Bernard Arnault recently became the world’s richest man. Who is he? And how did he amass all his wealth?
Last year, for the first time in over a decade, an European national became the World’s richest man. It’s Bernard Arnault, who de-throned Tesla and Twitter CEO Elon Musk from the top spot. But how did he manage to overcome all the super-wealthy American billionaires? Where does his fortune come from and, most importantly, what is its net-worth now?
You might not know Bernard Arnault, but you have surely heard of his companies. He is CEO of LVMH, a French conglomerate that combines some of the most important luxury brands in the world.
LVMH controls the champagne producer Moet & Chandon, the clothing luxury brands Louis Vuitton and Christian Dior, the jewelry retail shop Tiffany’s & Co. and many others. Basically, if you buy any luxury item with a French name, it’s probably manufactured by an Arnault company.
Unlike Zara founder Amancio Ortega, the previous European who became the World’s richest man, Bernard Arnault did not start from nothing. The 73 years old billionaire comes from a wealthy French family. His first job was at his father’s company, later becoming its president.
He assumed leadership of LVMH in 1989, pouring $2 billion inside the company to avoid its dismantlement.
The investment has definitely paid out: Bernard Arnault’s net worth today is $209,5 billion, leading as the world’s richest man by over $20 billion.
A family business
Much like his father before him, Bernard Arnault does not want to disperse his wealth. As he gets older, he naturally loosens the grip on his empire, splitting it between his children. His offspring consists of 3 CEOs and two top executives, all spread across the various companies.
Most recently, Bernard Arnault appointed his daughter Delphine as chairman and CEO of Christian Dior. She has been in charge of the luxury brand since early February 2023.
Among his other sons, Frederic is the CEO of Tag Heuer, Alexandre is the executive vice president at Tiffany’s & Co. and Jean is director of development and marketing of Louis Vuitton watches.
But it’s Bernard’s eldest son, Antoine Arnault, who will probably inherit the whole company when his father retires.
Antoine is currently CEO and vice-chairman of Christian Dior SE, the holding company through which the family controls LVMH.
Bernard Arnault remains CEO of LVMH as a whole, and there is no age limit that requires him to step down at a specific time. However, step down he will, in a way or the other, and then he will have to appoint a successor.
For now Antoine has a secured path to get the top job, however, any kind of infighting could change his situation drastically. Both him and his father will have to deal very carefully with the consequences of a split empire.
