Who is Europe’s richest man?
He and his family are worth $112.1 billion
New York Post editorial board member Kelly Jane Torrance discusses states and cities across the country considering raising taxes on businesses and the rich to fill budget holes.
Europe's richest man isn't a royal in a castle but Bernard Arnault, a man who's considered royalty in the world of luxury goods.
Arnault is the billionaire chairman and CEO of French luxury giant LVMH. He and his family are worth $112.1 billion, according to Forbes.
Arnault joined the world’s $100 billion, or "centibillionaires," club in June, after LVMH reached a record $368.80 Euros, or $406.27, per share.
President Donald Trump tours the Louis Vuitton Workshop Rochambeau in Alvarado, Texas, Thursday, Oct. 17, 2019, with Bernard Arnault, chief executive of LVMH, third from right, Alexandre Arnault, second from right and Ivanka Trump. (AP Photo/Andrew H …
LVMH is the force behind many iconic luxury brands, including Louis Vuitton, Celine, Givenchy and, most recently, Tiffany & Co.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
LVMH formed in 1987 as a merger of Louis Vuitton, a French fashion house founded in 1954, and Moët Hennessy, itself a merger between Moët & Chandon and Hennessy Cognac.
Chairman and CEO of Luxury goods group LVMH Bernard Arnault poses after a news conference, to announce a deal to simplify Christian Dior business structure, in Paris, France, April 25, 2017. REUTERS/Stephane Mahe - RC17861B0E00
By 1989, Arnault had become the majority shareholder of LVMH as well as its chairman and CEO. He had "reinvigorated" Christian Dior while reorganizing its holding company Financière Agache a few years earlier, according to Arnault's bio. His Groupe Arnault owned Dior until 2017, when LVMH bought the fashion house for more than $13 billion.
"What I have fun with is trying to transform creativity into business reality all over the world," Arnault once said. "To do this, you have to be connected to innovators and designers, but also make their ideas livable and concrete."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LVMHF | LVMH MOËT HENNESSY LOUIS VUITTON SE | 853 | +11.20 | +1.33% |
Arnault is trailed as Europe's richest man by Inditex fashion group founder Amancio Ortega of Spain, net worth: $63.3 billion.