Chief Executive of LVMH Bernard Arnault (Photo: NICHOLAS KAMM/AFP via Getty Images)

Bernard Arnault, CEO and majority owner of French luxury group Louis Vuitton Moet Hennessy (LVMH), has surpassed Amazon founder Jeff Bezos to become the world’s richest person. In a battle of billionaires, Arnault and Bezos have been alternating for the top spot on Forbes real-time billionaire tracker since Monday, but as of now, the LVMH owner holds the spot. His estimated net worth currently stands at $188.0 billion, according to Forbes, nudging him past Bezos’s $187.8 billion in estimated wealth. Earlier this month, Bernard Arnault and LVMH overtook Tesla’s celebrity chief executive Elon Musk to become the world’s second-richest person. Arnault notes on the LVMH site that “[LVMH’s] business model is anchored in a long term vision that builds on the heritage of our Houses and stimulates creativity and excellence. This model drives the success of our Group and ensures its promising future.”

Forbes explained that the pandemic has been kind to LVMH, with his personal wealth gaining an eye-popping $110 billion within the past 14 months. Arnault first got his start in the construction business, but in 1984 acquired the parent company of Dior. He then acquired a controlling stake in LVMH in 1989. Arnault made his name and money from a collection of companies specializing in finely made leather goods, couture fashion, and high-end spirits. Arnault, 72, became a controlling stake of the company in the late 1980s, in a saga that earned him the nickname “the wolf in cashmere.” He was instrumental in forging it into what is today the world’s largest luxury seller.

Earlier this year, LVMH acquired America’s largest jewelry maker Tiffany & Co. for $15.8 million which is the largest deal in the luxury fashion business to date. Bernard Arnault’s LVMH oversees an empire of 70 brands including Givenchy, Guerlain, Marc Jacobs, Sephora, Tiffany & Co., Emilio Pucci, Fendi, Loro Piana, Nicholas Kirkwood, Thomas Pink, R.M Williams, EDUN, Moynat, and Donna Karan, along with a host of jewelry brands, including TAG Heuer, De Beers, and Bvlgari. Arnault owns a 96.5% stake in Christian Dior, which controls 41% of LVMH.