Move over Musk: Bernard Arnault is now the richest man in the world

In a battle of the billionaires Elon Musk has been dethroned yet again by Bernard Arnault, the founder and CEO of LVMH. The French businessman who is now the richest man in the world, is the only multi-billionaire in the top 10 of Forbes’s real-time billionaires list whose territory is not in the United States.

Arnault’s net worth stands at $207,6 billion, increased by a $23,6 billion surge, exceeding Musk’s $204,7 billion.

LVMH owns 75 successful brands, each based in six different sectors. Namely, wines and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelry, selective retailing and other activities which encompass “people who share a passion for lifestyle, culture and the arts”, according to LVMH. The luxury group also has 31 legacy houses and six brands running for less than five years.

Some of the most prestigious brands under LVMH categorized by the six different sectors respectively, include Dom Perignon, Christian Dior, Fenty Beauty by Rihanna, Bulgari, Sephora and Belmond.

According to Reuters on Friday, investors enthusiastically bought top luxury shares, boosting their market value by about $70 billion. This happened because LVMH’s recent sales figures made investors feel confident that the luxury sector can withstand economic hurdles.

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Arnault’s “springboards” to success

Born with a silver spoon in his mouth, Bernard Arnault was never poor. He acquired prestigious education at France’s top engineering school, École Polytechnique. He then graduated in 1971, joining his father’s engineering company which was his push into the corporate world.

“While he certainly built his monied legacy through his fashion empire, Arnault’s first foray into business, which helped fund his leap into the luxury textile industry, was at his father’s civil engineering company, Ferret-Savinel,” according to The Street.

Once introduced to the world of corporate, he convinced his father to venture into real estate. And from real estate he proceeded to investments. He financed and took over a couple of companies.

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“Over the subsequent decades, Arnault went on an acquisition spree, buying businesses both inside and outside the fashion industry and bringing them under the LVMH umbrella,” said Jeremy Salvucci, writer at The Street.

Billionaire art collector

Arnault, has spent more than 30 years amassing a valuable art collection, showcasing his passion for art and investment.

With more than 1,000 artworks worth billions of dollars, Arnault’s collection is primarily focused on contemporary art and includes pieces by renowned artists like Picasso and Jeff Koons.

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His collection has not only proven to be a wise investment but also showcases his commitment to preserving cultural heritage and contributing to the art world through loans to museums worldwide.

“Arnault’s art collection provides an insight into the world of art collecting and investment. It highlights the importance of preserving cultural heritage while also providing long-term financial benefits,” according to Faster Capital.