you have the divisions -- bernard arnault is 74 years old. has changed the rules to make sure he can run the company until he is 80. clearly the succession story will be in everybody's mind the next few years. kriti: something we are going to be watching very closely kriti: caroling conan, thank you for your reporting out of paris. i want to go from big luxury to big banks. jamie dimon moving his top lieutenants into new senior roles, shuffles include moving jennifer piepszak to oversee the corporate bank. from j.p. morgan to bank of america, they are splitting a roughly $800 million pool of restricted stock with a majority of staff. according to a memo from brian moynihan the incentive will go to workers who earned as much as half a million in total annual pay as the bank looks to retain employees even as it works to keep a lid on expenses. plenty more ahead. this is bloomberg. ♪ kriti: a couple of charts i want to put on your radar. consumer resilience seems to be a theme. we were talking about european luxury but it is a bigger theme in th

bernard arnault and family. that's the louis vuitton family at 182 billion. jeff bezos, larry ellison, mark zuckerberg, mark zuckerberg rounding out the top five. but you say they're actually even wealthier than that now. in fact, a lot wealthier since the pandemic. right >> yeah. we looked at what's happened to their fortunes since 2020, and they've actually more than doubled. and overall, billionaires are $3.3 trillion richer now than they were in 2020, with their wealth growing at three times the rate of inflation, showing they're really the big winners of a global economy that's built to redistribute wealth upward. which is why at this rate, we're going to see our first trillionaire within a decade, i see okay, but let me ask you this, because if it's all being lifted, all of us, everyone in every socioeconomic group, then you might look at it and go, that's just more wealth being created. >> or perhaps it's inflation and it's a good thing and not a problem, but what is happening in the middle or on the bottom end? yeah yeah. >> unfortunately, you know wh

oxfam says the five richest people in the world elon musk, bernard arnault, jeff bezos, larry ellisonwealth since 2020. >> we saw that since 2020 and that's why we are calling it a decade of division. you've seen the billionaires add almost $3 trillion to their wealth. and on the other hand, 800 million workers in this world have not been able to have wages which match up to the inflation. an oxfam promotes what it calls an inequality busting agenda that includes the permanent taxation of the wealthiest people in every country, more effective taxation of big corporations and a renewed drive against tax avoidance. >> california is becoming more reliant on tax revenue from tech companies, a new state report shows. taxes paid by the four largest tech companies in the state last year totaled nearly $5 billion apple, google, meta and nvidia accounted for more than 6% of the state's total income tax withholding. the. analysis shows tax revenue from the tech industry could soon increase to 10, and sam's club is trying something new, introducing new ai. scanning technology at its checkouts. n