London
CNN

Bernard Arnold, chairman of French luxury goods giant LVMH (LVMHF), has overtaken Elon Musk to become the first European on the world’s richest people list. Second place.

Arnold’s fortune, now worth $171 billion, surpassed the Tesla CEO’s $164 billion fortune on Tuesday, according to the Bloomberg Billionaires Index. Arnott knocked Musk off the top spot on Forbes’ “Real Time Billionaires” list last week.

Musk’s fortune has fallen by $107 billion this year, according to the Bloomberg Billionaires Index. Arnold’s fortune, derived from his controlling stake in LVMH, suffered a more modest decline of $7 billion.

The difference lies in part in the performance of the stocks of the companies in which the couple owns shares. Musk buying Twitter ( TWTR ) didn’t help either. Still, he is not in danger of falling off the list – his fortune is greater than that of Indian industrialist Gautam Adani ($125 billion) and Amazon (AMZN) founder Jeff Bezos ($116 billion), who are in third and fourth place. Bloomberg List.

This year, Tesla (TSLA) stock price has fallen by 54%, LVMH stock is supported by strong sales in the United States and Europe. The luxury market has remained relatively stable this year, although rising inflation is causing less affluent consumers to change their spending habits. LVMH has a market value of 362.4 billion euros ($386 billion).

In the year Born in Roubaix in northern France in 1949, Arnault graduated from the prestigious Ecole Polytechnique, an engineering school in Paris. He started his career at the family-owned construction company Ferret Savinel and became chairman in 1978 through a series of promotions.

Six years later, the French government got wind that it was looking for a new investor to take over Bosac St. Freres. The bankrupt textile group had key assets: Christian Dior; A prestigious French fashion house.

Arnott bought control of the group and devised a strategy to return it to profitability and develop into the world’s leading luxury goods company. “In the process, he reinvigorated Christian Dior as the cornerstone of the new organization,” according to a biography on the LVMH website.

Arnaud bought a controlling stake in LVMH in 1989, two years after the group was founded by the merger of Louis Vuitton and Moët Hennessy. Since then, he has served as the company’s chairman and CEO.

Although his own name is not immediately recognizable to many, Arnott’s growing brands – from Christian Dior to Dom Perignon – have become household names.

Over the past three decades, Arnault has transformed LVMH into a luxury goods powerhouse with 75 labels selling wine, spirits, fashion, leather goods, perfumes, cosmetics, watches, jewelry, luxury travel and hotel stays. In the year In 1992, he opened the first Chinese Louis Vuitton store in Beijing.

In the year In January 2021, the group completed the $15.8 billion acquisition of famous American jeweler Tiffany & Co., the largest in the luxury industry.

Arnold’s philanthropic efforts are primarily through LVMH, which focuses its patronage on arts and culture. In the year In 2019, the group donated 200 million euros ($212 million) to help rebuild Notre Dame after a major fire broke out at the Paris cathedral.

Arnott has long held the title of Europe’s richest man, but the 73-year-old has a much lower profile than Musk and is not active on any of the major social media platforms. In October, he told LVMH-owned Radio Classic that he had sold the private jet because he was embarrassed by his frequent use of the plane.

Arnott is married and has five children, all of whom currently work at LVMH or one of its brands, Bloomberg reported.

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