LVMH’s Bernard Arnault Is Once Again The World’s Richest Man

Bernard Arnault – Co-Founder, Chairman, & CEO of LVMH – has dethroned Elon Musk to become the world’s richest man.

According to Forbes, Bernard Arnault’s net worth currently amounts to over US$190 billion, eclipsing the fortune of the C-suite memelord and Twitter owner. Elon Musk’s net worth now sits at just US$174 billion – “just” lol – after the significant hit Tesla’s stock price (NASDAQ: TSLA) has sustained over the past year in addition to the drama-filled US$44 billion acquisition of the aforementioned social media platform.

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“Musk’s net worth has tumbled by US$107 billion this year… Arnault’s wealth, which stems from his controlling stake in LVMH, has suffered a more modest US$7 billion decline,” points out Hanna Ziady of CNN.

“While Tesla share price has plummeted 54% this year, LVMH stock has held steady, supported by robust sales in the United States and Europe. The luxury market has remained relatively steady this year, even as surging inflation has led less-affluent shoppers to change their spending habits. LVMH has a market value of €362.4 billion.”

The leading billionaire’s are followed in sequence by India’s prolific industrialist Gautum Adani (US$133.3 billion), Amazon’s Jeff Bezos (US$114.8 billion), followed by legendary investor Warren Buffett (US$107.4 billion), who rounds out the Top 5.

**Note: All $$$ = USD

While there’s a slight discrepancy in the numbers, as well as the #4 and #5 rankings, this development has similarly been confirmed by the Bloomberg Billionaires Index (see: above).

Of course, this isn’t the first occasion Bernard Arnault has dethroned an incumbent to become the world’s richest man. Back in August 2021, just when Jeff Bezos was beginning to enjoy his retirement from a career of empire building, LVMH’s stock price (EPA: MC) had reached a point where it allowed Arnault to seize the throne.

At the time, Forbes indicated the 73-year-old power player behind the most prolific luxury conglomerate had a net worth of US$198.9 billion against Jeff Bezos’ recently diminished US$194.9 billion; with Elon Musk sitting in third place with US$185.5 billion, followed not-so-closely Bill Gates at US$132 billion, and Mark Zuckerberg rounding out the Top 5 with US$130.6 billion. Not-so-fun-fact: Zucc’s only sitting on US$42.2 billion right about now.

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“Similar to the Omega-wearing space cowboy, a decent portion of Arnault’s wealth is tied to the company market value. Having demonstrated an insatiable appetite for expanding its portfolio of luxury brands across the past 18 month,” we’d previously reported.

“Welcoming the likes of Virgil Abloh’s Off-White, Jay-Z’s Armand de Brignac, and even Birkenstock (sorta); to a family which already included Louis Vuitton, Christian Dior, Givenchy, Bulgari, TAG Heuer, Sephora, Moet & Chandon, Dom Perignon, Hennessy, Tiffany – LVMH’s acquisition run has clearly inspired some healthy optimism amongst the public and industry.”

“In 2021 alone, the LVMH stock has climbed more than 35%, surging by a far more impressive 140% since March of 2020. Amazon’s stock (NASDAQ: AMZN), on the other hand, experienced a post-earnings slump exceeding 7%, last week, which saw Bezos’ net worth slide by approximately US$14 billion in a single day.”

Bernard Arnault Net Worth [15/12/2022]: Forbes – US$190.9 billion (AU$279 billion) | Bloomberg – US$172 billion (AU$251.45 billion)