- Bernard Arnault became the world's richest person, relegating Twitter's new boss Elon Musk to second place
- Arnault's wealth currently stands at $171 billion , while Musk's fortune trails second at $164 billion
- The French national is said to have accumulated much of his wealth from the controlling stake at the LVMH firm
- The company has a market share of $386 billion which is steady and supported by robust sales in the US and Europe
Bernard Arnault is currently the world's richest person, and it doesn't look he will give up the throne anytime soon.
Bloomberg reports that as Friday, 3 March 2023, Arnault is worth $187 billion $10 billion more than Elon Musk's net worth of $176 billion.
Where is Arnault money coming from
Read alsoElon Musk loses richest man title again as Bill Gates threatens Jeff Bezos, Dangote slidesArnault runs one of the world's largest multinational conglomerates, LVMH Moët Hennessy Louis Vuitton, commonly known as LVMH, which boasts a market share of $386 billion.
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His company's products are well accepted by the Nigerian public, for those who can afford it.
In 2022, the company reported a steady market share that was supported by robust sales in the US and Europe, CNN reported.
The 73-year-old began his career in a family company Ferret-Savinel, after graduating and later became the chairman in 1978.
Below is the list of businesses and properties owned by Europe's first man to top the world's billionaires list
1. Christian Dior
In 1983, Arnault bought a majority stake in Christian Dior, a celebrated French fashion house, after it run into bankruptcy, returning it to profitability.
He reinvigorated the firm to develop the world’s leading luxury goods company.
The largest percentage of Arnault's wealth comes from his 97.4% stake in the luxury fashion brand for men and women.
2. LVMH
This is the biggest brand or business holding other brands under Arnault's wealth empire, including Louis Vuitton, Dior and Fendi, among others
In 1989, the billionaire bought a controlling stake in LVMH after the merger of Louis Vuitton and Moët Hennessy in which he was the CEO and chairman.
Arnault turned LVMH into a luxury goods powerhouse with 75 labels selling wine, spirits, fashion, leather goods, perfumes, cosmetics, watches, jewellery, luxury travel and hotel stays, CNN reported.
2. Tiffany $ Co, Hermes and Carrefour
In 2021, LVMH completed a $15.8 billion deal, taking over iconic US jeweller Tiffany & Co. This saw the watches and jewellery division’s sales of the brand rose by 138%.
The French national is also reported to own an 8.6% stake in Hermes which deals in fashion and 1.9% in Carrefour, a French multinational retail.
Read alsoElon Musk takes back title as world richest man after making N3.21trn in 8 hours3. Sprawling Mansion
The world's richest person owns a mansion worth USD200 million in his hometown.
The house spans 12 acres and includes a private lake, tennis court, and underground parking space, according to Magicbricks.
In 2017, he bought a holiday home worth $70 million (KSh 8.6 billion) in the south of France, followed by a 2018 purchase of a mansion in Geneva worth 80 million.
4. Real estate
Arnault is reported to own some real estate properties, despite his hawk eyes for the fashion industry.
The fashion entrepreneur owns one of the largest yachts in the world, worth $150 million.
He is reported to own 25 wineries around the world, including Burgundy which he bought at £10 million.
Arnault owns a glamorous hotel in the French Alps with 34 rooms, according to city signal.
In the United States, he owns five homes whose value stands at $125 million, as reported by capitalism.
Read alsoBill Gates, fourth richest man in the world, buys Heineken shares for N415.3bnElon Musk takes back title as world's richest man after making N3.21trn in 8 hours
In another report, Legit.ng reported on how Elon Musk reclaimed his position as the world's richest man, although for just 24 hours.
Musk first lost the title to French billionaire Bernard Arnault on December 8, 2022, following controversies surrounding his Twitter ownership, which led to a sell-off of Tesla shares and a decline in wealth.
Despite several attempts to regain the top spot, Musk fell short as Arnault's wealth grew.
Source: Legit.ng
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