LVMH CEO Bernard Arnault’s Wealth Surpasses $200 Billion
Luxury Tycoon Joins Elon Musk and Jeff Bezos in Exclusive Wealth Club
Bernard Arnault, Chairman and CEO of Louis Vuitton (LVMH), has become the third person in history to amass a personal fortune exceeding $200 billion, following Tesla CEO Elon Musk and Amazon Founder Jeff Bezos. According to The Guardian, Arnault’s net worth increased by $2.4 billion on Tuesday, reaching $201 billion as LVMH shares hit an all-time high.
Arnault’s Fortune Grows as Luxury Market Thrives
The Bloomberg Billionaires Index, which updates daily, reported that Arnault’s wealth has grown by $39 billion this year due to a 30% increase in LVMH shares, driven by high demand for luxury goods among the world’s affluent. His holdings in Christian Dior, which controls nearly half of LVMH and has a 97.5% stake owned by Arnault, also rose by $2.42 billion on Tuesday.
A Look at Musk’s and Bezos’ Fortunes
While Musk and Bezos have both surpassed the $200 billion mark, their wealth has since declined due to falling share prices of their respective companies. Musk’s $44 billion acquisition of Twitter and a 50% decrease in Tesla’s value over the past year have led to a $25 billion reduction in his wealth. Bezos, now the world’s third-richest person with a $128 billion fortune, first reached the $200 billion milestone in August 2020.
Arnault’s LVMH Empire and Family Involvement
Arnault, who acquired a controlling stake in LVMH in 1989, owns approximately half of the luxury conglomerate. LVMH’s brand portfolio includes Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer, and Dom Perignon champagne. Arnault’s children also hold key positions within the company: Delphine leads Christian Dior, Antoine manages the holding firm overseeing LVMH and the family fortune, Frederic is CEO of TAG Heuer, Alexandre is an executive at Tiffany, and Jean oversees marketing and product development for Louis Vuitton’s watch department.
(Image Credit: Wikipedia)
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