Bernard Arnault, the world’s richest man, had his net worth surpass USD 200 billion for the first time as shares of his French luxury goods company, LVMH, reached all-time highs in the first half of 2023.
Only three people, including the 74-year-old, have amassed fortunes worth over USD 200 billion. Elon Musk of Tesla and Jeff Bezos of Amazon previously achieved the milestone before their wealth declined as the share prices of technology businesses decreased, according to The Guardian.
There had been a USD 2.4 billion boost in Bernard Arnault’s wealth in the first week of April 2023, thus bringing the tally to USD 201 billion, according to the Bloomberg Billionaires Index. Due to the rising demand for luxury products among the world’s elite, his wealth has climbed by USD 39 billion so far in 2023 as shares in LVMH have increased by 30%.
The USD 44 billion purchase of Twitter and a 50% decline in the value of the electric vehicle manufacturer Tesla over 2022 have reduced Elon Musk’s wealth to USD 25 billion less than the French billionaire. Elon Musk is the co-founder, CEO, and 13% shareholder of Tesla.
With a USD 128 billion fortune, Jeff Bezos is currently the third wealthiest person in the world, according to The Guardian. He was the first to reach the USD 200 billion milestone in August 2020.
Bernard Arnault is the chairman and CEO of LVMH, which owns the Moet & Chandon Champagne, Christian Dior, and Louis Vuitton brands. Since 2020, its stock has increased by more than 150%, and on the morning of April 5, it registered a new high of 853 euros.
In 2022, LVMH posted record sales of 79.2 billion euros, and the company has started a 1.5 billion euro share buyback programme, which has boosted the share price even more.
Bernard Arnault, who co-founded the luxury goods company 35 years ago and is its main stakeholder, recently assigned his children to important positions within the company.
In January 2023, his eldest child, Delphine, was appointed to lead Christian Dior, the empire’s second-largest brand. Her brother Antoine was promoted to lead the holding firm that oversees LVMH and the Arnault family’s riches.