Bernard Arnault, the visionary CEO of the luxury conglomerate LVMH, has reclaimed his status as the world’s wealthiest individual, boasting a net worth of $197 billion.
This development places him just ahead of Jeff Bezos, the founder of Amazon, who briefly held the title of the world's richest person for a short span, marking his first return to the summit since 2021. According to Bloomberg's Billionaire Index, Arnault's fortune now surpasses Bezos's by a margin of $1 billion.
The triumvirate of Arnault, Bezos, and Elon Musk, Tesla’s CEO, has consistently been at the forefront of global wealth, frequently exchanging positions atop the wealth leaderboard. Musk, until recently the holder of the title, saw his net worth decline to $189 billion following a downturn in Tesla's stock value, exacerbated by a reported decrease in the company's sales in China, as per the China Passenger Car Association.
Arnault's tenure as CEO and chairman of LVMH has been characterized by strategic acquisitions and the expansion of the LVMH brand into various luxury sectors, including fashion, jewelry, perfumery, and fine spirits. His portfolio encompasses iconic brands such as Louis Vuitton, Tiffany & Co., and Dom Pérignon. A significant portion of his wealth is attributed to his 97.5% ownership in Christian Dior, a flagship entity within the LVMH group.
In a notable move reflecting his vision for the company’s future, Arnault appointed his daughter, Delphine Arnault, as the CEO and chair of Dior in 2023, further solidifying the family’s influence within the luxury sector. This decision underscores Arnault’s commitment to legacy and innovation, as all four of his other children play integral roles within LVMH and its array of prestigious brands.
Arnault’s decision in 2022 to extend the company’s mandatory retirement age to 80 underscores his dedication to his empire and provides him additional time to strategize the succession of his luxury conglomerate, ensuring the continued growth and prominence of LVMH in the luxury market.
