Arnault, whose fortunes are largely tied to luxury conglomerate LVMH, has seen a staggering 145% increase in his net worth since the beginning of the pandemic
France’s Bernard Arnault Becomes the World’s Richest Person
This week, French billionaire, Bernard Arnault, became the world’s richest person.
Arnault’s rise into top spot is particularly noteworthy since American billionaires – particularly in the technology sector – have dominated the world’s richest people ranking for a number of years. Amazon’s Jeff Bezos remains neck-and-neck with Arnault, with Elon Musk still within striking distance.
|Rank||Name||Country||Net Worth (May 24, 2021)|
|1||Bernard Arnault||🇫🇷 France||$186.3 billion|
|2||Jeff Bezos||🇺🇸 United States||$186.0 billion|
|3||Elon Musk||🇺🇸 United States||$147.3 billion|
Jeff Bezos began 2021 in top spot, but has been challenged by both Elon Musk and Bernard Arnault. The former took a hit after Tesla’s stock began to cool off after hitting a record high in Q1 2021.
Arnault’s name may be new to some, but he has been on of the top five richest people globally since 2018, and has been a billionaire for well over a decade. The French tycoon got his start in the fashion space by parlaying a fortune made in construction into the purchase of Christian Dior in 1985.
Vive la France
Bernard Arnault oversees an empire that includes many iconic French luxury brands, including; Louis Vuitton, Dom Pérignon, and Christian Dior. His luxury group, LVMH (Louis Vuitton Moët Hennessy), also spans retail and hospitality industries.
It may be surprising that LVMH is thriving during the COVID-19 pandemic, but the company has been buoyed by strong sales in Asia – especially China.
In January 2021, LVMH completed a deal for Tiffany & Co for nearly $16 billion, in what is possibly the largest luxury brand acquisition in history.
» Like this? Then you might like this article on The World’s Richest People 2021
Where does this data come from?
Source: Forbes’ Real-Time Billionaire Tracker (Data as of May 26, 2021)
Note: Rankings on the Forbes Billionaire Tracker fluctuate throughout the day. Given the similar net worth of both Jeff Bezos and Bernard Arnault, the two men may trade top spot back and forth for a time.
Will Connected Cars Break the Internet?
By 2025, connected cars could produce 10 exabytes (exabyte = 1B gigabytes) of data per month, a thousand-fold increase over current volumes.
- Connected cars could be producing up to 10 exabytes of data per month, a thousand-fold increase over current data volumes.
- This has serious implications for policymakers, manufacturers, and local network infrastructure.
Modern connected cars are more like computers on wheels, when compared to the dumb cars that dominated the twentieth century.
Today’s connected cars come stocked with as many as 200 onboard sensors, tracking everything from engine temperature to seatbelt status. And all those sensors create reams of data, which will increase exponentially as the autonomous driving revolution gathers pace.
With carmakers planning on uploading 50-70% of that data, this has serious implications for policymakers, manufacturers, and local network infrastructure.
In this visualization from our sponsor Global X ETFs, we ask the question: will connected cars break the internet?
Data is a Plural Noun
Just how much data could it possibly be?
There are lots of estimates out there, from as much as 450 TB per day for robotaxis, to as little as 0.383 TB per hour for a minimally connected car. This visualization adds up the outputs from sensors found in a typical connected car of the future, with at least some self-driving capabilities.
The focus is on the kinds of sensors that an automated vehicle might use, because these are the data hogs. Sensors like the one that turns on your check-oil-light probably doesn’t produce that much data. But a 4K camera at 30 frames a second, on the other hand, produces 5.4 TB per hour.
|Sensor||Sensors per Vehicle||Data Produced|
|Vehicle Motion, GNSS/GPS, IMU||n/a||<0.1 Mbit/s|
|Total Data||3-40 Gbit/s/vehicle|
All together, you could have somewhere between 1.4 TB and 19 TB per hour. Given that U.S. drivers spend 17,600 minutes driving per year, a vehicle could produce between 380 and 5,100 TB every year.
To put that upper range into perspective, the largest commercially available computer storage—the 100 TB SSD Exadrive from Nimbus—would be full in 5 hours. A standard Blu-ray disc (50 GB) would be full in under 2 seconds.
Lag is a Drag
The problem is twofold. In the first place, the internet is better at downloading than uploading. And this makes sense when you think about it. How often are you uploading a video, versus downloading or streaming one?
Average global mobile download speeds were 30.78 MB/s in July 2022, against 8.55 MB/s for uploads. Fixed broadband is much higher of course, but no one is suggesting that you connect really, really long network cables to moving vehicles.
Ultimately, there isn’t enough bandwidth to go around. Consider the types of data traffic that a connected car could produce:
- Vehicle-to-vehicle (V2V)
- Vehicle-to-grid (V2G)
- Vehicles-to-people (V2P)
- Vehicles-to-infrastructure (V2I)
- Vehicles-to-everything (V2E)
The network just won’t be able to handle it.
Moreover, lag needs to be relatively non-existent for roads to be safe. If a traffic camera detects that another car has run a red light and is about to t-bone you, that message needs to get to you right now, not in a few seconds.
Full to the Gunwales
The second problem is storage. Just where is all this data supposed to go? In 2021, total global data storage capacity was 8 zettabytes (ZB) and is set to double to 16 ZB by 2025.
One study predicted that connected cars could be producing up to 10 exabytes per month, a thousand-fold increase over current data volumes.
At that rate, 8 ZB will be full in 2.2 years, which seems like a long time until you consider that we still need a place to put the rest of our data too.
At the Bleeding Edge
Fortunately, not all of that data needs to be uploaded. As already noted, automakers are only interested in uploading some of that. Also, privacy legislation in some jurisdictions may not allow highly personal data, like a car’s exact location, to be shared with manufacturers.
Uploading could also move to off-peak hours to even out demand on network infrastructure. Plug in your EV at the end of the day to charge, and upload data in the evening, when network traffic is down. This would be good for maintenance logs, but less useful for the kind of real-time data discussed above.
For that, Edge Computing could hold the answer. The Automotive Edge Computing Consortium has a plan for a next generation network based on distributed computing on localized networks. Storage and computing resources stay closer to the data source—the connected car—to improve response times and reduce bandwidth loads.
Invest in the Future of Road Transport
By 2030, 95% of new vehicles sold will be connected vehicles, up from 50% today, and companies are racing to meet the challenge, creating investing opportunities.
Learn more about the Global X Autonomous & Electric Vehicles ETF (DRIV). It provides exposure to companies involved in the development of autonomous vehicles, EVs, and EV components and materials.
And be sure to read about how experiential technologies like Edge Computing are driving change in road transport in Charting Disruption. This joint report by Global X ETFs and the Wall Street Journal is also available as a downloadable PDF.
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