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10 things you should know about the Frenchman Bernard Arnault, the richest man in the world

2022-12-18 18:33:58Biznes SHKRUAR NGA REDAKSIA VOX
10 things you should know about the Frenchman Bernard Arnault, the richest man
Actors Sean Penn and Charlize Theron with Bernard Arnault and his wife Helene at a fashion week in Paris

Louis Vuitton CEO Bernard Arnault has become the richest man in the world, after Elon Musk's Tesla shares fell.

According to Forbes, Arnault's fortune is estimated at $186.2 billion. In recent years, the French tycoon remained in the top 10 of the list of the richest people in the world, but was almost always behind Amazon founder Jeff Bezos and Meta founder Mark Zuckerberg.

This is the first time the luxury goods tycoon has topped the list. Never before has any other businessman from France – or even from Europe – had the greatest wealth on the planet.

1- Arnault is co-founder, chairman and CEO of LVMH Moet Hennessy – Louis Vuitton SE, the world's largest luxury goods company.

2- He has five children from two marriages – all of whom currently work at LVMH or one of its brands. Arnault's second child, Antoine, recently took on an expanded role at the holding company Christian Dior SE.

10 things you should know about the Frenchman Bernard Arnault, the richest man

3- He started his career as an employee in his father's construction company. Five years later, he convinced her to enter the real estate market. Under the name Férinel, the new company initially developed specialized holiday accommodation.

4- Born in Roubaix in northern France on March 5, 1949, Arnault graduated from the École Polytechnique engineering school. He worked in the family business – Ferret Savinel – before moving to the US in 1981, where he decided to invest in real estate development.

5- In 1984, Arnault returned to France and took over Boussac Saint-Freres – the bankrupt textile group owned by Christian Dior. He later divested most of the company's other businesses and used the windfall to buy, in 1990, a controlling stake in LVMH – whose two main companies – Louis Vuitton and Moet Hennessy – had been merged.

6- Over the years, Arnault turned LVMH into a luxury giant with 75 brands selling everything from champagne, wines, spirits to leather goods, watches, jewelry, hotel stays, fragrances and cosmetics through more than 5,500 stores worldwide.

7- Arnaud is also an art collector – which led to the opening of the Louis Vuitton Foundation in Paris' Bois de Boulogne in 2014. The space is a monumental private art museum designed by Frank Gehry.

10 things you should know about the Frenchman Bernard Arnault, the richest man

8- The 73-year-old makes only rare public appearances and is not active on social networks.

9- Earlier this year, LVMH lifted the age limit for its chief executive – allowing Arnaud to remain at the helm until the age of 80 – a sign that he intends to stay at the helm for longer.

10- According to Bloomberg Wealth Index estimates, the vast majority of Arnault's wealth comes from a 97.5% stake in Christian Dior, which, in turn, controls about 41% of LVMH. The family owns an additional LVMH stake of around 6%.

Finally, it's worth noting that the falling markets have also affected Arno's wealth — his fortune is down by an estimated $7.2 billion in 2022. However, he's fared better than the tech billionaires who dominate the People's List richest in the world. Paris-based LVMH posted sales worth 64 billion euros ($68 billion) last year, a sharp recovery from the pandemic in 2020.

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