Move over Jeff Bezos. Luxury goods owner Bernard Arnault is now the richest person in the world, based on the current stock price of Louis Vuitton.
Mr Arnault, who has been chairman of Louis Vuitton since he acquired a 44 per cent stake in the brand conglomerate in the late 1980s, is worth $US196 billion ($265 billion) as of Thursday. That’s slightly more than Jeff Bezos’ net worth of about $US186 billion, according to Forbes.
LVMH chief Bernard Arnault is now the richest person in the world. Credit:Bloomberg
Combined with a family holdings company, Mr Arnault now owns 47 per cent of Louis Vuitton, which had a total market value of $US416 billion as of Thursday. The stock price of the company, which owns brands including Louis Vuitton, Christian Dior, Bulgari, Tag Heuer, Sephora, and Hennessy, has soared more than 30 per cent in the year so far.
Louis Vuitton has had a resurgence since the COVID-19 pandemic, as many of its brands set record sales and profits in the first half of this year. The company’s second quarter revenue hit $US17.4 billion, up 14 per cent from pre-pandemic levels.
Amazon’s post-earnings slump of more than 7 per cent last week helped catapult Mr Arnault to the top spot, as Mr Bezos’ net worth declined by about $US14 billion in a single day.
Amazon’s shares lump after its earnings has seen founder Jeff Bezos lose the top spot on the world’s rich list.Credit:AP
Rounding out third place for the world’s richest person is Elon Musk, whose 22.4 per cent Tesla stake and SpaceX holdings make him worth more than $US160 billion.
This story first appeared in Business Insider. Read it here or follow BusinessInsider Australia on Facebook.
- Bernard Arnault oversees the LVMH empire of some 70 fashion and cosmetics brands, including Louis Vuitton and Sephora.
- In January 2021, LVMH acquired American jeweler Tiffany & Co for $15.8 billion, believed to be the biggest luxury brand acquisition ever.
- LVMH spent $3.2 billion in 2019 for luxury hospitality group Belmond, which owns or manages 46 hotels, trains and river cruises.
- His father made a small fortune in construction; Arnault got his start by putting up $15 million from that business to buy Christian Dior in 1985.
- Four of Arnault's five children work in corners of the LVMH empire: Frédéric, Delphine, Antoine and Alexandre.
Wealth History
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Personal Stats
Age73
Source of WealthLVMH
ResidenceParis, France
CitizenshipFrance
Marital StatusMarried
Children5
EducationBachelor of Arts/Science, Ecole Polytechnique de Paris
Did you know
Arnault apparently wooed his wife, Helene Mercier, a concert pianist, by playing Chopin and other classical composers on the piano.
Every Saturday, Arnault visits as many as 25 stores -- including both his and those of his competitors.
In Their Own Words
I see myself as an ambassador of French heritage and French culture. What we create is emblematic. It's linked to Versailles, to Marie Antoinette.
Bernard Arnault & family
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