Richest Person In The World In May 2024: Know About Bernard Arnault, the Chairman and CEO of LVMH

Bernard Arnault is in the first position among the top 10 richest people in the world.

In a society and era full of ambition and entrepreneurship, some distinguished individuals have acquired unimaginable wealth. These extraordinary leaders, who have vision and innovation, have reached the highest heights of success and become among the richest people in the world.

After all, the combined wealth of the world’s top 10 richest people exceeds the GDP of many countries. Today, his assets are primarily in the technology, finance, and retail industries. The growing wealth disparity between them and poor people is a cause for concern around the world.

Personal Details

Bernard Arnault is 1st in the top 10

LVMH Chairman and CEO Bernard Arnault is currently the richest person in the world. He has held this position since February, leaving behind Elon Musk.

Here is the list of top 10 richest persons.

Arnault’s success made him the richest person in the first half of 2023. However, in June 2023, they came down to the second position for a short time, but in 2024, they regained the first position. Under his leadership, LVMH has become a global force, with more than 70 luxury brands such as Louis Vuitton, Christian Dior, Moët & Chandon, Sephora, and Tiffany & Co.

Bernard Arnault’s Career Journey and Current Business Ventures

Bernard Arnault born 5 March 1949 is a French businessman, investor and art collector. He began his career at his father’s company, Ferrette-Savinel. There, focusing on architecture, he laid the foundation for his future luxury career.

After joining the firm, Arnault convinced his father to move the business from the construction world to the architectural industry. He managed the company (later called Farinel), first as CEO and later as chairman.

In 1984, Arnault partnered with the Lazard Frères investment company and secured financing for the purchase of the luxury brand Financière Agache, in which he assumed the position of CEO of the company. Next, he bid for Boussac Saint-Frères, a bankrupt conglomerate whose only profitable subsidiary was Christian Dior, which Arnault used as the foundation of his fashion empire.

When he became owner of the company, Arnault sold off most of Boussac’s assets and fired most of the staff, leaving only a fraction of Christian Dior and Le Bon Marché. In 1987, he founded the LVMH company together with Henri Rakmié, president of Louis Vuitton. Over the next few years, Arnault bought more LVMH stock, until he became the company’s largest stockholder. Before 1989, he owned 43.5% of the company’s shares and 35% of the voting rights.

At that time, he used his influence to oust Rakamiyya from the board that founded LVMH and became chairman and CEO himself. After that, he bought many businesses such as Berluti, Kenzo, Guerlain, Sephora and Thomas Pink. Among his acquisitions in the 2000s were Fendi, DKNY, La Samaritan, and Princess Yachts.

From 1997 to 2010, their income ranged from $30 to $75 billion, but by the end of the decade they would join the $100 billion club.

The COVID-19 pandemic then turned a profit for the luxury fashion industry, and by mid-2021, Arnault’s net worth was $186 billion as LVMH shares soared.

In September 2023, LVMH shares traded near mid-2021 levels, and Arnault’s net worth was just under $200 billion. But by April 2024, LVMH shares were trading just shy of their all-time high, and Arnault once again became the world’s richest man.

About Bernard Arnault & family

• Bernard Arnault runs the LVMH empire of 75 fashion and cosmetics brands such as Louis Vuitton and Sephora.
• LVMH bought American jeweler Tiffany & Co. for $15.8 billion in 2021, its largest luxury brand acquisition.
• Arnault’s holding company Agache backs venture capital firm Aglaé Ventures, which has investments in businesses such as Netflix and TikTok parent company ByteDance.
• 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 1984.
• Arnault’s five children all work at LVMH; in July 2022, he proposed a reorganization of his holding company Agache to give them equal stakes.

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