There is a new wealthiest guy in town, and unlike his predecessor, he would instead take people shopping than send them to the moon.
According to Bloomberg, Bernard Arnault has surpassed Elon Musk as the wealthiest man in the world. Arnault is the owner of 48 percent of the luxury fashion giant LVMH. Musk’s fortune has dropped to $163.3 billion as a direct result of his expensive Twitter acquisition. At the time, Musk’s net worth was estimated to be $340 billion.
This 73-year-old man is the first individual from Europe to achieve the number one position. Arnault is an entrepreneur who has developed quite an empire while leading a rather unremarkable life, even though his large estate is somewhat smaller than what musks were at its highest point.
Bernard Arnault’s Net Worth
According to Bloomberg, Bernard Arnault’s net worth is estimated to be a comfortable $170.8 billion. On the other hand, this number will be $7.2 billion lower in 2022 due to challenging economic conditions and the aftermath of the COVID-19 epidemic.
Arnault has amassed a tremendous fortune but shows no signs of slowing down. At the beginning of 2022, LVMH raised its CEO age limit from 75 to 80, suggesting that he will continue to stay at the company’s helm for at least another couple of years.
Even though Arnault has the resources necessary to lead a lavish lifestyle, he seems to have opted for a more low-key existence. As a matter of fact, according to Bloomberg, he only just sold LVMH’s private jet after it was tracked on Twitter.
According to the outlet, Arnault is also a passionate art collector, and he reportedly has a total of cash and other assets worth an estimated $10.3 billion.
Who exactly is Bernard Arnault, and what kind of business is LVMH?
According to CNN, Bernard Arnault’s narrative of success begins in Roubaix, France. It was there that he was raised, and it was there that he started his career working at the construction company that his family-owned, Ferret-Savinel.
After climbing the corporate ladder for several years, he invested in the textile business Boussac Saint-Freres in 1984. At the time, Boussac Saint-Freres was famous for being the owner of Christian Dior and was on the verge of filing for bankruptcy.
After purchasing LVMH in 1989, a company founded as a result of the merging of Louis Vuitton and Moet Hennessy, he made it his mission to bring the brand back to profitability and to dominate the luxury retail industry.
Since the acquisition, Arnault has served as the company’s chairman and CEO, and he has a significant role in the company’s operation even to this day. LVMH now owns 75 brands, which include wine, alcohol, fashion, leather goods, perfumes, cosmetics, watches, jewelry, and luxury travel. The company has 5,500 locations located all over the world.
The firm made history in 2021 when it bought Tiffany & Co. for $15.8 billion, which was its most significant brand acquisition ever. Givenchy, Fendi, and Stella McCartney are a few well-known companies that are part of this group. Bloomberg reports that LVMH had sales of €64 billion ($68 billion) in 2017 and currently has a market value of €364 billion ($386 billion).
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Who Exactly Is Bernard Arnault’s Spouse, And Does He Already Have Any Kids?
The family of Bernard Arnault has a total of five members. He has a joint custody arrangement with his ex-wife Anne Dewavrin for his two oldest children, Delphine and Antoine. Jean, Alexandre, and Frederic are the names of the three children he and his wife, Helene Mercier, had together. The couple is still together. According to Insider, although all five of his children are currently employed by the family business, Delphine, the eldest daughter, is considered to be the “heiress” of LVMH. She currently holds the position of executive vice president at Louis Vuitton.
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