The Pope of Fashion; What Is Bernard Arnault's Net Worth?

Bernard Jean Étienne Arnault, born in 1949, is best known for being a top luxury fashion mogul in France. He's also into collecting fine art, doing philanthropy work, and, according to many people who've known him during his more than 50-year career, he's a smart but sometimes tough businessman. As of the most recent update in this article on September 12th, 2023, Bernard Arnault's net worth was $195.2 billion, making him the second wealthiest individual globally, just behind Elon Musk, the CEO of Tesla, who held a fortune of $264.9 billion on that particular day.

Throughout much of 2023, Arnault and Musk had been in close competition for the number-one position. In late April 2023, Arnault held a significant lead with a net worth of $241.1 billion compared to Musk's $167.4 billion, as reported by Forbes. 

What are Bernard Arnault's sources of income?

Bernard Arnault's journey towards his immense wealth was rooted in privilege. His father owned a civil engineering company, providing him with opportunities others might not have. Arnault took full advantage, attending France's prestigious École Polytechnique, where he graduated in 1971. Arnault's initial venture into business was at his father's civil engineering firm, Ferret-Savinel. He played a pivotal role in transforming the company into the real estate industry, eventually leading it as CEO and later chairman. This early experience would lay the groundwork for his future endeavors.

The path to fashion domination

In 1984, Arnault partnered with Lazard Frères to acquire the luxury brand Financière Agache, becoming its CEO, marking his entry into the fashion world. Later, he obtained Boussac Saint-Frères, which included Christian Dior, a cornerstone of his fashion empire. He streamlined the company, retaining Christian Dior and Le Bon Marché.

In 1987, Arnault, with Louis Vuitton's Henry Racamier, founded LVMH. He gradually became the largest shareholder with a 43.5% ownership stake by early 1989, enabling him to assume the roles of chairman and CEO.

Over the following decades, Arnault embarked on an acquisition spree, incorporating various businesses into the LVMH conglomerate, both inside and outside the fashion industry. Notable acquisitions included Berluti, Kenzo, Guerlain, Loewe, Marc Jacobs, Sephora, and Thomas Pink in the 1990s, and Fendi, DKNY, La Samaritaine, and Princess Yachts in the 2000s.

Ascension to the billionaire elite

Arnault's wealth grew significantly over the years. By 1997, he was worth around $3.6 billion. In 2005, his net worth surpassed $20 billion. During the 2010s, his fortune fluctuated between approximately $30 billion and $75 billion. However, by the end of the decade, he had officially joined the exclusive $100 billion club, alongside tech giants like Jeff Bezos and Bill Gates.

The COVID-19 pandemic brought an unexpected boon to the luxury fashion industry. By mid-2021, Arnault's net worth had surged to $186 billion as LVMH shares soared, solidifying his status as one of the world's wealthiest individuals.

Bernard Arnault’s salary as CEO of LVMH

According to LVMH's 2020 annual report, Arnault received €8.2 million (equivalent to $9.7 million) in salary, bonuses, and benefits.

Ventures and brands

In 2023, Arnault's business empire, known as LVMH, expanded to include approximately 75 luxury brands operating through around 60 subsidiary companies. This solidified his position as one of the world's richest business magnates. As of early September 2023, LVMH, in which Arnault held a 41.4% ownership stake through his 97.5% ownership of Christian Dior, had a market capitalization of approximately $397.26 billion.

Bernard Arnault's brands

Bernard Arnault's assets

In addition to acquiring businesses, Arnault is renowned for his impressive art collection, which includes works by renowned artists such as Pablo Picasso, Yves Klein, Henry Moore, Jean-Michel Basquiat, and Andy Warhol. His substantial wealth has also allowed him to indulge in various luxury acquisitions.

When it comes to transportation, he possesses a superyacht named Symphony and a Dassault Falcon 7X private jet worth $40 million. Beyond his means of travel, the billionaire owns a 135-acre private island in the Bahamas and maintains a residence in Paris, a waterfront chateau in Saint-Tropez, and multiple homes in and around Los Angeles.

FAQs

Does Bernard Arnault have kids?

Bernard Arnault is married and has five children.

When did Bernard Arnault join LVMH?

In 1989, Mr. Arnault became the majority shareholder of LVMH Moët Hennessy – Louis Vuitton, creating the world’s leading luxury products group. Mr. Arnault has been Chairman and CEO of the company since that date.

How old is Bernard Arnault?

Born on March 5, 1949, Bernard Arnault is 74 years old.