Arnault already moved Musk down on the Forbes list of “Money moves fast in the world of billionaires.The difference in these two men’s net worths is down to the stock performance of the companies in which the pair own shares.
As an engineering graduate from the prestigious Parisian École Polytechnique, Arnault was quickly promoted to chairman of the family-owned construction company, Ferret-Savinel, in 1978. Arnault bought a controlling stake in LVMH in 1989, two years after the group was formed by the merger of Louis Vuitton and Moët Hennessy. He has been chairman and CEO of the company ever since.Arnault has turned LVMH into a luxury goods powerhouse with 75 labels selling wine, spirits, fashion, leather goods, perfumes, cosmetics, watches, jewellery, luxury travel, and hotel stays over the past three decades.