How Much Is Bernard Arnault Net Worth In 2022? Is Arnault Richer Than Jeff Bezos?

Bernard Arnault Net Worth: The richest man in France right now and one of the wealthiest people in the world is Bernard Arnault, a French business tycoon, and investor. Since 1989, he has held the positions of Chairman and Chief Executive Officer and Major Shareholder of LVMH Mot Hennessy Louis Vuitton Company.

Being the son of a businessman from birth, Arnault was endowed with keen business sense from a young age. He attended the elite Ecole Polytechnique after finishing high school, where he earned an engineering degree.

Following graduation, the young man joined his father’s civil engineering company as an engineer and began making plans for the growth and expansion of the business. He persuaded his father to shift the emphasis of their company to the burgeoning real estate industry, and he achieved great success there.

He then began collecting more businesses and eventually ended up owning the famed Christian Dior label as well as the Le Bon Marché department store. Arnault made a significant investment in the new company’s shares when it was formed as a result of the merging of two businesses, becoming LVMH’s first shareholder.

He was eventually chosen chairman of the executive management board, and in this capacity, he oversaw a comprehensive expansion strategy that made the business one of the largest luxury groups in the world.

Bernard Arnault Early Life And Education

The son of Jean Leon Arnault, he was born Bernard Jean Étienne Arnault on March 5, 1949, in Roubaix, France. His father was a manufacturer and the owner of Ferret-Savinel, a civil engineering firm.

He went to Roubaix’s Maxence Van Der Meersch High School. He enrolled at the elite École Polytechnique after completing his education, where he earned an engineering degree in 1971.

Bernard Arnault’s Personal And Love Life

Arnault wed Anne Dewavrin in 1973; their divorce occurred in 1990. They have two kids together. He wed Canadian concert pianist Hélène Mercier in 1990. Together, they are parents to three kids.

After the tragic fire that destroyed the iconic Notre Dame Cathedral in Paris, France, in 2019, Arnault and his family promised to contribute €200 million to the restoration and repair efforts.

Bernard Arnault’s Career Journey

He finished college and went to work for his father. In 1976, he was successful in persuading his father to sell the company’s construction division and reinvest the money in a more lucrative venture as a result of the development and growth plans he had begun to make for the company.

The Arnault family gained 40 million French francs from the liquidation of the construction section, which they put into the then-booming real estate industry. The business, which has now changed its name to Ferinel, has flourished and developed a niche in vacation lodging.

Bernard Arnault Net Worth

In 1974, Bernard Arnault was appointed director of business development, and he was made CEO in 1977. In 1979, he took over the presidency of the business from his father. Arnault and his family were forced to emigrate to the United States in 1981 when the French Socialists took over the government.

Being the savvy businessman he was, he succeeded there as well, building condos in Palm Beach, Florida. He eventually started establishing his family’s real estate company’s U.S. division. In his home France, the political climate altered in 1983.

Arnault decided to go back home when the French Socialists changed their economic strategy to one that was more cautious. When Boussac Saint-Frères, a textile company, filed for bankruptcy, the astute businessman spotted a lucrative opportunity.

Several companies made up the textile empire, including Christian Dior’s fashion firm. The finance for Arnault’s purchase of Boussac was organized in cooperation with Antoine Bernheim, managing partner of the investment firm Lazard Fréres.

With the assistance of Bernheim, Arnault was able to raise the rumored $80 million acquisition price of Boussac Saint-Frères by investing $15 million of his own money. The majority of the company’s assets were sold by Arnault after this transaction, leaving only the iconic Christian Dior brand and Le Bon Marché department store.

In 1985, he was named Dior’s CEO. Arnault made $400 million after disposing of the majority of Boussac’s assets. Henri Racamier, the company’s chairman, urged him to invest in LVMH in 1987. Arnault decided to make his investment through a joint venture with Guinness PLC, which held 24% of the shares in LVMH.

He continued to invest millions of dollars in the company throughout the following few years by purchasing additional shares. By the beginning of 1989, Arnault had amassed 35% of the voting rights and 43.5% of the LVMH stock.

The executive management board’s chairman was then chosen in unanimity. After assuming control of LVMH, he removed a number of the organization’s top executives and decided to bring in fresh talent to help the business grow.

He was a strict taskmaster and well-known for his propensity to swiftly fire workers who failed to meet his standards. He began putting into action an ambitious plan for the growth and expansion of his businesses, and throughout the 1990s, he acquired several other businesses, including the perfume company Guerlain (1994), Loewe (1996), Marc Jacobs (1997), Sephora (1997), and Thomas Pink (1997.

Is Arnault Richer Than Jeff Bezos?

With an estimated net worth of $186.3 billion, French fashion tycoon Bernard Arnault is the richest person in the world as of this morning, surpassing Elon Musk ($147.3 billion) and Jeff Bezos ($186 billion) by $300 million each.

Bernard Arnault’s Net Worth

French millionaire Bernard Arnault made his fortune as the chairman and CEO of LVMH, the biggest luxury goods company in the world. Bernard Arnault’s net wealth is $160 billion as of this writing. He joins the ranks of people like Elon Musk, Jeff Bezos, and Bill Gates as one of the richest persons in the world based on his net worth.

Real Estate

Arnault’s family owns a 73 percent share in Christian Dior, which is where he made the most of his wealth. The Arnault family owns a 5.7 percent direct ownership in LVMH, the greatest luxury goods company in the world, and Christian Dior owns 41% of it.

He also holds shares in Carrefour and 8.4% of Hermes. For 238 million euros, he sold LVMH his share of the winery Cheval Blanc in 2009. In 2016, LVMH generated $41.6 billion in revenue. For the first time, Bernard Arnault’s net worth surpassed $100 billion in June 2019.

He was the third-richest person on the earth at that time. His net worth reached $108 billion in July 2019, making him the second-richest person in the world, just $400 million behind Bill Gates. 2019 saw a $36 billion growth in Bernard Arnault’s net wealth from January to December.

Frequently Asked Questions

What is Bernard Arnault famous for?

The world's largest group of luxury goods companies, LVMH Mot Hennessy - Louis Vuitton, is led by Bernard Arnault as chairman and CEO. Mr. Arnault, who was born on March 5, 1949, into an industrial family in Roubaix, France, attended both the Roubaix and the Faidherbe lycées. Later, he continued his education at the Ecole Polytechnique.

Who owns Louis Vuitton right now?

With a net worth of $137 billion, Bernard Arnault is the third richest person in the world. LVMH Mot Hennessy - Louis Vuitton, a sizable luxury conglomerate, is under Arnault's control. All of Arnault's offspring are employed by LVMH companies, which include TAG Heuer, Louis Vuitton, and Berluti.

Is Bernard Arnault a good CEO?

With 155 employee reviews and a score of 79/100, LVMH CEO Bernard Arnault ranks in the top 10% of businesses of a comparable size on Comparably with 10,000+ Employees.

Final Lines

We have high hopes that you will find this topic to be entertaining. This article contains all the information regarding Bernard Arnault’s net worth. If you like this article, share it with your friends and family. You can read more articles about Shania Twain and Bob McGrath’s net worth on our website, domaintrip.com.

Leave A Reply

Your email address will not be published.