Bernard Arnault, LVMH owner, overtakes Elon Musk as world's richest person

By Ron Lim, Author
Bernard Arnault
Photo source: Wikimedia Commons (Jérémy Barande / Ecole polytechnique Université Paris-Saclay)
Bernard Arnault has risen to the top of the list after cultivating LVMH from the 1980s onwards.

Bernard Arnault, the owner of the luxury empire LVMH or Louis Vuitton Moet Hennessy, has overtaken Elon Musk and become the world's richest person.

As of today, the Bloomberg Billionaires Index pegs Arnault's net worth at $163 billion, $7 billion more than Musk's current net worth of $156 billion. The Bloomberg Billionaires Index is a daily ranking of the world's richest people.

Rounding out the top 10 are Gautam Adani of India's Adani Group, Microsoft's Bill Gates, Amazon's Jeff Bezos, Berkshire Hathaway's Warren Buffett, Oracle's Larry Ellison, Mukesh Ambani of India's Reliance Industries Ltd., Microsoft's Steve Ballmer, and Google's Larry Page.

Of the top 10, Arnault is the only one involved in consumer goods, as six of the 10 men are involved in tech. Buffet grew his fortune from diversified investments, while Ambani's wealth comes from the energy industry. Meanwhile, Adani's fortune is from the industrial sector.

A report by the Agence France-Presse notes that Arnault built his company over time, starting out with the textiles company Boussac and the fashion house Christian Dior back in 1984. He became the head of LVMH in 1989. Currently, there are 75 brands under LVMH, which include Christian Dior, Fendi, and Loewe.

The drop to second place is a very noticeable change in fortunes for Elon Musk, who back in June was projected to become the world's first trillionaire due to the rising stock prices of two companies he has a stake in, Tesla and SpaceX.

However, ever since acquiring Twitter partly by selling $4 billion worth of Tesla stock, the value of Tesla has slid down continuously. Just four days ago, Tesla stock was trading at $155.88 per share, which is the lowest level it has been since November 18, 2020 according to Reuters.

Meanwhile, LVMH alone has only been increasing in popularity over the past few years, with pop superstars like BTS acting as global ambassadors for Louis Vuitton and other famous celebrities taking similar ambassadorship roles for different brands under the LVMH umbrella.

LOCAL CELEBRITIES ALSO SPORT LOUIS VUITTON HERE IN THE COUNTRY. CHECK OUT GABBI GARCIA IN LOUIS VUITTON IN THE GALLERY BELOW.

Stories You Might Like

benedict cua
NEWS
-25716 second ago
Benedict Cua shares parenting plans for son Aleck
Anne Curtis
NEWS
9 hours ago
Anne Curtis' support for vaccines was emphasized by Gavi, the Vaccine Alliance, an organization supporting access to immunization.
dost science pinas on gtv
NEWS
10 hours ago
'Science Pinas' premieres on GTV this Saturday.
NPC SEAL
We use cookies to ensure you get the best browsing experience. By continued use, you agree to our privacy policy and accept our use of such cookies. For further information, click FIND OUT MORE.