A sizable and lucrative luxury retail empire has been established by French entrepreneur Bernard Arnault. How did he become wealthier than Jeff Bezos and Elon Musk, and where did he come from?
The reign of Elon Musk as the richest man in the world was brief. Forbes researchers claim that less than a year after ascending to the top, he has been surpassed by 73-year-old French billionaire Bernard Arnault. They pegged Arnault’s wealth at $180.2 billion (€169.8 billion) as of December 20, which is approximately $17 billion higher than Musk’s.
Co-founding, serving as chairman and CEO of LVMH Moet Hennessy Louis Vuitton, also known as LVMH, is Arnault. The majority of the voting shares in the publicly traded corporation go to his holding company, which is also its largest shareholder.
He has previously held the title of world’s richest man. In 2019, 2020, and again in 2021, he held the role for a brief period of time. If Musk can quickly turn around Twitter, Arnault might not hold the position for very long. However, the Frenchman’s feats are legendary.
LVMH is a Paris-based company that consists of 75 distinct brands, largely of alcoholic beverages, designer clothing, and cosmetics. It generated revenues of €64.2 ($68.2 billion) billion in 2021, a 20% increase from 2019. 48% of sales were made from leather and fashion items.
