A look at Bernard Arnault’s net worth and how he spends his money

With a net worth of more than $160 billion according to the Bloomberg Billionaires IndexBernard Arnault is the richest person in the world.

The French business magnet is the Chairman and CEO of the luxury goods conglomerate LVMH Moët Hennessy Louis Vuitton. He has been at the helm of the company, the world’s largest maker of luxury goods, since 1989.

Bernard Arnault: a quick summary

Bernardo Arnault
Image credit: Jérémy Barande / Polytechnic University of Paris-Saclay/CC BY-SA 2.0/Wikimedia Commons

Arnault graduated as an engineer from École Polytechnique in Paris, France. He began working as an engineer at his father’s construction company, Ferret-Savinel. He became president of the company in 1978 and also changed its name to Férinel Inc., with a refocused focus on real estate.

Arnault stayed with the company until 1984. He used $15 million of his own estate to raise a total of $80 million needed to buy Boussac Saint-Frères. This marked a turning point in his career, as Boussac Saint-Frères owned the fashion house, Christian Dior.

On the personal front, Arnault’s family includes his second wife, Hélène Mercier. he has five children Delphine, Antoine, Alexandre, Frederic and Jean. All five are involved with LVMH in various capacities.

LVMH and its rise

Arnault began investing in LVMH in 1987 at the request of the company’s then president, Henri Racamier. In 1989, Arnault became the largest shareholder in LVMH Moët Hennessy Louis Vuitton, known simply as LVMH, displacing Racamier.

See also  3 Crucial Steps You Need to Take Now That You've Decided to Delay Retirement | Smart Switch: Personal Finance

Arnault, nicknamed “the wolf in the cashmere coat”, made LVMH the giant it is today.

He was instrumental in bringing a number of luxury fashion and lifestyle brands under the company’s umbrella, including Givenchy, Céline, Berluti, Christian Lacroix, Sephora, Fendi and tiffany and company.

The income generated by all the companies under the LVMH umbrella is the main source of Arnault’s net worth.

How and where does Arnault spend his money?

Superyachts and private jets

Image Credit: © Feadship/LVMH

The richest man in the world, Bernard Arnault, has used his enormous wealth to amass some of the most expensive things money can buy. She bought Dutch luxury yacht building firm Royal Van Lent and British yacht manufacturer Princess Yachts International in 2008.

he is the owner superyacht Symphony. She sold her superyacht, Amadeoin 2015, which was originally built in 1969.

Not just the seas, Arnault flies around the world in style. His private plane, a Dassault Falcon 7X, reportedly cost him $40 million. It’s not the only plane in his fleet, as Arnault also owns an ultra-long-range Bombardier Global 7500. He also previously owned a Bombardier Global Express 6000.

private island and houses

Arnault owns a 135-acre private island in the Bahamas. The Caribbean destination is called Indigo Island. Of course, it is not known if Arnault glides on the waves in Symphony to your private island.

The head of LVMH has a house in Paris, the city where the company is headquartered. He has reportedly spent around $96 million on residential properties in various locations across Los Angeles, US, in luxurious neighborhoods in Beverly Hills, Trousdale Estates, and Hollywood Hills.

See also  Why fans say Kimberly funds Usman's career and lifestyle

But it’s his castle-style waterfront mansion in Saint-Tropez, France, that truly symbolizes his stature as the world’s richest man.

The huge property has a theater, an outdoor pool, a tennis court and several bedrooms. There are also separate quarters for staff.

art collection

the richest man in the world bernard arnault
Image credit: © Photo Louis Vuitton Foundation/Martin Argyroglo/LVMH

Arnault is also famous for his art collection. He has masterpieces by the likes of Andy Warhol, Jean-Michel Basquiat, Damien Hirst, Pablo Picasso and others in his Paris home. The collection is worth many millions of dollars.

(Main and featured image credit: Jérémy Barande / Polytechnic University of Paris-Saclay/CC BY-SA 2.0 /Wikimedia Commons)