The CEO of LVMH, Bernard Arnault, has surpassed Elon Musk as the world’s richest person. Bernard Arnault’s net worth is $171 billion, which is more than 5% of the French GDP, while Tesla’s net worth is $164 billion, glamsquad reports.
Despite losing more than $7 billion in net worth this year, Bernard Arnault, CEO and chairman of Louis Vuitton SE or LVMH, is currently the world’s richest man, according to the Bloomberg Billionaires Index. At the same time, the LVMH stock fell by approximately 6.58%.
Bernard Arnault, also known as “the wolf in cashmere,” was born in Roubaix, France. When he moved to the United States in 1981, he was regarded as a little-known real-estate developer attempting to increase the power of his old French family in New Rochelle, according to a media report.
Arnault first entered the luxury market in 1984, when he bought a nearly bankrupt French textile firm that owned Christian Dior. He eventually purchased a majority stake in LVMH, a merger of Louis Vuitton and Mot Hennessy, a champagne and cognac producer.
Following that, the conglomerate acquired Givenchy, Louis Vuitton, Marc Jacobs, Christian Dior, and other luxury brands. In January 2021, LVMH paid $15.8 billion for Tiffany & Co.
While the French media has previously questioned Arnault’s brash American-style business approach, he is said to be a man of refined taste: a classical musician, philanthropist, and art collector.
How much money did Arnault give to Notre Dame?
In 2019, he donated $226 million to help rebuild Paris’ Notre Dame after a devastating fire.
Why did Arnault decide to sell his private jet?
He sold his private plane after certain Twitter accounts began following the private jets of French billionaires in order to raise awareness of climate change.