The co-founder and CEO of LVMH and owner of Louis Vuitton, Bernard Arnault, has surpassed South African billionaire Elon Musk to claim the title of the wealthiest person in the world.
According to Forbes, Arnault’s net worth as of December 21, 2022, is US$179 billion (R3.1 trillion). At this time, Musk is valued $155.8 billion.
The co-founder, chairman, and CEO of LVMH Moet Hennessy Louis Vuitton, also known as LVMH, is a 73-year-old Frenchman. His holding firm reportedly holds 60% of the company’s shares and the majority of the voting rights in the LVMH corporation, which is listed on the Euronext Paris Eurolist.
Elon Musk’s reduction in fortune, fueled by the drop in the share price of electric vehicle manufacturer Tesla, helped the French billionaire move up the rich list. According to the Guardian, the market capitalization of the electric car maker has decreased by more than half since Musk’s initial acquisition attempt for Twitter in April 2022.
According to the Bloomberg Billionaires Index, Musk’s net worth has plunged by $107 billion just in this year. Arnault’s wealth declined by a lesser $7 billion, in contrast.
According to CNN, Bernard Arnault was born in 1949 in Roubaix, in the north of France. He obtained his engineering degree from the prestigious École Polytechnique in the nation’s capital, Paris. After receiving advancements, he began working for the family-run construction firm Ferret-Savinel, where he eventually rose to the position of chairman in 1978.
The French government was looking for a new investor in 1984 to take over Christian Dior, a renowned French fashion firm that was held by the bankrupt textile company Boussac Saint-Freres. As soon as Arnault gained leadership of the organization, he turned it around and made it profitable.
Two years after Louis Vuitton and Mot Hennessy merged to form the firm, in 1989 Arnault purchased a majority interest in LVMH. He has served as the company’s chairman and CEO ever since.
With 75 businesses selling wine, spirits, fashion, leather goods, fragrances, cosmetics, watches, jewelry, luxury travel, and hotel stays, Arnault has transformed LVMH into a behemoth in the luxury goods industry.