Bernard Arnault Net Worth (Money & Salary)

Bernard Arnault Net Worth (Money & Salary)

Bernard Arnault, a French billionaire entrepreneur, boasts a fortune of $202 billion. As the chairman and top executive of the planet’s largest luxury goods corporation, LVMH, Bernard Arnault’s wealth has consistently positioned him in the league of the wealthiest individuals globally, alongside figures such as Elon Musk, Jeff Bezos, and Bill Gates. On December 13, 2022, Bernard Arnault temporarily outshone Elon Musk to secure the position of the wealthiest person globally. Later, in April 2023, fueled by the soaring performance of LVMH’s stocks, Bernard Arnault’s net wealth exceeded $200 billion, making him only the third individual in history to reach this milestone without adjusting for inflation.

Financial Details

Bernard Arnault amassed his riches during his tenure as the CEO of LVMH. In the 1980s, Arnault rescued Christian Dior from bankruptcy. Subsequently, he amalgamated various luxury brands under the umbrella of LVMH, including Louis Vuitton, Moet, Hennessy (thus forming “LVMH”), Marc Jacobs, Givenchy, Tag Heuer, Bulgari, and Tiffany & Co. Today, LVMH oversees approximately 60 brands and generates an annual revenue of $70 billion. As of the latest update, LVMH’s market capitalization stands at $384 billion.

The Arnault family retains a direct ownership of 97% of Dior, with Dior itself holding a 41% stake in LVMH. Furthermore, the family independently holds an additional 7% ownership of LVMH, collectively amounting to more than 50% of the company’s total voting rights.

Aside from LVMH, Bernard personally possesses two vineyards in France, Princess Yachts, a 5% share in Carrefour (France’s largest supermarket chain), and a vast art collection worth billions, featuring artworks by Picasso and Warhol.

In June 2019, Bernard Arnault’s net worth surpassed $100 billion for the first time, positioning him as the third-wealthiest individual globally. By July 2019, his wealth soared beyond $108 billion, propelling him into the spot of the second-richest person worldwide, surpassing Bill Gates by approximately $400 million. Bernard Arnault claimed the title of the world’s richest individual in December 2022, when his wealth of $171 billion overtook Elon Musk’s $168 billion.

Early Years

Bernard Jean Étienne Arnault was born on March 5, 1949, in Roubaix, France. His father, Jean Léon Arnault, was an industrialist and an alumnus of École Centrale Paris. His mother, Marie-Josèphe Savinel, was the offspring of Étienne Savinel, the proprietor of the civil engineering firm Ferret-Savinel. In 1950, Étienne Savinel passed on the reins of Ferret-Savinel to his son-in-law, Jean Léon Arnault (Bernard’s father), eventually bequeathing him ownership of the enterprise. Bernard graduated from France’s premier engineering institution, École Polytechnique, in 1971.

Familial Enterprises

Following his graduation in 1971, Arnault commenced his professional journey at his father’s firm, Ferret-Savinel (previously under his maternal grandfather’s ownership). By 1978, he assumed the presidency of the company, a post he retained until 1984. During his tenure at Ferret-Savinel, Arnault steered the business away from construction activities, redirecting it towards real estate ventures, a strategic shift that proved to be highly lucrative.

Luxury Market Domination

In 1984, Bernard clinched the acquisition of the luxury goods entity Financiere Agache with the support of Antoine Bernheim. He ascended to the position of CEO at Financiere Agache, subsequently rescuing the textile concern Boussac Saint-Freres from insolvency. Boussac encompassed several brands and outlets, including the illustrious Christian Dior and the department store Le Bon Marche. Arnault divested all Boussac assets barring Dior and Le Bon Marche.

To date, Bernard and his family exercise direct ownership over 97% of Dior.

Ascendancy of LVMH

Leveraging the appreciating value and earnings of Dior, Bernard embarked on an acquisition spree within the luxury market. In 1987, Bernard created LVMH, a conglomerate uniting the merged luxury fashion labels Louis Vuitton and Moët Hennessy. By July 1988, he injected $1.5 billion to establish a holding firm in partnership with Guinness, garnering a 24% stake in LVMH. Speculations arose regarding a potential buyout attempt by the Louis Vuitton group to establish a “blocking minority.” In a preemptive maneuver, Arnault shelled out an additional $600 million to secure a 13.5% stake in LVMH, thereby becoming the principal shareholder. Undeterred, in January 1989, he further invested $500 million to expand his holdings, amassing a total of 43.5% ownership of LVMH’s shares and 35% of its voting rights. Leveraging his controlling interest, Arnault thwarted LVMH’s dismantlement, subsequently spearheading the transformation of the conglomerate into one of the premier luxury entities on a global scale.

Under Arnault’s stewardship, LVMHexperienced considerable expansion. Over the span of eleven years, not only did sales and profit increase by fivefold, but the company’s market value also surged by a factor of 15. Despite the conglomerate holding a large number of brands (totaling 75 as of June 2020), Arnault has persisted in championing an approach that decentralizes the brands, enabling them to be perceived as autonomous brands and enterprises with their individual histories and narratives. Some of the other brands within LVMH’s portfolio include Céline (acquired in 1988); Berluti (in 1993); Kenzo (in 1993); Guerlain (in 1994); Loewe (in 1996); Marc Jacobs (in 1997); Sephora (in 1997); Thomas Pink (in 1999); Emilio Pucci (in 2000); and Fendi (in 2001).

Other Ventures

Alongside LVMH, Arnault is engaged in various other enterprises. Between 1998 and 2001, via his holding company Europatweb, he made investments in several internet companies, including Boo.com, Libertysurg, and Zebank. Through his investment entity, Groupe Arnault, he backed Netflix in 1999. In 2007, it was announced that Arnault, in partnership with the California real estate firm Colony Capital, possesses a 10.69% stake in Carrefour. Carrefour stands as France’s largest supermarket chain and the world’s second-largest food distributor. Additionally, he has delved into the yacht industry, spending €253 million in 2008 to acquire Princess Yachts, subsequently gaining control of Royal van Lent for a sum almost equivalent in value.

Art Accumulation

Arnault’s interests extend beyond business – he is recognized for his strong fascination with art collection, for example. Through LVMH, Arnault has sponsored art exhibitions in France showcasing globally renowned artists such as abstract painter Pablo Picasso and Pop Art innovator Andy Warhol.

Private Life

In 1973, Arnault tied the knot with Anne Dewavrin; their marriage came to an end in 1990, and they have two children together. Subsequently, in 1990, he wedded Canadian concert pianist Hélène Mercier, with whom he has three children. In 2019, following the tragic fire that ravaged the historic Notre Dame Cathedral in Paris, France, Arnault and his family pledged €200 million towards assisting in the repair and restoration efforts.