Bernard Arnault is one of the richest people in the world. He is the third-richest man of the globe and he has been making headlines for the same. Currently, he is deciding which of his five children will be handling his empire. Recently, his company has raised the age limit for the CEO position to ensure that Bernard Arnault is able to manage his position. Age 73, Bernard Arnault has successfully run a luxury conglomerate for more than a decade. He is a French investor, business magnate and art collector. Currently, he is the chief executive and chairman of LVMH Moet Hennessy – Louis Vuitton SE, the world’s largest luxury goods company.
Bernard Arnault Net Worth 2022
His current net worth is the US $ 167 billion according to reports from Forbes. Bernard Arnault has gained his wealth by investing in numerous companies like Zebank, Libertysurf and Boo.com. Groupe Arnault has also invested in Netflix back in 1999. Later, in 2008 also joined the yacht business and bought the Princess Yachts for 25 million euros.
Previously, in April 1999, he was the richest person in fashion. Later, in 2019, Arnault became the second-richest person in the world with a net worth of 103 billion dollars. Further, in December 2019, he became the richest person in the world by surpassing Jeff Bezos. Later, even in January 2020, he was richer than Jeff Bezos for a short time. However, his wealth shrank during the Covid-19 pandemic, when his business shrank by 30 billion dollars. Later, on 5 August 2021, he became the wealthiest man in the world. His net worth climbed to $198.4 billion. The increase in the net worth was a direct result of the LVMH’s luxury goods surging in parts of Asia including China. During that time, his fortune accounted for $181 billion.
Bernard Arnault was not ready to step down because he is still deciding who will lead the empire. As a result of that, a proposal to lift up the age was passed by the company. Currently, all the five adult children are working in the family business and Bernard Arnault has not been able to decide on the successor of his empire yet. As a result of that, the age limit for being the CEO of the company was uplifted to 80.
Bernard Arnault And His Children
Undoubtedly, choosing a successor is a tricky issue, especially in the world of fashion. It is because the chosen successor should be able to keep even the shareholders happy. Therefore, it is taking so much time to decide on the upcoming successor of the company. Also, all five children are talented. Delphine Arnault is the VP of Louis Vuitton and she is an alma mater of EDHEC Business School and the London School of Economics. Antoine Arnault who is 44 is currently heading the communications and image department of LVMH. He is further the chairman of Lora Piana and chief executive of Berluti. Alexandre Arnault is 29 and is the VP at Tiffany. Frederic Arnault who is 27 is currently the chief executive at TAG Heuer, which is a luxury watch band. Jean Arnault, the youngest of the five children, is currently 23. He is the director of marketing and development of the Louis Vuitton watches. The watch factory of Louis Vuitton was launched back in 2003. He also has a Master’s degree in Mechanical Engineering from Imperial College London.
Bernard Arnault has also been awarded numerous prizes like Commandeur de la Légion D’Honneur, Grand Officier de la Légion d’Honneur, The Woodrow Wilson Award for Global Corporate Citizenship, Honorary Knight Commander of the Most Excellent Order of the British Empire and the Museum of Modern Art’s David Rockefeller Award.