Elon Musk and Jeff Bezos have lost their titles as the richest and second-richest men in the world. BizPoint brings you a profile of the new world’s richest man, Bernard Arnault.
Bernard Jean Étienne Arnault is a French business magnate, investor, and art collector who was born on March 5, 1949. He is the founder, chairman, and CEO of LVMH Mot Hennessy Louis Vuitton, the world’s largest luxury goods corporation. He is the new world’s wealthiest person.
Early Life
On March 5, 1949, in Roubaix, France, he was born as Bernard Jean Etienne Arnault, the son of Jean Leon Arnault. His father was a manufacturer who ran the Ferret-Savinel civil engineering firm.
In Roubaix, he attended Maxence Van Der Meersch High School. After finishing high school, he enrolled in the prestigious Ecole Polythenique, where he earned a degree in engineering in 1971.
Career
After graduating from college, Bernard became engaged in his father’s business, and he scheduled for the company to broaden its horizons and become invested in other more profitable businesses.
His first move in the company was to persuade his father to close the construction division and reap the benefits. After the construction project was completed, the family began making real estate investments and became quite successful.
Bernard quickly rose through the ranks of the company, becoming director of development in 1974, CEO in 1977, and president in 1979, surpassing his father.
Bernard Arnault
In 1981, the French Socialists pressured the family to resettle in America, where they continued to thrive by expanding their real estate holdings.
When the firm Boussac Saint-Freres went bankrupt in 1983, Arnault saw a golden opportunity to expand into the textile industry. He worked with Antonie Bernheim, a managing partner at the investment firm Lazard Freres, to fund his purchase of Boussac.
From 2001 to the present, he has been increasing success and profitability in his various businesses.
Family
He married Anne Dewavrin in 1973, and they had two children, Delphine and Antoine. The couple got divorced in 1990.
He married Hélène Mercier, a Canadian concert pianist, in 1991, and dey have three children, Alexandre, Frédéric, and Jean. Arnault and Mercier both reside in Paris.
Arnault’s five children, Delphine, Antoine, Alexandre, Frédéric, and Jean, as well as his niece Stephanie Watine Arnault, all have official roles in brands controlled by Arnault.
Networth
According to Forbes, Arnault’s net worth is estimated to be US$208.1 billion as of March 2023, making him the world’s wealthiest person.
