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Sunday, June 20, 2021

Big Picture

Luxury Magnate Bernard Arnault’s Net Worth Absolutely Skyrocketed In 2021

Bernard Arnault

At the beginning of 2021, Bernard Arnault’s net worth was $114 billion (January 1, 2021). His net worth rocketed to $121 billion on March 3, 2021. A month later on April 3, 2021 – a luxury goods tycoon’s fortune topped $132 billion for the first time. As of this writing, Bernard Arnault is the third-richest person in the world with a net worth of $157 billion.

Bernard Arnault and his family control 47.5% of LVMH (LVMH Moët Hennessy Louis Vuitton), which owns brands like Christian Dior, Tiffany & Co, Givenchy, Louis Vuitton, Marc Jacobs, and Stella McCartney. The rest of his fortune comes from a 2% stake in leather goods maker Hermes, a 6% stake in French retail giant Carrefour and an estimated $1 billion in cash and other investments.

He the third Wealthiest man in the world behind Jeff Bezos and Elon Musk, according to Bloomberg list. As of today, Jeff Bezos’s fortune was pegged at $192 billion while Elon Musk’s clocked in at $184 billion.

Bernard Arnault, the head of LVMH and the richest person in Europe, is currently worth $157 billion—$42.3 billion more than he was a little more than a year ago. LVMH recorded $16.7 billion in revenues in the first quarter of 2021.

The pandemic has made the rich richer: Another real-time wealth tracker, Forbes’ real-time billionaires list, has Bernard Arnault in second position with a net worth of $184.8 billion and Amazon CEO Jeff Bezos in the No. 1 slot with $191 billion.

In February this year, the wine and spirits arm of luxury goods giant LVMH sealed a partnership with Jay-Z to buy 50% of the billionaire rapper’s Armand de Brignac (Ace of Spades) champagne brand for about $300 million. The company has taken over global distribution for the Champagne, also known as ‘Ace of Spades’ and famed for its metallic bottles, pewter labels and high price-tags.

LVMH owns a formidable roster of Champagne, wine and spirits brands, including Moët & Chandon, Ruinart, Krug, Château d’Yquem, Cloudy Bay, Clos des Lambrays, Glenmorangie and Ardbeg.

Jay-Z, whose real name is Shawn Carter, said he was ‘proud’ to announce the joint venture with Moët Hennessy, adding: ‘It is a partnership that has felt familiar the entire time.

‘We are confident that the sheer power of the Moët Hennessy global distribution framework, its unparalleled portfolio strength and its long-established track record of excellence in developing luxury brands will give Armand de Brignac the commercial power it needs to grow and flourish even further.’

Sophie Ireland
SVP for News and Editorial Director. As CEOWORLD magazine's senior vice president for news and editorial director, Sophie Ireland oversees CEOWORLD magazine's journalism and journalists around the world and across platforms. She leads an award-winning team of journalists and newsroom executives who are committed to excellence, innovation and the highest quality reporting and storytelling. Follow her on Twitter, Facebook, Instagram, or connect on LinkedIn. Email her at sophie@ceoworld.biz.