World's Richest Person: Bernard Arnault Dethrones Jeff Bezos
Just a few days ago, and for the first time in more than nine months, Tesla CEO Elon Musk was dethroned as the world’s richest person by Amazon founder Jeff Bezos. It was the first time that Bezos, 60, the founder of Amazon.com Inc., topped Bloomberg’s ranking of the richest people since 2021.
But his stay at the top was short-lived with LVMH CEO Bernard Arnault pole-vaulting to the No. 1 position on the Bloomberg Billionaires Index, as per Bloomberg's daily ranking that showed that Arnault gained $1.93 billion in a day to move to the top of the ladder. Meanwhile, Bezos, who who had become the 'Richest Person in the World' since Tuesday, lost about $755 million to slide down a place at the second position.
Screengrab of Bloomberg Billionaires Index as of March 7, 2024.
On March 5, Musk lost his top spot on the Bloomberg Billionaires Index to Bezos after shares of Tesla Inc. tumbled 7.2% a day earlier, as per Bloomberg data.
Arnault now has a net worth of $197 billion, while Bezos’ fortune is worth $196 billion. Musk has dropped to third place and has a net worth of $189 billion.
Who is Bernard Arnault?
Bernard Arnault is the chairman of LVMH Moet Hennessy Louis Vuitton, the world's largest maker of luxury goods.It sells luxury products, including Louis Vuitton leather goods, TAG Heuer watches and Dom Perignon champagne.
Bernard Arnault's Early Education and Professional Life
Born to an industrial family in Roubaix, France, on March 5, 1949, 75-year old Arnault attended the Roubaix lycée and the Faidherbe lycée in Lille during his early education days. He then went on to study at the Ecole Polytechnique - one of the top universities in France which specialises in science and engineering and is a founding member of the Polytechnic Institute of Paris.
The LVMH CEO began his professional career as an engineer with the Ferret-Savinel construction company and was promoted to various executive management positions before becoming chairman of the company in 1978. He stayed at the company till 1984.
In 1989, Arnault became the majority shareholder of LVMH Moët Hennessy – Louis Vuitton, creating the world’s leading luxury products group. He has been chairman and CEO of the company since then.
Bernard Arnault's Personal Life
Arnault has five children - Delphine, Antoine, Alexandre, Frédéric, and Jean. Delphine and Antoine are from his first marriage to Anne Dewavrin, from whom he separated in 1990. His sons, Alexandre, Frédéric, and Jean, are from his marriage to Hélène Mercier. Arnault also has four grandchildren, two from his son, Antoine, and two from his daughter, Delphine.
All five of Arnault's children and his niece, Stephanie Watine Arnault, have official roles in brands controlled by his empire.
Delphine is the chief executive officer of the luxury brand, Dior. Alexandre is the EVP of Tiffany & Co., Frédéric is the CEO of TAG Heuer, and Jean is the director of watchmaking marketing and development at Louis Vuitton. Arnault's daughter, Delphine, has been the partner of Xavier Niel, a French billionaire businessman.