Bernard Arnault Claims His Position as World Richest Man in Less Than 24 Hours

According to the recent Forbes Rich List, Bernard Arnault reclaimed his title as the world's richest man.

Arnault's net worth declined by $3 billion on Thursday, from $202 billion to $199 billion in a single day, dropping him off the spot. But in less than 24 hours, he made $460 million, allowing him to regain his title as the richest man in the world.

Bernard Arnault, born March 5, 1949, is the founder and CEO of LVMH Moët Hennessy Louis Vuitton SE, the world's biggest luxury goods manufacturer. The company is well-known for its varied portfolio, which includes watches, jewellery, fashion, and wine, as well as its strategic acquisitions.

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Bernard Arnault, known for his aggressive business strategies, was named "The Terminator" and is praised for his charitable activities, particularly in the arts and culture, which the Louis Vuitton Foundation best demonstrates.

As of March 22, Bernard Arnault's estimated net worth of $231.5 billion made him the richest person in the world, demonstrating his significant impact on business and culture.

He is followed by Amazon's founder, Jeff Bezos, with a net worth of $196.3 billion, and Telsa's owner, Elon Musk, with a net worth of $193.7 billion.

Mark Zuckerberg, founder of Facebook, and Larry Ellison, founder of Oracle, have estimated net worths of 178.0bn and 158.7bn, respectively.

A Profile of Bernard Arnault

Bernard Arnault is a French businessman born in Roubaix, France, on March 5, 1949. His position as chairman and CEO of LVMH Moët Hennessy Louis Vuitton SA, the largest luxury goods company in the world, is the main source of his fame.

Arnault obtained an engineering degree from the École Polytechnique in Paris. In 1971, he became CEO of Ferret-Savinel, one of his father's construction companies. After eight years as CEO, he renamed Férinel Inc. and changed its goals to real estate.

It was reported that Arnault and Antoine Bernheim, a managing partner of the French bank Lazard Frères and Co., raised the $80 million required to buy Christian Dior's fashion house from the bankrupt textile company Boussac Saint-Frères, using $15 million of Arnault's funds. 

In 1987, the chairman of LVMH, Henri Racamier, invited Arnault to become a shareholder. In 1990, Arnault removed Racamier through a joint venture with Guinness PLC. He then began bringing several fashion brands, including Christian Lacroix, Givenchy, and Kenzo; leather goods brands Loewe, Céline, and Berluti; jeweller Fred Joailler; the DFS group, the largest duty-free chain globally; and beauty retailer Sephora, into the LVMH fold.

After Arnault hired British fashion designer John Galliano to take over the storied Paris fashion house of Hubert de Givenchy in 1995, he became well-known throughout Europe for reviving French couture clothing. A year later, Galliano was moved to Christian Dior by the "Pope of Fashion," Arnault, as dubbed by Women's Wear Daily, who also named the brazen British designer Alexander McQueen to take over at Givenchy. 

That same year, LVMH purchased a majority share in the young American designer Marc Jacobs's eponymous line and appointed him as creative director of Louis Vuitton, a high-end leather goods manufacturer. By the early 21st century, Arnault's fashion sense had brought these classic fashion houses back into vogue, even though all three designers eventually quit their jobs.

Arnault continued his culture of acquiring luxurious brands, such as the renowned French department store La Samaritaine (2010), the Italian jewelry brand Bulgari (2011), the Italian fashion house Fendi (2003), and the venerable American jewelry retailer Tiffany & Co. (2021). He also constructed the Frank Gehry-designed Fondation Louis Vuitton (2014), a modern art museum in Paris's Bois de Boulogne. Gehry is a Canadian architect. Arnault received the highest honour in France in 2007 when he was named Commander of the Legion of Honour.

Who Are Those on the List of the Richest People in the World?

The following are those on the list of the richest people in the world.

1. Jeff Bezos - $201 billion 

2. Bernard Arnault - $198 billion 

3. Elon Musk - $187 billion 

4. Mark Zuckerberg - $180 billion 

5. Bill Gates - $154 billion 

6. Steve Ballmer - $148 billion 

7. Larry Ellison - $141 billion 

8. Warren Buffett - $137 billion 

9. Larry Page - $134 billion 

10. Sergey Brin - $127 billion