Bernard Arnault, the French luxury goods magnate, has retained his title as the richest person in the world for the second consecutive year, topping Forbes’ World’s Billionaires list with an estimated fortune of $233 billion. His success is largely attributed to the continued growth of his luxury goods conglomerate, LVMH, which reported $16.5 billion in net profit on $94 billion in revenues for 2023. The group’s stock rose by 5% over the past year, thanks to another record-breaking year for the company.
Arnault’s fortune has grown significantly over the years, with his first appearance on the Forbes list in 1997 with an estimated $3.1 billion fortune. Since then, he has added more than $200 billion to his net worth, thanks to the success of LVMH. He quickly climbed the ranks to become one of the world’s wealthiest individuals, reaching the number one spot in 2023 after overtaking Elon Musk. Arnault’s success has been driven by pricey acquisitions of luxury retailers and collaborations with high-profile stars, as well as strategic moves to maintain family control of LVMH.
While LVMH made fewer acquisitions in 2023, the company still made strategic moves to cement its success. This included buying a majority stake in Château Minuty, a prominent rosé wine producer in Provence, and acquiring luxury eyewear maker Barton Perreira. In addition, the company sold a majority stake in a cruise line operator to private investors. These moves were part of Arnault’s efforts to ensure the long-term success of LVMH and maintain family control over the company.
Arnault’s succession plan involves adding his sons Alexandre and Frédéric to LVMH’s board, where they would join his two eldest children, Antoine and Delphine. Shareholders will vote on the nominations in April, with the aim of ensuring that the Arnault family retains control over the company. This plan builds on a reorganization of Arnault’s holding company in 2022, which gave equal stakes to his five children. The Arnault children are expected to carry on their father’s legacy and maintain the family’s control over the world’s largest luxury empire for years to come.
Arnault’s success and wealth have been driven by his competitive spirit and determination to succeed. His children have been groomed to take over the family business and continue their father’s legacy. With a firm grip on LVMH and its 75 luxury brands, Arnault’s empire shows no signs of slowing down, with continued success and growth expected in the years to come.
