Bernard Arnault, the French billionaire and luxury goods magnate, has once again topped the Forbes World’s Billionaires list for the second year in a row. His fortune has grown to an estimated $233 billion, making him $38 billion richer than his closest competitor, Elon Musk. This increase in wealth is largely attributed to the success of his luxury goods conglomerate, LVMH, which reported a record $16.5 billion in net profit on $94 billion in revenues for 2023. The group’s stock rose by 5% over the past year, solidifying Arnault’s position as the world’s wealthiest person.
Arnault’s journey to the top of the billionaires list has been decades in the making. He first appeared on the Forbes list in 1997 with an estimated fortune of $3.1 billion, which has since grown to over $233 billion. Over the years, through the growth of LVMH and strategic acquisitions, Arnault has steadily increased his net worth, climbing the ranks of the world’s richest individuals. In 2023, he overtook Elon Musk to claim the number one spot on the Forbes’ list for the first time.
Despite his continued success, Arnault has been focused on solidifying his legacy and ensuring family control of LVMH. In January, he proposed adding his sons to LVMH’s board, joining his two eldest children who are already members. This move, along with a reorganization of his holding company in 2022 to give equal stakes to his five children, ensures that the Arnault family will maintain control over the luxury empire for years to come. Arnault’s children have expressed their commitment to carrying on their father’s competitive spirit and legacy.
While LVMH is known for its pricey acquisitions and collaborations with high-profile celebrities, the company made fewer deals in 2023. One notable acquisition was a majority stake in Château Minuty, a rosé wine producer in Provence, and the purchase of luxury eyewear maker Barton Perreira in November. In December, LVMH sold a majority stake in cruise line operator Starboard & Onboard Cruise Services to a group of private investors. The exact financial details of these transactions were not disclosed.
Arnault’s success as a tastemaker and business tycoon has solidified his status as the world’s richest person. With a fortune of $233 billion and control over LVMH, he continues to lead the luxury goods industry and set the standard for wealth and success. The Arnault family’s commitment to maintaining control of the company ensures that their legacy will endure for years to come, cementing their place in the world of luxury and fashion.
