The amount of Bernard Arnault fortune just exceeded all past records. With a total net worth of $201 billion, the French businessman who created the luxury giant LVMH topped Bloomberg’s Billionaires Index on Tuesday.
Arnault is one of just three persons to ever reach the $200 billion level, and this is his first time doing so. Arnault became the first non-American to surpass this boundary, however, Elon Musk and Jeff Bezos already have done so and then withdrawn.
The 74-year-old’s net value initially exceeded Musk’s in December of last year, briefly lifting him to the status of the world’s most wealthy individual. Musk, the CEO of Tesla and the owner of Twitter, regained the position last month, but Arnault has now regained it.
Arnault’s LVMH Moet Hennessy Louis Vuitton company continues to perform much better than internet companies as long as demand for luxury goods is high. Bloomberg claims that as a consequence, the tycoon’s net worth has grown by $39 billion just this year. Given that the second quarter of 2023 has only just begun, it’s going to be fascinating to watch what coming developments could impact Arnault’s billions.
As of April 4, the share value of LVMH is at a new high of $186.15. Why? The firm declared in February that it was going to be repurchasing $1.6 billion worth of its individual stock. The firm additionally reported a record $86.4 billion in profits last year, with profits at Louis Vuitton reaching $21.8 billion.
Arnault holds 75 premium brands in total, including well-known brands like Tiffany & Co., Loro Piana, Celine, Bulgari, and Dior, which LVMH bought for $15.8 billion in a deal that was closed in 2021.
According to a Bloomberg survey of financial advisers, M&A desks, and analysts, LVMH is now predicted to “snap up rivals in a tough competitive environment for smaller companies.”
It’s not the sole well-known company that is seeking growth despite the tough situation that the economy is in right now. One notable instance is the $2.5 billion purchase of Australian skincare firm Aesop by L’Oreal despite the fact that there are more than eight months of 2023 left, Arnault has not yet mentioned any smaller brands he would like to acquire.
About Bernard Arnault:
Bernard Jean Étienne Arnault, a French billionaire businessman, investor, and art collector, was born on March 5, 1949. He is the founder, chairman, and CEO of LVMH Mot Hennessy Louis Vuitton, the biggest luxury products firm in the world.
According to Forbes, Arnault will rank as the most wealthy individual on earth as of March 2023 with an expected net worth of US$208.1 billion. His family is recognized to be among the wealthiest in the world.
