Bernard Arnault, the chairman and CEO of luxury goods giant LVMH, has claimed the title of the world’s richest person, surpassing Elon Musk. Arnault’s net worth, along with his family, surged to $207.8 billion after a $23.6 billion increase, outpacing Musk’s $204.5 billion, according to Forbes’ real-time billionaires list.
This shift occurred as Tesla, Musk’s company, faced a 13% stock market decline on Thursday, leading to Musk losing over $18 billion in net worth. In contrast, LVMH shares soared over 13% on Friday, driven by robust sales reports.
The surge in Arnault’s wealth is linked to the strong performance of LVMH, the parent company of renowned luxury brands such as Louis Vuitton and Sephora. LVMH’s market cap reached $388.8 billion, though it still trails behind Tesla’s $586.14 billion market cap.
Notably, Arnault’s climb to the top of the billionaires list also reflects the successful acquisition of Tiffany & Co. by LVMH in 2021, a deal valued at nearly $16 billion and considered the largest luxury brand acquisition in history.
Arnault’s financial empire extends beyond LVMH; his holding company Agache is involved in Aglaé Ventures, a venture capital firm. Aglaé Ventures has reportedly invested in companies like Netflix and ByteDance, the parent company of TikTok. The billionaire magnate, who has five children, strategically appointed two of his sons to the LVMH board, reinforcing long-term family control over the conglomerate.
As the global luxury goods market continues to evolve, Arnault’s leadership and strategic moves have played a pivotal role in consolidating LVMH’s position as a powerhouse in the industry. The billionaire’s diverse portfolio and investments in prominent ventures showcase his business acumen and ability to navigate the ever-changing landscape of luxury and technology. With this latest milestone,
Arnault’s legacy as a business magnate and the helm of one of the world’s most influential luxury conglomerates is further solidified.