LVMH boss Bernard Arnault just reached new levels of wealth: after Elon Musk and Jeff Bezos, he’s now the third person in history worth over US$200 billion thanks to his luxury brand portfolio

Apr 6 , 2023

Frenchman Bernard Arnault just became the first non-American to amass a wealth of more than US$200 billion. Photo: AFP

LVMH boss Bernard Arnault’s net worth surpassed US$200 billion on Tuesday, thanks to his impressive brand portfolio that includes Louis Vuitton, Tiffany & Co., Dior and Tag Heuer

He’s the third person ever, after Tesla’s Elon Musk and Amazon’s Jeff Bezos, to reach the milestone, boosted by smart brand collabs with K-pop stars and China’s luxury spending post-Covid

Bernard Arnault – the CEO and co-founder of luxury goods conglomerate LVMH Moët Hennessy Vuitton and the richest person in the world – has reached another milestone on his wealth journey.

Arnault’s net worth climbed over the US$200 billion mark on Tuesday, making him the third person ever – after Tesla CEO Elon Musk and Amazon founder Jeff Bezos – to attain that level of wealth, according to the Bloomberg Billionaires Index. Arnault is also the first person outside the US to surpass a net worth of US$200 billion.

Arnault derives his wealth from a 97.5 per cent stake in the luxury fashion brand Christian Dior holding company which, in turn, controls 41.4 per cent of LVMH. His net worth gained US$2.4 billion on Tuesday, bringing the Frenchman’s fortune to US$201 billion, per Bloomberg’s index.

Bernard Arnault speaks during a news conference to present the 2022 annual results of LVMH in Paris, France, on January 26. Photo: Reuters

LVMH shares on the Euronext Paris stock exchange closed 0.8 per cent higher at 851 euros, or US$932.30, on Tuesday. The stock is up about 25 per cent this year.

A luxury boom is propping up Bernard Arnault’s wealth

Bernard Arnault, chairman of LVMH Moët Hennessy Louis Vuitton, is now just the third person in history to have a wealth that exceeds US$200 billion. Photo: Reuters

The French tycoon’s net worth has doubled since the beginning of 2020 amid strong demand for luxury goods as consumers splurged on designer handbags and watches during pandemic lockdowns.

This robust appetite for luxury goods is helping LVMH, which owns a range of luxury fashion brands including leather goods maker Louis Vuitton, jeweller Tiffany & Co., and watchmaker Tag Heuer. LVMH posted a 23 per cent year-on-year growth in revenues as well as profits from recurring operations in 2022, according to the company’s financials.

Millennials and Gen Z are also driving growth in this market. A record number of Americans between the ages of 18 and 29 are opting to live at home with their parents – at a level not seen since the Great Depression – thus freeing up disposable income for splashing out on luxury goods.