Bernard Arnault

Bernard Arnault, the French tycoon behind luxury-goods powerhouse LVMH, surpassed Twitter owner Elon Musk on the Bloomberg Billionaires Index on Tuesday, ...

In his quest to stay under the radar, Arnault said in October that LVMH sold its private jet. He returned to France and made his foray into luxury goods in 1984, when he took over Boussac Saint-Freres, the bankrupt textile group that owned a gem: Christian Dior. He went on to work at the family business, Ferret Savinel, which focused on industrial construction, before moving in 1981 to the U.S., where he ventured into property development. Paris-based LVMH generated €64 billion ($68 billion) in sales last year, a sharp rebound from the depths of the pandemic in 2020. Never before has anyone from France—or Europe as a whole—laid claim to having the largest fortune on the planet. While weakening markets have also taken a bite out of Arnault’s wealth this year—his fortune is down about $7.2 billion in 2022—he’s fared better than the tech billionaires who dominate the world’s rich list.

Bernard Arnault, the chairman of French luxury goods giant LVMH, has just become the first European to top Bloomberg's list of the world's richest people, ...

He has been chairman and CEO of the company ever since. Arnault bought control of the group, returning it to profitability and embarking on a strategy to develop the world’s leading luxury goods company. Arnault has long held the title of Europe’s richest person, but the 73-year old keeps a much lower profile than Musk and isn’t personally active on any major social media platforms. Still, he is in no imminent danger of falling further down the list: His fortune remains comfortably bigger than that of Indian industrialist Gautam Adani ($125 billion) and Amazon [(AMZN)](https://money.cnn.com/quote/quote.html?symb=AMZN&source=story_quote_link) founder Jeff Bezos ($116 billion), who rank third and fourth on Bloomberg’s list. Arnault had already ousted Musk from the top spot on Forbes’ list of [“Real Time Billionaires”](https://www.forbes.com/consent/?toURL=https://www.forbes.com/real-time-billionaires/#22b1dd5c3d78) last week. LVMH has a market value of €362.4 billion ($386 billion). Six years later, he got wind that the French government was looking for a new investor to take over Boussac Saint-Freres. He began his career in the family-owned construction company, Ferret-Savinel, becoming chairman in 1978 after successive promotions. “In the process, he reinvigorated Christian Dior as the cornerstone of the new organization,” according to a biography on the LVMH website. Musk’s purchase of Twitter The luxury market has remained relatively steady this year, even as surging inflation has led less-affluent shoppers to change their spending habits. [Bernard Arnault](https://edition.cnn.com/2021/02/15/investing/arnault-mustier-spac-tikehau-capital/index.html), the chairman of French luxury goods giant LVMH [(LVMHF)](https://money.cnn.com/quote/quote.html?symb=LVMHF&source=story_quote_link), has just become the first European to top Bloomberg’s list of the world’s richest people, relegating [Elon Musk](https://edition.cnn.com/2022/12/07/business/elon-musk-wealth/index.html#:~:text=Despite%20the%20losses%2C%20Musk%20is,net%20worth%20of%20%24171%20billion.) to second place.

Arnault's net worth, according to Forbes, is $190.7 billion, placing him above Elon Musk, Jeff Bezos and Bill Gates.

Luxury fashion resisted the economic downturn felt during the pandemic, with LVMH having reported a revenue of $17 billion in Q1 2021 – an increase of 32 percent year over year. Furthermore, LVMH recently recorded revenue of $19.5 billion Arnault’s rise to the top is due in large part to the stellar performance of LVMH during the pandemic.

Luxury goods mogul Bernard Arnault is now the richest man in the world, bumping Tesla CEO Elon Musk down to the second spot, according to the Bloomberg ...

Elon Musk has officially lost his spot as the world's richest person to Bernard Arnault, the Chairman and CEO of French luxury conglomerate, LVMH Moet.

Prices of Tesla shares have reduced by almost half partially due to the expedited sale of shares which Musk carried out to finance his Twitter acquisition. Brands under ‘other activities’ include French magazine, Le Parisien and hospitality company, Belmond which operates 35 deluxe hotels, restaurants in 22 countries, 7 tourist trains and 3 river cruises. His net-worth first dropped below $200 billion back in November as investors sold their Tesla shares due to worries that Musk was too preoccupied with running Twitter.

The majority owner of the LVMH company, Bernard Arnault, just replaced Elon Musk as the richest man in the world. Learn about his family, net worth and ...

[Use This Powerful Thought Technique](/article/439519)and Watch Your Team Succeed [I Lacked This One Critical Skill](/article/435587)That Nearly Cost Me My Career and My Life [a Product That Will Change the Way You Decorate Your Christmas Tree](/article/440705). Who Is Bernard Arnault? Since the purchase, Arnault has sat as the company's chairman and CEO and is still very much a part of the business today. He shares his two eldest kids, Delphine and Antoine, with his ex, Anne Dewavrin.