According to Bernard Arnault’s Net Worth, he is one of the wealthiest businesspeople. He is the chief executive officer of LVMH. If you want to learn more about his life, please read the entire article. We’ll look at Bernard Arnault’s net worth, age, and position as the world’s richest man, as well as his family and business.
Contents
What Is The Net Worth Of Bernard Arnault?
Bernard Arnault is a French billionaire entrepreneur with a $190 billion net worth. Bernard Arnault made his fortune as chairman and CEO of LVMH, the world’s largest luxury goods company.
Bernard’s net worth has made him one of the world’s richest people for most of his adult life, ranking alongside Elon Musk, Jeff Bezos, and Bill Gates. Bernard Arnault surpassed Elon Musk to become the world’s richest person on December 13, 2022.
You may also like to read:
- Jone Jones Net Worth: How Wealthy The Legendry MMA Fighter Is?
- Russell Simmons Net Worth: What Controversy Did He Get Into With Keri Claussen Khalighi?
Bernard Arnault Wealth Details
As the CEO of LVMH, Bernard Arnault made his fortune. Arnault bought Christian Dior out of bankruptcy in the 1980s. He then used Dior’s profits and increased valuation to form a conglomerate of luxury brands, including Louis Vuitton, Moet, Hennessy (hence “LVMH”), Marc Jacobs, Givenchy, Tag Heuer, Bulgari, and Tiffany & Co.
LVMH now houses approximately 60 brands and generates $70 billion in annual revenue. LVMH has a market capitalization of $384 billion as of this writing. Bernard and the Arnault extended family still own 97% of Dior directly, and Dior owns 41% of LVMH. The family also directly owns an additional 7% of LVMH. They control more than half of all voting rights.
Aside from LVMH, Bernard owns two wineries in France, Princess Yachts, 5% of Carrefour, France’s largest supermarket chain, and a multibillion-dollar art collection that includes works by Picasso and Warhol.
Forbes Middle East Posted A Tweet related to Bernard Arnault. You can see the Tweet below.
The world’s top 10 #Billionaires saw a significant change in their net worth this week. Despite ranking first, #BernardArnault was the biggest loser after his wealth dropped by $1.9 billion while Steve Ballmer was the biggest gainer with a $736 billion boost to his fortune pic.twitter.com/MYej6CRCfZ
— Forbes Middle East (@Forbes_MENA_) March 25, 2023
Bernard Arnault’s net worth surpassed $100 billion for the first time in June 2019. He was the third-richest person on the planet at the time. In July 2019, his net worth surpassed $108 billion, making him the world’s second-richest person, roughly $400 million ahead of Bill Gates.
In December 2022, his $171 billion net worth surpassed Elon Musk’s $168 billion net worth, making him the world’s richest person.
Family Enterprise Of Bernard Arnault
Arnault began working at his father’s company, Ferret-Savinel, after graduating in 1971. (which was previously owned by his maternal grandfather). He was named company president in 1978 and served in that capacity until 1984. While at Ferret-Savinel, he helped steer the company away from construction and toward real estate, which proved profitable.
Luxury Goods Of Bernard Arnault
Bernard acquired the luxury goods company Financiere Agache in 1984 with the assistance of Antoine Bernheim. He took over as CEO of Financiere Agache and then rescued the textile company Boussac Saint-Freres from bankruptcy.
Boussac owned numerous brands and stores, including Christian Dior and the department store Le Bon Marche. Except for Dior and Le Bon Marche, Arnault sold all of Boussac’s assets. Bernard and his family still own 97% of Dior directly.
LVMH
Bernard spent Dior’s increased value and profits on luxury brands. LVMH, a holding company for Louis Vuitton and Moët Henessy, was founded by Bernard in 1987. He and Guinness formed a holding company in July 1988 to acquire 24% of LVMH’s shares for $1.5 billion.
Arnault bought 13.5% of LVMH shares for $600 million to preempt the Louis Vuitton group’s “blocking minority” bid. He became LVMH’s largest shareholder. In January 1989, he bought $500 million more shares. He owned 43.5% of LVMH’s shares and 35% of its voting rights. He prevented the LVMH group’s dismantlement and transformed it into one of the world’s largest luxury conglomerates.
LVMH flourished under Arnault. Sales and profit increased by 5, and the company’s market value by 15 in 11 years. Despite owning 75 brands as of June 2020, Arnault has continued to decentralize the brands, which helps them be seen as independent brands and firms with their own histories and stories.
Céline, Berluti, Kenzo, Guerlain, Loewe, Marc Jacobs, Sephora, Thomas Pink, Emilio Pucci, and Fendi were acquired by LVMH between 1988 and 2000. (2001).
Also, read our other articles:
- Exploring Dick Van Dyke Net Worth And All Of His Assets
- Katie Holmes Net Worth: How Much Money Did She Get From Tom Cruise Divorce Settlement?
Other Investment Bernard Arnault
Apart from LVMH, Arnault has his fingers in a variety of other pies. Between 1998 and 2001, he invested in several web companies through his holding company Europatweb, including Boo.com, Libertysurg, and Zebank. In 1999, he invested in Netflix through his investment firm Groupe Arnault.
Arnault and the California real estate firm Colony Capital purchased 10.69% of Carrefour in 2007. Carrefour is France’s largest supermarket retailer and the world’s second-largest food distributor. He has also become involved in the yachting industry. He paid €253 million for Princess Yachts in 2008. Then, he took control of Royal van Lent for nearly the same sum of money.
If you liked reading this article, then make sure to bookmark our website, dailyrealtime.com, for more future updates.