Bernard Arnault Couldn't Hold On As The Second-Richest Person On Earth

Even though money has been a part of our lives for at least 5,000 years, it has come a long way in that time. In fact, someone once having a few thousand dollars to their name would have been considered to be one of the wealthiest people of all time. Now? We’re well into the billions, as billionaires have taken the top spot as the richest people on Earth.

For a time, it looked as though the same few names were going to hold onto the top spots. However, that all changed when Bernard Arnault - the chief executive of Louis Vuitton - came in at second place. It was a monumental moment for the billionaire who had been sitting further down the list for so long. Sadly for him, Bernard Arnault couldn’t hold on as the second-richest person on Earth. 

Beating Elon Musk was a monumental moment for Bernard Arnault

Being the CEO of Louis Vuitton means that Bernard Arnault has always been up there as one of the wealthiest people on the planet. However, the likes of Bill Gates, Jeff Bezos, and Elon Musk have always dominated the top spots - until recently. In May 2021, Bernard Arnault made history as he finally beat Elon to second place as he was named the second-richest person on the planet. At the time, it was estimated that Arnault was worth a whopping $161.2 billion, just a few million dollars more than Tesla CEO Elon Musk. Of course, things have since changed, with Elon now ranked in first place, Jeff Bezos coming in second, and Bernard Arnault slipping back down to third.

A fall in Tesla stocks saw Elon Musk lose his grip on second place

Of course, being a part of Louis Vuitton means that Bernard Arnault already had a major net worth, but it wasn’t just that fact that saw him climb to the second-richest person in the world in May 2021. It turns out that things weren’t going well for Elon Musk or Tesla at the start of the year, as there were several controversies surrounding relationships with China. There were chip shortages, and Tesla wasn’t meeting demand in the country. That, combined with Elon’s thoughts on cryptocurrency throughout the month, meant Tesla felt the full effects of it all.

Being part of a major brand meant Arnault could reach being the second-richest person on Earth

Being the second-wealthiest person on the planet was a huge title and one that Bernard Arnault earned through his 96.5% state in Christian Dior, the brand that owns Louis Vuitton. This is just the beginning, as Christian Dior also oversees more than 70 other brands, including Bulgari, Fenty, Givenchy, Stella McCartney, Marc Jacobs, and Sephora. The company now employs over 145,000 people and has invested in a host of big fashion names throughout the years. Amazingly, that doesn’t seem to be slowing down any time soon.

The future for Bernard Arnault still looks bright

It seems that things are only looking up for Bernard Arnault as the businessman and investor continues to grow his name and stake in the fashion world. Christian Dior has since acquired Tiffany and Co for a staggering $15.8 billion, the biggest purchase of a luxury brand in the history of the world. Purchasing the famous jewelry brand was enough to see Bernard earn an unbelievable $285 million - in one day. It can be easy to think of it all as nothing but numbers. Still, for the people at the top of the Rich List, this is the difference between earning a place at the top of the list or missing out on the final cut.

Elon Musk’s epic comeback to the top spot of the Rich List - largely helped by ventures such as acquiring Twitter in a phenomenal deal - meant it wasn’t long before Bernard Arnault slipped from being the second-richest person on Earth. Still, things have changed before - and it might not be long until they change again.