LVHM CEO Bernard Arnault ovetakes Jeff Bezos as richest man

Bernard Arnault, CEO of Moët Hennessy Louis Vuitton (LVMH), has once more clinched the title of the globe's wealthiest individual, accumulating a staggering $197 billion and edging past Jeff Bezos, who briefly held the coveted position a mere week ago.

Recent data from Bloomberg's Billionaire Index reveals that Arnault has overtaken Bezos with a narrow $1 billion difference as of Thursday.

Arnault, Bezos, and Elon Musk, routinely swap positions as the world's richest, and Musk, who occupied the first rank until last week, now sees his wealth dwindle to $189 billion, due to a Tesla stock slump linked to reported low sales in China.

Arnault has methodically cultivated his fortune since co-founding the enterprise in the 1980s. His diverse portfolio spans luxury realms encompassing fashion, jewellery, watches, perfume, and alcohol, featuring illustrious brands such as Louis Vuitton, Tiffany & Co, and Dom Pérignon. The lion's share of his wealth emanates from a 97.5% stake in Christian Dior.

In a strategic succession move, Arnault designated his daughter, Delphine Arnault, as Dior's CEO and chair in 2023. Simultaneously, all four of his other progeny actively contribute to LVMH and its brands. Aged 75, Arnault, who extended the company's mandatory retirement age to 80 in 2022, strategically retains control over his opulent empire, enjoying an additional five years to discern and appoint his successor.