How Bernard Arnault builds assets to become the world’s richest person

Source: Yahoo Finance | Editor: I knew Laoli

KONTAN.CO.ID – JAKARTA. Most of the richest people in the world today come from the United States (US) such as Jeff Bezos, Elon Musk, Warren Buffett and Bill Gates.

But the name of French tycoon Bernard Arnault, CEO of luxury brand conglomerate Louis Vuitton Moët Hennessy (LVMH), overtook them all and became the number one richest person in the world.

The change in the position of the world’s richest man has shocked the US people. They then wonder who is Arnault?

Well, let’s investigate this one richest person, whose name is not so well known compared to the old names from the US as the world’s richest person before.

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Quotes Forbes real time billionaires, at the end of last week (Friday 6/6/2021), Arnault’s total wealth was US$ 190.7 billion or equivalent to Rp. 2,736.73 trillion.

While in second place is Jeff Bezos at US$ 186.2 billion or equivalent to Rp. 2,672.15 trillion, Elon Musk at US$ 151.0 billion or equivalent to Rp. 2,167 trillion, Bill Gates US$ 126.8 billion or equivalent to Rp. 1,819.70 trillion. , Mark Zuckerberg US $ 119.7 billion or equivalent to Rp. 1,717.81 trillion and Warren Buffett US $ 110.3 billion or equivalent to Rp. 1,582.91 trillion.

Getting to know Arnault who knows can help inspire winning investment strategies among us for a little less cash.

Who is Bernard Arnault?

Arnault is the face behind Louis Vuitton Moët Hennessy (LVMH), a luxury goods empire that includes not only the three iconic brands in the company name, but also respected fashion houses such as Christian Dior, Fendi and Givenchy.

And last January, his company acquired Tiffany & Co. worth US$15.8 billion.

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His father, Jean Arnault, made his fortune in construction, and young Arnault began his career working for his father, eventually taking over as president of his father’s company in 1979.

Five years later, the company was worth $15 million, Arnault then bought Boussac Saint-Frères, a company whose assets included Christian Dior. Then, in 1988, he maneuvered to take a majority stake in LVMH.

By the mid-’90s, the value of LVMH had doubled 15-fold and sales and profits had increased fivefold.