No.↓ 4th Rank Increase
Name↓ Bernard Arnault
Net worth (USD)↓ $41.0 billion increase
Sources of wealth↓ LVMH Moët Hennessy and Louis Vuitton
Bernard Arnault is a French citizen who is the Chief Executive Officer of the large European conglomerate LVMH. LVMH is the holding company of several luxury goods including wine and spirit companies, fashion, watches, and perfumes. It is through his original ownership of Christian Dior that Arnault now owns over forty percent of LVMH shares. While not as recognizable in the United States, Arnault is more recognizable in Europe where he is the continent’s richest individual.
Arnault graduated from Ecole Polytechnique with a degree in engineering. After college Arnault joined his father’s company and convinced him to shake up by selling off parts of the business and changing course. After vesting into real estate in the United States, which proved to be unsuccessful, Arnault returned back home to France and became chairman of Financiere Agache.
Through this company and several acquisitions Arnault put in some of his family’s own money to keep the company afloat. The protected assets of Christian Dior and Le Bon Marche, a department store, turned out to be enough to help secure ownership into LVMH. Through carefully timed purchases, Arnault eventually became majority holder of LVMH and has served as chairman since 1989. At an age of 50 Anrault took over the largest luxury goods company and has since led it into growing markets while upholding its prestigious name brands.
The majority of Arnault’s sources of wealth have come from his ownership in LVMH stock, yacht builder Royal Van Lent, as well as stocks in French companies Carrefour and Go Voyages. Carrefour is the largest super market chain in Europe and second largest in the world behind Wal Mart. This investment of Arnault’s in 2007 represents over ten percent of the company.
Arnault has a current net worth of forty one billion dollars in United States dollars (USD). The sixty two year saw his net worth climb dramatically due to the increased demand for luxury goods in several areas of Asia. Arnault’s net worth dramtically grew in 2010 from an increased demand for LVMH and Christian Dior products. Arnault should see his value increase and possibly move up the list.
Companies owned by LVMH
The World’s largest company of luxury brands has been created through several mergers bringing together companies in expensive categories like spirits, fashion, perfume, and retail.
Below are several of the more recognizable companies owned by LVMH:
- Dom Perignon
- Louis Vuitton
- Marc Jacobs
- Parfums Christian Dior
- Tag Heuer
- Moet et Chandon
The combination of Louis Vuitton, Moet, and Hennessy are the companies responsible for the naming of the company.