Bernard Arnault is now ranked 1 among the richest persons in the world. However, this title has been held by other famous millionaires in the past, like Tesla Chairman Elon Musk and sometimes Jeff Bezos, the founder and former CEO of Amazon.
But this year started with a change in the first position. Elon Musk, the current owner of Twitter, is no longer there. He is now the richest person in history who has lost the most money. For his part, Bernard Arnault has used Musk’s fall in wealth to make himself the richest person in the world. He has combined his wealth with Musk’s and is now the richest person in the world.
The strange thing is that with this change, the type of business that the people at the top of the list of the richest people in the world usually have has also changed. In the past, people like Bill Gates, Jeff Bezos, and Carlos Slim have been at the top, but now it’s the world of shopping or shopping that has won, since Bernard Arnault owns an emporium of luxury brands and companies.
Forbes magazine says that Bernard Arnault’s fortune is worth about $190 billion. This is the same amount as Ukraine’s GDP before the war, which gives us a good idea of how much money Bernard Arnault has in his bank account. This rich person got lucky.
LVMH, which stands for Louis Vuitton Mot Hennessy, is the name of the companies that bring in the most money for him.
All of this started because his father was also a millionaire. He was in the construction and real estate business and owned a public works company called Ferret-Savinel. Bernard Arnault knew how to take advantage of this by studying engineering and slowly growing the family business until he took over in 1978. Later, he made a key move that added to his wealth. He bought the Christian Dior fashion house with money from his father’s company, which was on the verge of going bankrupt in the 1980s and which he bought for $15 million. In 1985, Bernard Arnault became the CEO of Christian Dior SA. This was after the company had been moved and reorganized in a very strict way. The next step was to become Chairman and Chief Executive Officer of LVMH.
In addition to Mot and Hennessy, Bernard Arnault also owns brands of drinks like Veuve Clicquot and Dom Perignon. In the same way, he owns vineyards and chains of production that brought in more than 6 billion euros last year.
He owns the brands Christian Dior, Louis Vuitton, Fendi, Givenchy, Kenzo, Marc Jacobs, Off-White, Stella McCartney, and Fenty, which was made by Rihanna. Last year, only Louis Vuitton made more than 20 billion euros.
It owns Sephora, which sells makeup, and TAG Heuer, Zenith, Bulgari, Hublot, and Tiffany, which sell jewelry and watches. Together, these companies bring in close to 9 billion euros per year for the company. Not to mention that Louis Vuitton makes some very nice watches as well. Lastly, the LVMH company has sales centers, department stores, yacht companies, cruise services, hotels, and investments in magazines, radio, and newspapers. It only makes sense that Bernard Arnault is now the number 1 richest person in the world.