Bernard Arnault Net Worth 2024, Career, Life and Investments

Bernard Arnault is a French investor, collector of art, and businessman. The world's largest luxury goods company, LVMH, is led by its founder, who also serves as chairman and CEO. Forbes claims that Arnault is the richest person on the planet.

Arnault was raised in a deeply religious Catholic family and was passionate about learning and the arts. He attended École Polytechnique to pursue engineering and graduated in 1971. He started his father's business, Ferret-Savinel, and helped turn it into a real estate firm, which prepared him for a future in the luxury market.

Arnault's impact goes beyond LVMH because of his investments in internet businesses and charitable causes, especially those that support the arts. He has participated in well-known boat and real estate projects. Thanks to his leadership, LVMH is now the eurozone's largest firm in terms of market valuation. Arnault's commercial skill has cemented his position as a pivotal player in the global luxury market, even in the face of scandals, such as his attempt to obtain Belgian citizenship.

Bernard Arnault Net Worth 2024

Bernard Arnault net worth 2024 is estimated to be $222 billion. Bernard Arnault's net worth crossed the $100 billion mark for the first time in June 2019. He was the world's third richest person at that time. After surpassing $108 billion in net worth in July 2019, he became the world's second richest person, approximately $400 million more than Bill Gates.

In December 2022, his $171 billion net worth overtook Elon Musk's $168 billion to make him the richest person on the planet. In 2024, Bernard Arnault will be the world's richest man, with a net worth of $222 billion. Bernard Arnault family net worth in 2024 is $241 billion.

Early Life

Bernard Arnault was born in Roubaix, France, On March 5, 1949. His father, Jean Léon Arnault, was an École Centrale Paris graduate and a manufacturer. His mother, Marie-Josèphe Savinel, was descended from Étienne Savinel, the proprietor of Ferret-Savinel, a civil engineering firm.

1950 Bernard's father, Jean Léon Arnault, became Ferret-Savinel's manager after Savinel awarded him business control. In 1971, Bernard earned his degree from the École Polytechnique, the preeminent engineering school in France.

Personal Life

Arnault married Anne Dewavrin in 1973; the two parted ways in 1990. They have two kids together. He married Canadian concert pianist Hélène Mercier in 1990. Together, they are parents to three kids. Arnault and his family promised to donate $217 million to aid in the restoration and rebuilding of the famous Notre Dame Cathedral in Paris, France after a horrific fire destroyed it in 2019.

Career

Bernard Arnault & family business: After graduating in 1971, Arnault started working at his father's business, Ferret-Savinel. In 1978, he was appointed president of the firm, a role he held until 1984. During his tenure there, he assisted Ferret-Savinel in shifting its emphasis from construction to real estate, which proved to be a wise business decision.

With the assistance of Antoine Bernheim, Bernard purchased the Financiere Agache luxury goods company in 1984. He assumed the position of CEO of Financiere Agache and subsequently saved the textile business Boussac Saint-Freres from bankruptcy. Among the numerous businesses and establishments that Boussac owned were the department store Le Bon Marche and the high-end Christian Dior. With the exception of Dior and Le Bon Marche, Arnault sold every Boussac asset.

Bernard embarked on a luxury brand purchasing binge, using Dior's increased worth and income. Bernard established LVMH, an umbrella firm, in 1987 to acquire the combined luxury fashion labels Moët Hennessy and Louis Vuitton. He made a $1.5 billion contribution and established a holding company with Guinness in July 1988 to acquire LVMH's shares.

In response to rumors that the Louis Vuitton group was planning to attempt to acquire LVMH stock to create a "blocking minority," Arnault invested an additional $600 million. By this action, he became the biggest stakeholder in LVMH. But he wasn't finished, and in January 1989, he invested another $500 million to purchase additional shares.

At that point, he held LVMH's voting rights and the company's shares. By exercising his power, he prevented the LVMH group from being dismantled, and he has since guided the company through a metamorphosis that has made it one of the world's biggest and most prestigious luxury organizations.

Under Arnault's leadership, LVMH experienced massive growth, with sales and profits increasing by a factor of five over eleven years and the company's market value increasing by a factor of fifteen. Even though the conglomerate owns many brands, Arnault has continued to promote a decentralization strategy that allows the brands to be viewed as independent entities with their histories and stories.

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Bernard Arnault Investments

Arnault is involved in a variety of different businesses, including LVMH. Between 1998 and 2001, he invested in several web startups through his holding company, Europatweb, including Boo.com, Libertysurg, and ZeBank. In 1999, he invested in Netflix with his investment firm, Groupe Arnault. 

According to a 2007 announcement, Arnault and California-based property business Colony Capital control ten per cent of Carrefour, the world's second-biggest food distributor and France's largest grocery retailer. He is also interested in the yachting industry. In 2008, he paid $274 million for Princess Yacht. Then, he purchased Royal van Lent for almost the same price.

Art Collection

However, Arnault is not all business; he is well-known for his intense interest in art collecting, for example. Through LVMH, Arnault has supported creative shows in France showcasing world-renowned artists such as abstract painter Pablo Picasso and Pop Art pioneer Andy Warhol.

Frequently Ask Questions

What makes Bernard Arnault a good entrepreneur?

Arnault has been lauded for his ability to predict industry trends, emphasis on innovation, and willingness to take risks. He has also faced criticism for his aggressive approach to acquiring and penchant to centralize decision-making.

What are Bernard Arnault hobbies?

He was a talented pianist who memorized six of Frederic Chopin's etudes. He also enjoys reading the works of Romantic novelists from the nineteenth century.

What was Bernard Arnault's famous quote?

Money is only one of the consequences. I usually tell my team, "Don't worry too much about profitability." If you do your work well, profitability will follow.