For the second consecutive year, luxury goods mogul Bernard Arnault is the richest person in the world, topping Forbes’ billionaire list. He is $22 billion richer than in 2023, thanks to another record year of earnings for his luxury goods conglomerate, LVMH, which boasts an empire of 75 coveted brands, including Louis Vuitton, Christian Dior, and Sephora. The group announced $16.5 billion in net profit on revenues of $94 billion in 2023, boosting its shares by 5% compared to last year.
The 75-year-old mogul has an estimated fortune of $233 billion, giving him a $38 billion lead over the second place on Forbes’ list, Elon Musk, the owner of Tesla. This difference is greater than last year, when he surpassed Musk by $31 billion.
This year marks Arnault’s 28th consecutive appearance on Forbes’ global billionaire ranking. He first appeared in 1997, with an estimated fortune of $3.1 billion. That number, adjusted for inflation, would be about $6 billion today – meaning Arnault has added over $200 billion to his net worth thanks to LVMH’s growth over the past two decades. He quickly rose through the ranks, jumping into the top 20 of the richest in 2005 (valued at $17 billion) and later becoming the fourth richest person in the world in 2011 (valued at $41 billion). His fortune took a giant leap in 2018, rising to $72 billion. In 2023, he surpassed Elon Musk to become the richest person in the world on Forbes’ annual list for the first time.
Although known for expensive acquisitions of luxury retailers, including Tiffany & Co., and collaborations with prominent stars like Rihanna, LVMH did less business last year. It acquired a majority stake in Château Minuty, the second largest producer of rosé wines in the Provence region of southern France, and purchased luxury eyewear manufacturer Barton Perreira, based in Los Angeles, in November. A month later, it sold 80% of cruise operator Starboard & Onboard Cruise Services to a group of private investors. The transaction values were not disclosed.
In the midst of a calmer year, Arnault decided to consolidate his succession plan – that is, to maintain family control of the business. In January, he proposed adding his sons Alexandre and Frédéric to the board of directors of LVMH, where they would join his two older children, Antoine and Delphine. Shareholders will vote to approve or reject the nominations on April 18. This plan is based on a previous decision he made in 2022, when he reorganized his holding company, Agache, to give equal stakes to his five children. The children’s control over Agache – which holds most of the family’s shares in LVMH – combined with their presence on the board of directors of LVMH ensures that the Arnaults will maintain control over the world’s largest luxury empire in the coming years.
If all goes as planned, Arnault’s children will continue their father’s legacy. “Our father is very competitive. He doesn’t like to lose,” said Frédéric Arnault, the second youngest of his children and CEO of LVMH’s watch division, to Forbes in 2019. “That’s something he has passed on to us.”
Here are the 10 richest people in the world on Forbes’ 2024 list
1. Bernard Arnault and family
Net worth: $233 billion | Age: 75 | Country: France | Industry: Fashion and Retail.
Bernard Arnault oversees the LVMH empire of 75 fashion and cosmetics brands, including Louis Vuitton and Sephora.
2. Elon Musk
Net worth: $195 billion | Age: 52 | Country: United States | Industry: Automotive.
Elon Musk co-founded six companies, including electric car manufacturer Tesla, rocket producer SpaceX, and tunnel startup Boring Company.
3. Jeff Bezos
Net worth: $194 billion | Age: 60 | Country: United States | Industry: Technology.
Jeff Bezos founded the e-commerce giant Amazon in 1994 in his garage in Seattle.
4. Mark Zuckerberg
Net worth: $177 billion | Age: 39 | Country: United States | Industry: Technology.
Mark Zuckerberg, at 19, created Facebook in 2004 for students to match names with photos of classmates.
5. Larry Ellison
Net worth: $141 billion | Age: 79 | Country: United States | Industry: Technology.
Larry Ellison is chairman, chief technology officer, and co-founder of software giant Oracle, of which he owns just under 40%.
6. Warren Buffett
Net worth: $133 billion | Age: 93 | Country: United States | Industry: Finance and Investments.
Known as the “Oracle of Omaha,” Warren Buffett is one of the most successful investors of all time.
7. Bill Gates
Net worth: $128 billion | Age: 68 | Country: United States | Industry: Technology.
Bill Gates diversified his fortune from the software company Microsoft into dozens of holdings, including waste management company Republic Services and tractor manufacturer Deere & Co.
8. Steve Ballmer
Net worth: $121 billion | Age: 68 | Country: United States | Industry: Technology.
Steve Ballmer is the former CEO of Microsoft, who led the company from 2000 to 2014.
9. Mukesh Ambani
Net worth: $116 billion | Age: 66 | Country: India | Industry: Diversified.
Mukesh Ambani presides over and manages $110 billion (revenue) from Reliance Industries, which has interests in petrochemicals, oil and gas, telecommunications, retail, and financial services.
10. Larry Page
Net worth: $114 billion | Age: 51 | Country: United States | Industry: Technology.
Larry Page stepped down as CEO of Alphabet, Google’s parent company, in 2019, but remains a board member and controlling shareholder.
Source: Forbes