After Elon Musk's Tesla shares dropped precipitously on Monday, Bernard Arnault, CEO of Louis Vuitton, has now surpassed Musk as the richest person in the world.
https://www.lvmh.com/group/about-lvmh/governance/executive-committee/bernard-arnault/
LVMH Mot Hennessy Louis Vuitton Chairman and CEO
#1 in the world as of 12/15/22 with a real-time net worth of $187.3 billion $3.3 billion (1.75%).
Louis Vuitton, Sephora, and other 70 fashion and beauty businesses are all under Bernard Arnault's direction at the LVMH conglomerate.
As the largest luxury brand acquisition in history, Tiffany & Co. was purchased by LVMH in January 2021 for $15.8 billion.
Belmond, a luxury hospitality company that owns or operates 46 hotels, trains, and river cruises, was purchased by LVMH for $3.2 billion in 2019.
His father amassed a modest fortune in the building industry, and Arnault got his start by investing $15 million from that enterprise in the 1985 purchase of Christian Dior.
Frédéric, Delphine, Antoine, and Alexandre, four of Arnault's five children, are employed by various divisions of the LVMH group.
After Elon Musk's Tesla shares dropped precipitously on Monday, Bernard Arnault, CEO of Louis Vuitton, has now surpassed Musk as the richest person in the world. Arnault has a $186.2 billion net worth, according to Forbes. The French businessman has always ranked among the top 10 richest people in the world, although he has fallen behind Mark Zuckerberg and Jeff Bezos of Amazon.
Also Read: https://www.forbes.com/profile/bernard-arnault/?sh=2a340dcc66fa
The richest man in the world, Bernard Arnault, is profiled in the following ten facts:
1. The co-founder, chairman, and CEO of the largest luxury goods corporation in the world, LVMH Moet Hennessy - Louis Vuitton SE, is Bernard Arnault.
2. According to Forbes, Arnault and his family are expected to have a net worth of US$ 188.6 billion as of December 2022.
3. He is the father of five children—all of whom are currently employed by the LVMH company or one of its brands—from two marriages. Antoine, the second child of Arnault, has received a larger position in the holding company Christian Dior SE.
4. Bernard Arnault, a 1949 native of Roubaix in northern France, received his engineering degree from the prestigious École Polytechnique. Prior to this, he was employed by the family firm, Ferret Savinel.
5. Following his return to France in 1984, Arnault acquired Christian Dior's parent company Boussac Saint-Freres, a bankrupt textile company. 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.
6. Over the years, Arnault transformed LVMH into a global luxury juggernaut, operating more than 5,500 stores and selling Champagne, wine, spirits, fashion, leather goods, watches, jewellery, hotel stays, perfume, and cosmetics.
7. Arnault is also an art collector, and in 2014 the Foundation Louis Vuitton was established in Paris' Bois de Boulogne. 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.
8. The 73-year-old has consistently ranked high in wealth rankings, although he rarely appears in public and is not active on social media.
9. Earlier 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 the position for a longer period of time.
10. According to estimates from Bloomberg's wealth index, 97.5% of Arnault's wealth comes from his ownership of Christian Dior, which in turn controls around 41% of LVMH. The family also owns an additional 6% or so of LVMH.
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