Bernard Arnault’s riches swelled about $32 billion in the current year. With this feat, Bernard Arnault has also outshone the wealth of Bill Gates’s best friend Warren Buffett.
Bernard Arnault, chairman of luxury group Moët Hennessy-Louis Vuitton, has entered the $100 billion club and now is in league with Amazon’s Jeff Bezos and Microsoft’s Bill Gates. The third person on the globe to have such enormous fortune, he is also the richest man in the European continent. Bernard Arnault entered the world’s most exclusive wealth club to become a centibillionaire on Tuesday as the Louis Vuitton company’s shares jumped 2.9% and hit the record of 368.80 euros a share. However, the latest Bloomberg Billionaires Index data shows that Bernard Arnault’s net worth has fallen a tad below $100 billion today.
Bernard Arnault, the mogul of LVMH, is also in the Forbes list of billionaires of 2019. His riches have swelled about $32 billion this year so far. With this feat, Bernard Arnault has also outshone the wealth of Bill Gates’s best friend Warren Buffett. Buffett was the third richest man on the planet early in 2019 when Forbes compiled its billionaires list.
$15 million investment that changed his ‘fortune’
Bernard Arnault’s father had made a small fortune in construction and the now centibillionaire invested that sum of $15 million to buy luxury goods company Christian Dior in 1985. Arnault now owns 97% stake in Christian Dior. In 1988, the mogul invested hundreds of millions in LVMH and became the largest stakeholder in the luxury group that is now spearheaded by his family.
Other than Christian Dior and LV, the family now operates 70 other luxury brands as well which include Marc Jacobs, Givenchy, Fendi, Sephora, Emilio Pucci, EDUN, Moynat and some jewellery brands namely TAG Heuer, De Beers and Bulgari.
Bernard Arnault and his family are also known for the philanthropic side. In the 2019 Notre Dame Cathedral fire that ravaged France’s iconic destination, Arnault was among several luxury tycoons who pledged more than $650 million for the reconstruction of the Cathedral. Out of the $650 million pledged in total, Arnault family’s share was about $220 million.
Meanwhile, Asia’s richest man and the 13th richest man on the planet according to the Forbes billionaires list for 2019, Mukesh Ambani is about $50 billion behind to enter the centibillionaire club.