Thus, Bernard Arnold became the richest man in the world

‘Who is the richest man on earth?’ Many people will still mention Elon Musk to the question, and the answer has been different for some time now. Bernard Arnold (73) recently became the richest man on earth thanks to his fortune at LVMH, known for the Louis Vuitton, Moët and Hennessy brands. But who is Arnold?

Arnold has succeeded in building his empire ‘Lee off the side of the spotlight,’ explains Citation editor-in-chief Paul Van Rysen. His net worth is now estimated at more than $100 billion. That’s nearly $60 billion more than what Elon Musk earned. But while he doesn’t like the limelight, he’s certainly a popular figure, says French scientist Stephane de Vries. ‘He has been one of the country’s most successful entrepreneurs for decades. He – and his family now – is very close to politicians and presidents.

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The Frenchman is a ‘flame type’, described by Van Rysen as the richest man on earth. “He doesn’t just sell very expensive things, he likes to surround himself with them. Beautiful palaces, houses all over the world, a private island in the Bahamas and a huge art collection. So it’s a luxury type, not someone who drives an old Volvo like the founder of Ikea.

Terminator and Werewolf in Kashmir

Arnold’s work style is also classed as ‘rigorous’, says Van Rysen. He was not afraid to lay off 9,000 employees in two years. That earned him the nickname ‘Terminator’.’ The French also take a hard line when it comes to acquiring companies. “Then he would first sit down and eat the humble lamb from the board, earning him the nickname ‘The Wolf of Kashmir’.”

Arnold’s success is really down to himself, de Vries explains. “He took over his father’s business at the age of 27. It was a real estate company 50 years ago. Then he expanded it.’ He immediately moved to luxury goods and left for the U.S. According to the French expert, the crossing to the U.S. was linked to the arrival of French President François Mitterrand, who presided over a ‘quasi-communist regime’.

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Dusting off luxury brands

‘Then a lot of capital left France, like Arnold.’ But for the Frenchman, the departure was a failure. He later returned and began a great bargain hunt. He bought old fashioned French luxury brands, which had a long history. In addition, he also bought Italian brands in his acquisition spree.’

According to De Vries, what worked in Arnold’s favor was that he sold the products with a story. “He started seducing people with luxury goods. The Louis Vuitton brand was actually a bit sleepy, and was known as an old women’s brand, but now there are huge queues in front of stores. De Vries calls it a ‘hot air balloon’ and it’s grown so big. ‘Now it’s It is also the largest company in Europe.’

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Family history

The 73-year-old is now trying to pass things on to his children. For example, he has his daughter Delphine (47) at the top of the fashion house Dior. Son Antoine (45) is a manager at Dior Holdings, another son Alexandre (30) is a boss at suitcase brand Rimowa and a vice president at New York jeweler Tiffany. Then you have daughter Frédéric (27) who is the boss of the TAG Heuer watch brand and Jeanne, 25, who manages the Louis Vuitton watch line.

Who will take over from Bernard?

The question, however, is which children will be able to stand atop the entire empire that Bernard Arnold has built. ‘Antoine is often referred to as the director of the holding company. But Delphine’s appointment at Dior seems to have given her a head start,’ says the quoted editor. “If you look at the other three children, you’ll notice that they’re actually quite small.”

Still, it doesn’t look like dad Arnold is leaving the top spot anytime soon. “He doesn’t want to stop. Normally he would retire at 75, but the company’s articles of association have been amended to allow him to stay on until he’s 80,” says Van Rysen.