Bernard Arnault, the Chairman and CEO of luxury conglomerate Moet Hennessy Louis Vuitton (LVMH), has overtaken Elon Musk to claim the title of the world’s richest person.
Arnault’s ascent to the top spot was propelled by a staggering surge in his net worth, which reached an astounding $207.8 billion on Friday, fueled by a $23.6 billion surge. This surpasses Musk’s net worth of $204.5 billion.
The shift in rankings was accentuated by contrasting market performances. Tesla, Musk’s electric car company, experienced a notable setback with its stock plummeting by 13 per cent on Thursday, resulting in a loss of over $18 billion from Musk’s net worth. Conversely, LVMH witnessed a remarkable surge in its shares, soaring over 13 per cent on Friday following strong sales reports, driving Arnault’s net worth to unprecedented heights.
According to a Forbes report, LVMH’s market capitalization reached an impressive $388.8 billion on Friday, in comparison to Tesla’s $586.14 billion market cap.
Arnault, a 74-year-old visionary leader, has spent nearly four decades meticulously building his luxury empire, which includes iconic brands such as Louis Vuitton, TAG Heuer, and Dom Pérignon. Notably, he has also orchestrated a seamless transition by involving his five adult children in the business operations, echoing the familial dynamics depicted in HBO’s acclaimed series “Succession”.
LVMH’s remarkable achievements under Arnault’s leadership include becoming the first European company to surpass the $500 billion market valuation milestone in April, underscoring the enduring appeal of luxury goods despite economic uncertainties. Arnault previously tasted the pinnacle of success in December 2022, when the resilience of luxury brands contrasted sharply with the challenges faced by the tech industry amid inflationary pressures.
The acquisition of Tiffany & Co. for nearly $16 billion in 2021 stands as a testament to LVMH’s strategic expansion and Arnault’s visionary leadership.
Beyond his business acumen, Arnault is renowned for his passion for art, boasting a personal collection featuring works by renowned artists such as Picasso, Matisse, and Mondrian.
In addition to his contributions to the luxury sector, Arnault’s venture capital firm, Aglaé Ventures, backed by his holding company Agache, has made strategic investments in businesses including Netflix and ByteDance, the parent company of TikTok.
The other business giants who made it to Forbes Top 10 richest people along with their net worth in $ billions are:
- Jeff Bezos -$183.4
- Larry Ellison- $141.6
- Mark Zuckerberg $141.5
- Larry Page-$128.0
- Warren Buffett -$126.4
- Bill Gates -$123.7
- Sergey Brin-$122.6
- Steve Ballmer -$120.2
Bernard Arnault’s remarkable journey to the summit of global wealth exemplifies not only his entrepreneurial prowess but also his enduring legacy as a visionary leader in the world of luxury and beyond.
