Bernard Arnault’s Net Worth: How Much Money Does He Earn?
As of July 2022, it is anticipated that Bernard Arnault’s net wealth will amount to 125 billion dollars.
The French entrepreneur Bernard Arnault has continuously served as the Louis Vuitton firm’s chief executive officer since 1989.
Because he is the primary shareholder in the fashion company, he rose the ranks to become one of the wealthiest persons in the world and the richest man in France.
Bernard Arnault’s Net Worth
As the chairman and chief executive officer of LVMH, the world’s most successful luxury goods firm, Bernard Arnault amassed a fortune that enabled him to become a billionaire.
When this article was written, Bernard Arnault had a net worth of $125 billion. Because of how much money he has, he is considered one of the wealthiest people in the world, right up there with guys like Jeff Bezos and Bill Gates.
Bernard Arnault’s Early Life
Bernard Jean Étienne Arnault was born in Roubaix, France on March 5, 1949. His mother, Marie-Josèphe Savinel, the daughter of Étienne Savinel, had a “Dior obsession.” His father, civil engineering firm Ferret-Savinel owner Jean Léon Arnault, a graduate of École Centrale Paris.
Arnault attended Roubaix’s Lycée Maxence Van Der Meersch and Lille’s Lycée Faidherbe. He graduated from the École Polytechnique, France’s top engineering school, in 1971 and began working for his father’s company.
After convincing his father to move the company’s focus to real estate three years later, Ferret-Savinel sold the industrial construction sector and was renamed Ferinel.
Following the acquisition of a textile company and relocation of their headquarters, the real estate branch was renamed the George V Group. The real estate assets were eventually transferred to Compagnie Générale des Eaux (CGE), which became Nexity.
Bernard Arnault’s Career
After graduating from college, Bernard joined his father’s business and made plans for it to diversify and get engaged in other, more lucrative enterprises.
His first business move was to persuade his father to dissolve the construction section so he could profit from it. After the construction company was shut down, the family started making successful real estate investments.
Bernard was fast climbing up the corporate ladder and held the positions of director of development in 1974, CEO in 1977, and president in 1979, surpassing his father.
The family was forcibly relocated to America in 1981 by the French Socialists, yet even there, they thrived by expanding their real estate to the US.
When the company Boussac Saint-Frères filed for bankruptcy in 1983, Arnault saw a perfect chance to grow into the textile sector. To finance his purchase of Boussac, he negotiated with Antoine Bernheim, a managing partner at the investment company Lazard Fréres.
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After acquiring the business, Arnault sold most of the shares, keeping only the Christian Dior name and the Le Bon Marché department store. He became the CEO of Dior in 1985.
When Arnault was allowed to participate in the LVMH business in 1987, he ultimately decided to do so in a combined stake with Guinness PLC.
He would continue to invest and increase his business ownership over the following few years. When he took over 43.5 percent of the company’s shares in 1989, he immediately replaced the existing average personnel with new ones who would go above and above his standards.
He continued to buy a few other businesses, such as “Guerlain,” “Marc Jacobs,” “Sephora,” and a few more, as part of his objective to collaborate with and grow new enterprises.
Bernard Arnault’s Other Investments
Apart from LVMH, Arnault has his fingers in various pies. Between 1998 and 2001, he invested in different web firms through his holding company Europatweb, including Boo.com, Libertysurg, and Zebank.
In 1999, he invested in Netflix through his investment firm Groupe Arnault. Arnault and the California real estate business Colony Capital acquired 10.69 percent of Carrefour in 2007. Carrefour is France’s largest grocery retailer and the world’s second-largest food distributor.
He has also become active in the yachting industry. He paid €253 million for Princess Yachts in 2008. Then, he took control of Royal van Lent for about the same money.
Bernard Arnault’s Personal Life
Arnault wed Anne Dewavrin in 1973; their divorce occurred in 1990. He married Canadian concert pianist Hélène Mercier in 1990. They have two kids together.
Together, they are parents to three kids. After the tragic fire that destroyed the iconic Notre Dame Cathedral in Paris, France, in 2019, Arnault and his family promised to provide €200 million for the restoration and reconstruction work.
Bernard Arnault’s Art Collection
Arnault, on the other hand, is recognized for his intense interest in art collecting, for example. Arnault has funded artistic shows in France showcasing internationally recognized artists such as abstract painter Pablo Picasso and Pop Art pioneer Andy Warhol through LVMH.
Frequently Asked Questions
Does Bernard Arnault own Gucci?
1999: Gucci Group – On January 6, 1999, it was announced that LVMH had purchased a 5% share in Gucci. LVMH chairman Bernard Arnault clearly said it was a passive share and that he intended to keep Gucci independent. By January 26, 1999, Arnault had expanded LVMH’s investment to 34.4 percent.
Bernard Arnault purchased LVMH when?
Arnault invested $1.5 billion in July 1988 to construct a holding company with Guinness that held 24 percent of LVMH’s shares.
What is Bernard Arnault’s daily income?
Some major Bernard Arnault takeaways are Arnault, Bernard **Annual Earnings: $9.27 billion. **Daily Earnings: $25.5 million. **Net Worth: $206 billion.