Following a dramatic decline in Tesla shares on Monday, the CEO of Louis Vuitton Bernard Arnault has officially surpassed Elon Musk as the richest man in the world.
Following a dramatic decline in Tesla shares on Monday, the CEO of Louis Vuitton Bernard Arnault has officially surpassed Elon Musk as the richest man in the world. Forbes estimates that Arnault is worth $186.2 billion. In the past years, the French tycoon has remained in the top 10 of the world’s richest list although his position was below Amazon founder Jeff Bezos and Meta founder Mark Zuckerberg.
Facts About Bernard Arnault
The co-founder, chairman, and CEO of LVMH Moet Hennessy – Louis Vuitton SE, the largest luxury goods corporation in the world, is Bernard Arnault.
According to Forbes, Arnault and his family are worth an estimated US$ 188.6 billion as of December 2022.
He has produced five children from his two marriages, all of whom are currently employed by the LVMH company or one of its brands. Antoine, the second child of Arnault, recently received a larger position at Christian Dior SE, the parent company.
Bernard Arnault, a 1949 native of Roubaix in northern France, earned an engineering degree from the prestigious École Polytechnique. He worked for the Ferret Savinel family firm before relocating to the US in 1981 and starting a career in real estate development.
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Arnault relocated to France in 1984 and acquired Christian Dior’s owner, the insolvent textile company known as Boussac Saint-Freres. Later, after the merger of Louis Vuitton and Moet Hennessy, he split off the majority of the company’s other operations and used the proceeds to acquire control of LVMH, according to Bloomberg.
By offering Champagne, wine, spirits, fashion, leather goods, watches, jewellery, hotel stays, perfume, and cosmetics through more than 5,500 outlets globally, Arnault transformed LVMH over the years into a behemoth of the luxury industry.
In 2014, the Foundation Louis Vuitton opened in Paris’s Bois de Boulogne due to Arnault’s interest in collecting art. The location is a massive private art gallery with Frank Gehry’s design. Both Arnault’s and the corporate collection of LVMH are kept there.
Although the 73-year-old has consistently ranked high in wealth lists, he rarely appears in public and is not active on social media.
Early this year, LVMH lifted the cap on the CEO’s age, allowing Arnault to lead the company until he was 80, indicating that he intended to hold that position for longer.
According to estimates from Bloomberg’s wealth, the great majority of Arnault’s wealth index comes from his 97.5% ownership of Christian Dior, which controls around 41% of LVMH. The family also owns an additional 6% or so of LVMH.
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Following a dramatic decline in Tesla shares on Monday, the CEO of Louis Vuitton Bernard Arnault has officially surpassed Elon Musk as the richest man in the world.
