Forbes Richest List 2024: Bernard Arnault retains title as World's richest person with $233 bn fortune; Report records 2781 billionaires worldwide
Bernard Arnault, the renowned chairman and CEO of luxury conglomerate LVMH Moët Hennessy Louis Vuitton SA, has once again secured the top spot on Forbes' World's Billionaires list for the second consecutive year. With an estimated fortune of $233 billion, Arnault maintains a substantial lead of $38 billion over his closest competitor, Elon Musk. This impressive increase in wealth is attributed to another exceptional year for LVMH, which reported a net profit of $16.5 billion on revenues of $94 billion in 2023.
Arnault's Remarkable Journey to the Top
Arnault's journey to becoming the world's wealthiest individual is marked by strategic acquisitions and visionary leadership. He first appeared on the billionaires list in 1997 with a fortune of $3.1 billion. Over the years, he has transformed LVMH into a powerhouse, acquiring iconic brands such as Tiffany & Co. and collaborating with global stars like Rihanna. In a significant milestone, LVMH became the first European company to achieve a market capitalization of $500 billion in April 2023.
Focus on Succession Planning
At 75 years old, Arnault is keenly focused on ensuring the continuity of his legacy and family control over LVMH. In a move to solidify this plan, he has proposed adding his sons Alexandre and Frédéric to LVMH's board, alongside his two eldest children, Antoine and Delphine. This follows a strategic reorganization in 2022 that equalized the stakes of his five children in his holding company,
