Bernard Arnault: Surpassing Elon Musk to become World’s richest man in 2024
Overtaking Elon Musk to become the richest man in the world, Bernard Arnault, the billionaire CEO and chairman of LVMH, a multinational luxury goods firm that owns brands including Louis Vuitton, is taking over front pages. Forbes magazine reported that Arnault and his family's wealth increased by $23.6 billion last Friday, bringing their total net worth to $207.8 billion whereas, Tesla's CEO had a net worth of $204.5 billion at that time.
Over 40 years, 74-year-old Arnault painstakingly acquired and cultivated renowned brands like Louis Vuitton, Sephora, Dior, Bulgari, TAG Heuer, and Dom Pérignon to create his lavish empire. Considered the greatest luxury brand purchase in history, Tiffany & Co. was acquired by LVMH for $15.8 billion in 2021. LVMH also made history in April 2022 by being the first European business to have a market capitalization of over $500 billion. Against the backdrop of economic hardships and the luxury brand's ability to withstand inflation, Arnault had his first go at the top richest place in December 2022.
In Arnault's early days, his father had amassed a modest fortune in the construction industry, which Arnault used to finance his initial investment in Christian Dior in 1984. In a move that has drawn comparisons to HBO's popular series "Succession," currently he has also carefully included his five children in LVMH.
He is directly in charge of the consultations and makes sure that every acquisition fits in with LVMH's long-term objectives. Arnault is further renowned for cultivating tight ties with important industry players, including suppliers, investors, and politicians in addition to designers. It is said that he enjoys giving designers' collections input and making sure they complement the company's overarching goals.
Aside from business, Arnault is an ardent art collector. His personal collection includes famous pieces by Matisse, Picasso, and Mondrian. Suffice it to say, his success may be traced back to his people skills, business ideologies, and ability to find great brand awareness and development potential.