Bernard Arnault, the chairman of French luxury goods giant LVMH, has just become the first European to top Bloomberg's list of the world's richest people, relegating Elon Musk to second place.
Musk's net worth has tumbled by $107 billion this year, according to the Bloomberg Billionaires Index. Arnault's wealth, which stems from his controlling stake in LVMH, has suffered a more modest $7 billion decline.
While Tesla's share price has plummeted 54% this year, LVMH stock has held steady, supported by robust sales in the United States and Europe. The luxury market has remained relatively steady this year, even as surging inflation has led less-affluent shoppers to change their spending habits. LVMH has a market value of €362.4 billion .Born in Roubaix in the north of France in 1949, Arnault graduated from the prestigious École Polytechnique, an engineering school in Paris.
Arnault bought a controlling stake in LVMH in 1989, two years after the group was formed by the merger of Louis Vuitton and Moët Hennessy. He has been chairman and CEO of the company ever since. Over the past three decades, Arnault has turned LVMH into a luxury goods powerhouse with 75 labels selling wine, spirits, fashion, leather goods, perfumes, cosmetics, watches, jewelery, luxury travel and hotel stays. He opened China's first Louis Vuitton store in Beijing in 1992.
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