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Bernard Arnault - The new richest man in the world

Since the beginning of the year, a previously relatively unknown face has emerged as the richest man in the world. Due to the collapse of Musk's fortune and the sharp decline of Jeff Bezos' fortune, a candidate became the richest man in the world who was probably only known to connoisseurs until now - Bernard Arnault.

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Arnault, compared to most others on this list, has nothing to do with Silicon Valley, the tech industry, telecommunications, or stocks, nor is Arnault a U.S. citizen. Bernard Arnault is a French businessman who has made his money primarily in the fashion and luxury industries. He is the chairman and CEO of LVMH (Louis Vuitton Moët Hennessy), a multinational luxury goods conglomerate. His 48% stake in the company forms the basis of his fortune, which currently stands at around $191.3 billion, according to Forbes. That leaves him more than $50 billion behind the two former leaders, Elon Musk (about $138.4 billion) and Jeff Bezos (about $106.4 billion). Just for comparison: 50 billion US dollars is roughly the annual gross domestic product of Tunisia.

The 73-year-old has worked in the fashion and luxury goods industry for many years and has been instrumental in LVMH's growth and success.

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The story of Bernard Arnault

Arnault began his career in his father's construction company before venturing into luxury in the 1980s, acquiring stakes in several high-end brands, including Christian Dior and Hennessy. Arnault eventually brought these and other brands together under the LVMH umbrella in 1987 and has continued to grow the conglomerate ever since.

The luxury empire now includes 75 brands selling apparel, alcohol, fragrances, cosmetics, watches, jewelry, luxury travel and upscale accommodations. In January 2021, LVMH acquired the well-known New York jeweler Tiffany & Co for more than $15 billion, the largest acquisition LMVH has ever made.

Arnault has become particularly known for his fine business sense and his ability to discover and nurture new talent. Nevertheless, he likes to stay out of the public eye and is not very well known outside Europe and the fashion world. However, one thing is known about the fashion czar, he supports various cultural institution, especially in France. He has donated millions for the restoration of Notre Dame Cathedral and the renovation of the Louvre Museum. He is said to be a great tennis fan and an avid tennis player himself, listens to a lot of music and collects art.

However, the year did not go so well for all billionaires, Bernard Arnault with LMVH was already an exception.

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The losses of the billionaires

According to the Bloomberg Indices, a daily ranking of the world's richest people, 2022 was a tough year for the super-rich. These losses are still largely believed to be due to the corona pandemic and its aftermath. In numbers, the whole thing gets even crazier, with the world's 500 richest people making a total loss of an unimaginable $1.4 trillion, according to the Bloomberg index. This is roughly the gross domestic product of Spain from the year 2021.

This year, the tech industry and its CEOs in particular had to take a back seat, and this is also noticeable in their net worth. Tesla CEO Elon Musk lost one of the largest sums of money in recent history, more than $200 billion, equivalent to the gross domestic product of Greece. Jeff Bezos of Amazon, formerly the richest person in the world, started the year with almost 200 billion US dollars; his net worth is now about half that amount.

Not every billionaire had to suffer

Where there are losers, there are actually always winners somewhere, and so there were some billionaires who bucked the trend. For example, Gautam Adani, the richest person in India, whose fortune rose by $44 billion, making him the third richest person in the world. The owner of a huge conglomerate, Adani is primarily involved in energy, commodities, logistics, infrastructure and agribusiness. Warren Buffett is another man whose net worth has survived the 2022 recession. Starting at $109 billion in early January, the Oracle of Omaha's net worth fluctuated throughout the year. Nevertheless, it ended pretty much where it started, at just under 109 billion US dollars.

Attainable wealth?

Of course, these are all sums that ordinary mortals can do little with and that probably none of us will ever own. However, there are ways in which a small man or woman can increase his or her wealth over the long term. One of these ways is dividends. If you are more interested in this topic, please have a look at our myDividends24 app. here .

If you would like to discover more dividend stocks or ETFs, you are welcome to use our Dividend App. myDividends24 use. Here you get access to over 2000 stocks and ETFs and can even create a portfolio and add the stocks you want. Here you can find more details for this. Download now free of charge and test it for 7 days.

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