Bernard Arnault overtook Elon Musk as the world’s richest person with a real-time net worth increase of $23.6 billion (approximately Rs 1.9 lakh crore)…
Elon Musk, Chairman of X (previously known as Twitter), is no longer the richest person in the world. The wealthiest person in the world right now is Bernard Arnault, the chairman and CEO of LVMH, the global luxury goods conglomerate, who has a colossal real-time net worth of $207.8 billion (approximately Rs 17.27 lakh crore), according to Forbes. Arnault and his family’s wealth has reportedly increased by a massive $23.6 billion (approximately Rs 1.9 lakh crore). In comparison, Elon’s net worth reportedly dropped by more than $18 billion (approximately Rs 1.4 lakh crore), as his real-time net worth stands at $204.5 billion (approximately Rs 17 lakh).
An alumnus of the prestigious École Polytechnique in Paris, where he obtained a degree in engineering, Bernard Arnault today controls nearly 70 brands including Louis Vuitton, Moët Hennessy, Christian Dior, Bulgari, Tiffany & Co., Givenchy, Marc Jacobs, Stella McCartney, Celine, TAG Heuer, and more. Born in an industrial family, Arnault joined his father’s construction firm Ferret-Savinel in 1971, a few years after which he changed the business’s name to Férinel Inc. and shifted the nature of the business to real estate. In 1979, Arnault succeeded his father as president of the company.
In 1984, Bernard Arnault and Antoine Bernheim, a partner of the French bank Lazard Frères and Co., raised $80 million (approximately Rs 659 crore) and acquired Boussac Saint-Frères, a bankrupt textile company that owned Christian Dior among other brands. This is where the journey of LVMH Moët Hennessy began. After gaining experience in the luxury business, Arnault worked with Alain Chevalier, CEO of Moët Hennessy, and Henry Racamier, president of Louis Vuitton, to create LVMH. Together, they bought and merged various famous brands under a single group. The acquisition of several luxury brands led to Bernard Arnault being nicknamed “the wolf in the cashmere coat”.
“In the 90s, I had the idea of a luxury group and at the time I was very much criticized for it. I remember people telling me it doesn’t make sense to put together so many brands. And it was a success. And for the last 10 years now, every competitor is trying to imitate, which is very rewarding for us. I think they are not successful but they try.” Bernard Arnault told CNBC in 2018.
Here’s everything that contributes to Bernard Arnault’s massive net worth:
1. Arnault’s main sources of income – LVMH and various investments
As mentioned earlier, Bernard Arnault is the chairman of LVMH Moët Hennessy Louis Vuitton, the world’s largest maker of luxury goods. According to Bloomberg and Forbes, Arnault controls about half of LVMH, whose market cap reached $388.8 billion (approximately Rs 32 lakh crore) in January 2024.
LVMH controls several subsidiaries, each of which manages a number of famous brands including Christian Dior, Fendi, Givenchy, Celine, Sephora, TAG Heuer, Bulgari, and Tiffany & Co. In January 2021, LVMH acquired American jeweller Tiffany & Co. for $15.8 billion (Rs 128612 crore), which Forbes estimates to be the biggest luxury brand acquisition ever. Arnault also reportedly owns 97 percent stakes in Christian Dior.
In addition to LVMH, Arnault has also invested in several businesses. He owns and controls Groupe Arnault, a principal investment firm. In 1999, Netflix received a $30 million (Rs 247 crore) investment from Group Arnault, as reported by Variety. He also owns stakes in real estate development company Blue Capital, French food chain Carrefour and online retail company Boo. In 2008, the French billionaire bought Princess Yachts, one of Britain’s oldest luxury motorboat manufacturers.
LVHM-owned Louis Vuitton opened its biggest store in India, last year, at Mukesh Ambani’s Jio World Plaza in Mumbai. According to Hindustan Times, the leading French luxury fashion house will be shelling out a massive Rs 40.50 lakh as monthly rent, having leased four units totalling 7,365 sq ft for their massive store. On the other hand, Christian Dior is paying a huge monthly rent of Rs 21.56 lakh for leasing two units of 3,317 sq ft at the luxury mall, according to Mint. According to Reuters, alongside the monthly rent, all the luxury brands also have to share between 4% and 12% of their monthly net revenue with Reliance.
2. Yachts and jets
In 2008, Bernard Arnault acquired the luxury Dutch yacht manufacturing firm Royal Van Lent and British yacht manufacturer Princess Yachts International for over €300 million (approximately Rs 30 lakh crore) and €200 million (approximately Rs 20 lakh crore), respectively, according to Lifestyle Asia.
Arnault owns a luxury yacht named Symphony, which is among the world’s top 100 superyachts. When it was completed in 2015, Symphony was the longest yacht ever built in the Netherlands. The yacht can accommodate 36 passengers and features six decks, a helicopter pad and has a gross tonnage of nearly 3,000 GT. From a Jacuzzi to a sauna, private office, cinema, golf area and gym, you will find everything on the sailboat. Arnault also previously owned Amadeus, a superyacht built in 1969, according to Lifestyle Asia. It was later sold in 2015.
3. Extensive property portfolio
The world’s richest person, unsurprisingly, owns some of the most expensive properties around the world. As per Insider, Bernard Arnault lives with his family – wife and five children – four of whom hold positions at LVMH brands, on Paris’s Left Bank south of the Seine River. According to Magicbricks, the mansion, worth 200 million dollars (approximately Rs 1648 crore), spans 12 acres and includes 12 bedrooms, as many bathrooms, a library, a dining room, and a ballroom. It also has a private lake, tennis court, wine cellar, and underground parking space. The mansion was reportedly built in the 18th century. This is also the house where Arnault exhibits most of his art collection.
Arnault also owns a vacation home in Saint-Tropez on the French Riviera, where the wealthiest of the wealthy live. Saint-Tropez is a 270-acre gated community where homes on average cost $13 million (approximately Rs 107 crore), according to Business Insider.
Another property owned by the billionaire, according to Magicbricks, is in the French Alps. Situated in the world’s largest ski area, the chateau was purchased by Arnault and Albert Frere in 1998. The property has 34 rooms, a private Chalet, a penthouse pool, Jacuzzi and a sauna.
Arnault also has residential properties worth $96.4 million (approximately Rs 794 crore) in Los Angeles, Beverly Hills, and Hollywood Hills, as reported by Insider.
Through LVMH, Arnault also owns a few hotels including Cheval Blanc and Belmond Hotel, according to Lifestyle Asia. Cheval Blanc is a luxury hotel comprising 72 rooms and suites. LVMH reportedly owns hotels in more than 24 countries.
According to the same report, Arnault also owns a private island called Indigo Island in the Bahamas. The 135-acre island offers retreats at $300,000 (approximately Rs 2.47 crore) per week.
4. Car collection
Not much is known about Bernard Arnault’s car collection, but it can be safely assumed that he has some of the world’s costliest four-wheelers parked in his garage. One such car, according to Hindustan Times, is the BMW 7 Series, which is priced between Rs 1.50 crore to 1.76 crore in India, according to Car Dekho. The car’s 6-cylinder engine can generate 261.49 bhp @ 4000 rpm power and 620 Nm @ 2000–2500 rpm torque.
The 4-seater sedan comes loaded with a long list of features like automatic headlamps, electronic brake assist), four airbags, cruise control, instrument console and lots more.
5. Art collection
Bernard Arnault is an avid art collector. While the valuation of his collection is not known, the artists who have created his collection are proof that the billionaire has spent a fortune on buying artwork. His collection includes works by Picasso, Yves Klein, Warhol, and Henry Moore among others. Arnault has also built the Louis Vuitton Foundation which is dedicated to the creation of contemporary art. Every year, the foundation organises two exhibitions, one of modern art and another of contemporary art.
