According to Bloomberg, Bernard Arnault is the richest person in the world with a net worth of more than $200 billion. So how does this billionaire spend his money?
Bernard Arnault, a French billionaire, is the Chairman and CEO of luxury goods group LVMH Moët Hennessy Louis Vuitton. He has led the company – the world’s largest manufacturer of luxury products – since 1989.
According to Bloomberg, on April 5, 2023 he became the third person to surpass the $200 billion asset mark. This is the first time Bernard Arnault has risen to this position, a milestone that only Elon Musk and Jeff Bezos previously achieved. Thus, Bernard Arnault became the first person outside the United States with a net worth of more than 200 billion USD.
Billionaire Bernard Arnault graduated as an engineer at École Polytechnique in Paris, France. He started working as an engineer at his father’s construction company Ferret-Savinel. He became President of the company in 1978, and changed the company’s name to Férinel Inc., with a refocus on real estate.
Arnault remained with the company until 1984. He used $15 million of his assets to raise the total $80 million needed to purchase Boussac Saint-Frères. This marked a turning point in his career when Boussac Saint-Frères owned the Christian Dior fashion brand.
Regarding his personal life, Arnault’s family includes his second wife Hélène Mercier and five 𝘤𝘩𝘪𝘭𝘥ren Delphine, Antoine, Alexandre, Frédéric and Jean. All five people participated in building the LVMH group in many different departments.
Regarding his personal life, Arnault’s family includes his second wife Hélène Mercier and five 𝘤𝘩𝘪𝘭𝘥ren Delphine, Antoine, Alexandre, Frédéric and Jean.Read more: Billionaire Bernard Arnault’s family with their achievements in the luxury fashion industry
The outstanding development of LVMH groupArnault began investing in LVMH in 1987 at the request of then-company chairman Henri Racamier. By 1989, Arnault became the largest shareholder of LVMH Moët Hennessy Louis Vuitton, known simply as LVMH, and ousted Racamier. Arnault, nicknamed “the wolf in cashmere,” transformed LVMH into the luxury giant it is today.
He was instrumental in bringing a series of high-end fashion and luxury lifestyle brands under the company’s umbrella, including Givenchy, Céline, Berluti, Christian Lacroix, Sephora, Fendi and Tiffany & Co. The revenue generated by all the companies under the LVMH umbrella is the main source of Arnault’s wealth.
How does billionaire Bernard Arnault spend his money?Super yachts and private jetsThe world’s richest man Bernard Arnault has used his vast fortune to amass some of the most expensive things money can buy. He bought Dutch luxury yacht builder Royal Van Lent and British yacht maker Princess Yachts International in 2008.
He owns the super yacht Symphony. In 2015, he sold the superyacht Amadeus that was first built in 1969. Not only at sea, Arnault also travels the world in his own way. His private plane, a Dassault Falcon 7X, is said to cost about 40 million USD. This is not the only plane in the collection because Arnault also owns a super-long-range Bombardier Global 7500. Previously he also owned a Bombardier Global Express 6000.
Symphony super yacht worth 34 million USDMansion and private islandArnault owns a 135-acre private island in the Bahamas named Indigo Island.
The LVMH boss has a home in Paris, the city where the company is headquartered. Besides, he is said to have spent around US$96 million on residential properties in various places in Los Angeles, USA, in the posh neighborhoods of Beverly Hills, Trousdale Estates and Hollywood Hills. Yet it is his chateau-style waterfront mansion in Saint-Tropez, France, that truly symbolizes his stature as the world’s richest man. This massive property features a theater, outdoor swimming pool, tennis court and multiple bedrooms. There is also a private living area for employees.
The living area of the family of the richest billionaire in the world
Art collectionArnault is also famous for his multi-million dollar art collection. He has masterpieces by Andy Warhol, Jean-Michel Basquiat, Damien Hirst, Pablo Picasso and other artists in his Paris home.
Besides, in April 2020, the billionaire and his family pledged to donate more than 650 million USD to rebuild Notre Dame Cathedral in Paris after the fire.
