Elon Musk, Chairman of X (previously known as Twitter), is no longer the richest person in the world. The wealthiest person in the world right now is Bernard Arnault, the chairman and CEO of LVMH, the global luxury goods conglomerate, who has a colossal real-time net worth of $207.8 billion (approximately Rs 17.27 lakh crore), according to Forbes. Arnault and his family’s wealth has reportedly increased by a massive $23.6 billion (approximately Rs 1.9 lakh crore). In comparison, Elon’s net worth reportedly dropped by more than $18 billion (approximately Rs 1.4 lakh crore), as his real-time net worth stands at $204.5 billion (approximately Rs 17 lakh).
An alumnus of the prestigious École Polytechnique in Paris, where he obtained a degree in engineering, Bernard Arnault today controls nearly 70 brands including Louis Vuitton, Moët Hennessy, Christian Dior, Bulgari, Tiffany & Co., Givenchy, Marc Jacobs, Stella McCartney, Celine, TAG Heuer, and more. Born in an industrial family, Arnault joined his father’s construction firm Ferret-Savinel in 1971, a few years after which he changed the business’s name to Férinel Inc. and shifted the nature of the business to real estate. In 1979, Arnault succeeded his father as president of the company.
In 1984, Bernard Arnault and Antoine Bernheim, a partner of the French bank Lazard Frères and Co., raised $80 million (approximately Rs 659 crore) and acquired Boussac Saint-Frères, a bankrupt textile company that owned Christian Dior among other brands. This is where the journey of LVMH Moët Hennessy began. After gaining experience in the luxury business, Arnault worked with Alain Chevalier, CEO of Moët Hennessy, and Henry Racamier, president of Louis Vuitton, to create LVMH. Together, they bought and merged various famous brands under a single group. The acquisition of several luxury brands led to Bernard Arnault being nicknamed “the wolf in the cashmere coat”.
“In the 90s, I had the idea of a luxury group and at the time I was very much criticized for it. I remember people telling me it doesn’t make sense to put together so many brands. And it was a success. And for the last 10 years now, every competitor is trying to imitate, which is very rewarding for us. I think they are not successful but they try.” Bernard Arnault told CNBC in 2018.
Here’s everything that contributes to Bernard Arnault’s massive net worth:
1. Arnault’s main sources of income – LVMH and various investments
As mentioned earlier, Bernard Arnault is the chairman of LVMH Moët Hennessy Louis Vuitton, the world’s largest maker of luxury goods. According to Bloomberg and Forbes, Arnault controls about half of LVMH, whose market cap reached $388.8 billion (approximately Rs 32 lakh crore) in January 2024.
LVMH controls several subsidiaries, each of which manages a number of famous brands including Christian Dior, Fendi, Givenchy, Celine, Sephora, TAG Heuer, Bulgari, and Tiffany & Co. In January 2021, LVMH acquired American jeweller Tiffany & Co. for $15.8 billion (Rs 128612 crore), which Forbes estimates to be the biggest luxury brand acquisition ever. Arnault also reportedly owns 97 percent stakes in Christian Dior.
