The luxury hotel business has proved to be one of the most profitable industries in the world, offering lucky guests the chance to relax in extravagance without lifting a finger.
Thanks to his success in the industry, one exceptionally talented businessman spent an impressive period of time as the richest man on earth.
Bernard Arnault, with an incredible net worth of $199.7 billion (£158 billion) as of September 2024, third only to Elon Musk and Jeff Bezos.
A French businessman, investor and art collector, Arnault is the founder, chairman and CEO of LVMH Moët Hennessy Louis Vuitton SE (LVMH), the world’s largest luxury goods company.
The company’s glittering portfolio includes the likes of Christian Dior, Celine, Tiffany, and Sephora, as well as, of course, Louis Vuitton and Moët Hennessy.
Beginning his career in his father’s company, Arnault entered into the luxury sector in 1984 when he acquired the financially-struggling textile and retail conglomerate, Boussac Saint-Frères, which included the prestigious fashion house Dior. His aggressive business strategy earned him the nickname “The Terminator” as he revitalised Dior and sold off other assets for profit.
Through several strategic purchases and investments, Arnault built LVMH into a leading company in the luxury industry, overseeing significant growth and expansion into various sectors, including fashion, jewellery, watches and wine. His leadership has led to LVMH becoming the largest company by market capitalisation in the eurozone.
LVMH also owns Cheval Blanc Maisons, Bvlgari Hotels, and the Belmond group. Currently, the company’s hotel properties span an incredible 24 countries, making him the world’s richest hotelier according to Insider Monkey. Cheval Blanc and Belmond alone have over 50 luxury properties.
One such hotel is the Cheval Blanc, the company’s first hotel in Paris. Located on the banks of the Seine, it boasts 72 rooms starting at 1,900 euros (£1,573) per night during the low season. The hotel also features swimming pools, a spa and wellness centre, and panoramic views of the French capital.
Arnault has three five children from his two marriages, several of whom have now taken on executive roles in the luxury goods industry. His oldest children, Delphine and Antoine, are the respective chair and vice-chairperson and CEOs of Christian Dior Couture, while Frédéric has been CEO of LVMH Watches since last year.
He briefly surpassed Bezos to become the richest person in the world in December 2019 and again in January 2020 but his wealth shrunk by some £23.8 billion during the pandemic.
He is listed as “Bernard Arnault & family” on the Forbes Billionaires list. Forbes estimated the Bernard Arnault & family fortune to be £125.2 billion in 2022, positioning him ahead of Bill Gates.
Arnault and his family had an estimated peak net worth of £190.7 billion in April 2023, according to Forbes. This made him the richest person in the world, surpassing Elon Musk. Musk went on to surpass Arnaut in June 2023 with £190.2 billion.
There is some debate about who is the richest hotelier, however, as Arnault’s net worth is often combined with that of his family. Among the other contenders are Michael Kum, who runs M&L Hospitality (£7.7 billion), Miguel Fluxà, the owner of Iberostar (£1.6 billion) and Gabriel Escarrer Julià, the owner of Meliá Hotels International (£995 million).