World’s richest person 2023: How is Bernard Arnault worth $211 billion?

Bernard Arnault Fotbes 2023 richest Elon Musk

According to Forbes’ billionaires list for 2023, LVMH CEO Bernard Arnault is the richest man in the world with a whopping $211 billion fortune. The 74-year-old outranked last year’s topper of the list Elon Musk, thus becoming the only member in the $200 billion club. The Twitter and Tesla CEO came second in the list, falling short by $31 billion. 

Bernard Arnault, the French billionaire who owns luxury goods companies, has reached a new milestone. His company, LVMH, had an excellent year, which led to record-breaking revenue, profits, and shares. As a result, Arnault’s wealth has increased by $53 billion in the last year. This is the biggest gain of any billionaire this year.


Exploring LVMH companies and Bernard Arnault’s massive $211 billion fortune

Although many people may not know who he is, the richest person in the world Bernard Arnault owns famous brands such as Louis Vuitton, Christian Dior, and Tiffany. In the 30 years since Arnault took charge, he has transformed LVMH into the biggest luxury goods company globally. 

LVMH now owns over 70 well-known brands and enjoys a large following of customers worldwide. Thanks to expensive purchases, the company’s revenue has skyrocketed from $4 billion in 1989 to $86 billion in the previous year. Additionally, LVMH’s stock has gone up by 35% in the past 12 months.

Now, Arnault has an estimated fortune above $200 billion, making him only the third person in history to reach this amount. Elon Musk and Jeff Bezos had reached this milestone before, but their fortunes dropped as technology companies’ share prices fell.


Bernard Arnault’s appearances in the Forbes list of billionaires

Back in 1997, Bernard Arnault was first listed on Forbes’ billionaire roster, with a net worth of $3.1 billion. He rapidly moved up the rankings, reaching the top 20 wealthiest in 2005 ($17 billion) and becoming the world’s fourth-richest in 2011 ($41 billion). 

In 2018, his fortune grew tremendously to $71 billion, though he remained at No. 4. For the last three years, he has been the third-richest person, following behind Elon Musk and Jeff Bezos.

Arnault’s wealth is at an all-time high, and he is now planning for his succession. This would give an equal portion of ownership to his children, all of whom hold executive positions within the corporation.


How did Elon Musk lose his title as the World’s Richest Person?

Forbes reported that after Elon Musk’s $44 billion acquisition of Twitter using Tesla shares, his wealth has declined. This caused concern among investors and a significant drop in Tesla’s stock value last year. 

Although Tesla has recovered a substantial portion of its losses this year, it remains significantly below its pre-Twitter purchase value. Forbes also mentioned that Musk’s SpaceX has been profitable, as its worth grew by $13 billion to $140 billion.

The Forbes list of billionaires is dominated by more Americans than citizens of any other country with 735 of them. And yet, a Frenchman has emerged on top thanks to Bernard Arnault.


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