Bernard Arnault Net Worth: French millionaire Bernard Arnault made his fortune as the chairman and CEO of LVMH, the biggest luxury goods company in the world. Bernard Arnault’s net worth is $172 billion as of this writing. Bernard has been among the world’s richest persons for the majority of his adult life, ranking among Elon Musk, Jeff Bezos, and Bill Gates. On December 13, 2022, Bernard Arnault passed Elon Musk to take the title of the world’s richest person.
Bernard Arnault Net Worth
Bernard Arnault Net Worth is $172 Billion in 2023. Being the CEO of LVMH allowed Bernard Arnault to amass his wealth. Arnault purchased Christian Dior out of bankruptcy in the 1980s. He then combined a group of luxury companies, including Louis Vuitton, Moet, Hennessy (thus “LVMH”), Marc Jacobs, Givenchy, Tag Heuer, Bulgari, and Tiffany & Co., using the profits and increasing value of Dior as funding. Presently, LVMH manages 60 brands and brings in $70 billion annually. LVMH has a $384 billion market value as of this writing.
Meet the world's richest man… No, it's not Elon Musk!#bernardarnault #louisvuitton #LVMH pic.twitter.com/wJvSB6qj5S
— Lark Davis (@TheCryptoLark) January 11, 2023
97% of Dior is still owned directly by Bernard and the larger Arnault family, while Dior controls 41% of LVMH. Additionally, the family controls an additional 7% of LVMH solely on their own. They control more than half of the entire vote.
Early Years Of Bernard Arnault
On March 5, 1949, Bernard Jean Étienne Arnault was born in Roubaix, France. Manufacturer and École Centrale Paris alumnus Jean Léon Arnault was the boy’s father. Étienne Savinel, who owned the civil engineering firm Ferret-Savinel, was the father of his mother, Marie-Josèphe Savinel. In 1950, Savinel granted his son-in-law Jean Léon Arnault (Bernard’s father) control over Ferret-Savinel and ultimately gave him ownership of the business. In 1971, Bernard earned his degree from the École Polytechnique, France’s top engineering institution.
Bernard Arnault In Families Business
Bernard Arnault started working at his father’s company, Ferret-Savinel, after graduating in 1971. (which was previously owned by his maternal grandfather). In 1978, he was elected president of the business, and he held that post through 1984. He assisted in steering Ferret-Savinel away from construction and toward a growing emphasis on real estate while he was there, which would prove to be a wise business decision.
Various Investments By Bernard Arnault
Arnault has his hands in several different pies in addition to LVMH. Through his holding firm Europatweb, he made investments in a number of web businesses between 1998 and 2001, including Boo.com, Libertysurg, and Zebank. He made a 1999 investment in Netflix through his investment company, Groupe Arnault.
Arnault and the California real estate company Colony Capital were both revealed to control 10.69% of Carrefour in 2007. Carrefour is the second-largest food distributor in the world and the biggest grocery operator in France. He has also been interested in the boating industry. He invested €253 million in Princess Yachts in 2008. Then, for almost the same sum of money, he took control of Royal van Lent.
Artwork Collection Of Bernard Arnault
But Arnault isn’t just all business; he’s also renowned for his intense interest in things like art collecting. Through LVMH, Arnault has supported exhibitions of works by world famous artists such as abstract painter Pablo Picasso and the father of Pop Art Andy Warhol in France.
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Luxury Items
With the aid of Antoine Bernheim, Bernard purchased the upscale products company Financiere Agache in 1984. In addition to taking over the textile manufacturer Boussac Saint-Freres out of bankruptcy, he was appointed CEO of Financiere Agache.
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Final Lines
Bernard Arnault Net Worth is $172 Billion. The luxury brand Christian Dior and the department store Le Bon Marche were only two of the many businesses that Boussac owned. Except for Dior and Le Bon Marche, Arnault sold all of the Boussac assets. Bernard and his family still personally own 97% of Dior.
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