Bernard Arnault becomes world’s richest man, leaves behind Jeff Bezos, Elon Musk | Maqvi News

CEO of Moët Hennessy Louis Vuitton (LVVHM) Bernard Arnault, with a fortune of $197 billion, has become the world’s richest man once again.

Bernard surpassed Jeff Bezos, who briefly held the title just a week ago. According to Bloomberg’s Billionaire Index, Arnault’s fortune trumps Bezos’s by a mere $1 billion as of Thursday.

The trio of Bezos, Arnault, and Tesla CEO Elon Musk often shuffle ranks as the world’s richest people. Elon Musk, who held the top spot until last week, has seen his fortune decline to $189 billion due to a dip in Tesla stock following reported low sales in China.

Arnault, serving as the CEO and chair of the French luxury conglomerate LVMH, has built his fortune since co-founding the company in the 1980s.

His portfolio spans various luxury sectors, including fashion, jewellery, watches, perfume, and alcohol, featuring renowned brands such as Louis Vuitton, Tiffany & Co, and Dom Pérignon. His 97.5% stake in Christian Dior contributes significantly to his wealth.

In a strategic move, Arnault appointed his daughter, Delphine Arnault, as the CEO and chair of Dior in 2023, while all four of his other children are actively involved in LVMH and its brands. 

At 75 years old, Arnault, who extended the company’s mandatory retirement age to 80 in 2022, retains control over his luxury empire, having an additional five years to determine his successor.