Billionaire Bernard Arnault has become the first European to top the list of the richest people in the world, which made the American Elon Musk occupy second place after he had topped the list for several previous years.
According to List of the richest people in the world Which was published by “Bloomberg” news agency a few days ago, and viewed by “Al Arabiya.net”. The French Arnault became the richest person in the world for the first time, in addition to being the first European to be at the top of this list, which has long been topped by American businessmen.
Over the past few days, many Western media outlets have been busy publishing reports and news about the French businessman, who has become the richest in Europe and the world at all.
According to information collected by Al-Arabiya.net from multiple sources, Arnault occupies the position of president of the French luxury goods giant (LVMH).
Arnault’s fortune is now at $171 billion, surpassing Tesla CEO Elon Musk’s $164 billion, according to the Bloomberg Billionaires Index.
Musk’s net worth has fallen by $107 billion this year, while Arnault’s fortune, which stems from his controlling stake in the French luxury company, has suffered a more modest decline of $7 billion.
The difference is due in part to the performance of the shares of the companies in which they each own stakes, and Musk’s purchase of Twitter contributed to reducing his wealth. However, he is in no imminent danger of falling further down the list, with his wealth still comfortably larger than that of Indian industrialist Gautam Adani, as well as Amazon founder Jeff Bezos, who are ranked third and fourth, respectively.
Tesla’s share price is down 54% this year, while LVMH stock has held steady, helped by strong sales in the US and Europe. The luxury goods market has remained relatively flat this year, even as rising inflation has prompted less affluent shoppers to alter their spending habits.
The market capitalization of (LVMH) is $386 billion.
A report published by the American network “CNN” says that Arnault was born in the city of Roubaix in northern France in 1949, and graduated from the prestigious Polytechnic School, an engineering school in Paris. He then began his career in the family-owned construction company (Ferret-Savinel), becoming Chairman of the Board in 1978 after successive promotions.
After six years, Arnault learned that the French government was looking for a new investor to take over the company (Boussac Saint-Freres), which owns a bankrupt textile group and a famous French fashion house, where Arnault bought a controlling stake in the group, returned it to profitability and embarked on a strategy to develop the leading luxury goods company. In the world.
In 1989, Arnault bought a controlling stake in (LVMH), and after only two years he held the position of Chairman and CEO of the company, and has remained since then until now in the same position. And while his name may not be immediately recognizable to many, the brands that Arnault played an instrumental role in growing – from Christian Dior to Dom Pérignon – have become household names.
Over the past three decades, Arnault has turned LVMH into a luxury goods powerhouse with 75 brands selling alcohol, fashion, leather goods, fragrances, cosmetics, watches, jewellery, luxury travel and hotel stays, opening the first Louis Vuitton store in China in Beijing in 1992.
In January 2021, the group completed a $15.8 billion acquisition of the famous American jewelry company (Tiffany & Co), the largest acquisition ever in the luxury jewelry industry.
Reports say Arnault has long held the title of the richest person in Europe, but the 73-year-old keeps a much lower profile than Musk and is not personally active on any major social media platforms. He is married and has five children, all of whom work for his company or one of its brands.