The most recent rounds of billionaire rankings are in, which sees Tesla and Twitter CEO Elon Musk forced from the top spot to make room for 74-year-old Bernard Arnault, the CEO of LVMH (Moët Hennessy Louis Vuitton), who now resides at the top.
As reported by Forbes, Bernard Arnault is said to hold a net worth of $211 billion USD (approximately £170 billion) thanks to overseeing the luxurious French-founded LVMH empire of 75 fashion and cosmetic brands.
This recent report (below) showed Musk to be second on the new Forbes billionaire rankings, sitting on a net worth of $180 billion (approximately £145 billion). Both are sitting comfortable above Jeff Bezos who sits in third and Bill Gates who occupies the 6th spot.Â
Arnault’s position in Forbes’ billionaire rankings keeps well in line with the latest LVMH revenue reports from 2022. You can continue below to find out more.
LVMH, which is the home to houses such as Dior, Marc Jacobs, Fendi, Lowew, and Loro Piana, published its recent revenue reports from 2022, showing a record-breaking year for the luxury conglomerate, despite the current economic situation.Â
The report shows that LVMH saw revenue of €79.2 billion (approximately £70 billion) at the beginning of 2022 and a €21.1 billion profit (approximately £18.5 billion), resulting in a 23% financial increase compared to the previous year.Â
Furthermore, it was reported that Louis Vuitton also had a good year, with its revenue surpassing €20 billion (approximately £17.5 billion) for the first time and is likely to be surpassed again from the luxury fashion houses 2023 results.Â
It’s worth remembering that a persons net worth isn’t necessarily calculated solely from the individuals performances from their businesses, for it also takes into account an estimation of their personal holdings, going beyond just business.Â
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